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George Soros: Currencies
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George Soros was a master at translating broad-brush economic trends into highly leveraged, killer plays in bonds and currencies. As an investor, Soros was a short-term speculator, making huge bets on the directions of financial markets. He believed that financial markets can best be described as chaotic. The prices of securities and currencies depend on human beings, or the traders - both professional and non-professional - who buy and sell these assets. These persons often act out based on emotion, rather than logical considerations.
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In an article he wrote in the Financial Times on Jan 22, George Soros called the ongoing US economic troubles the ''worse market crisis in 60 years''. He said that ''the current crisis marks the end of an era of credit expansion based on the dollar as the international reserve currency''.
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George Soros gained international notoriety when, in September of 1992, he risked $10 billion on a single currency speculation when he shorted the British pound. He turned out to be right, and in a single day the trade generated a profit of $1 billion – ultimately, it was reported that his profit on the transaction almost reached $2 billion. As a result, he is famously known as the "the man who broke the Bank of England."
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Soros ... gained many critics along his path to financial success. Through his International currency speculating he was once given the nickname of "the man who broke the bank of England" from a deal that earned him more than one billion US dollars. He has also been accused of negatively affecting the Malaysian ringgit during the Asian financial crisis through his aggressive currency speculation.
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The three currencies Soros was referring to are the US dollar, the euro and the Japanese yen. And he is right. But the dollar's fate will probably flow one way or another from China.
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Soros said that by the time of the devaluations, his funds had become active buyers of the currencies, believing that they had already hit bottom. But that did not shield him from withering accusations, mainly from Prime Minister Mahathir Mohamad of Malaysia.
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