Re: Transformation problem
On Sep 19, 2006, at 5:55 PM, Charles Brown wrote:
However, the current price drop is less attributable to a
thingwithnoname because there’s no big political event like 9/11 that could be
claimed to trigger it.
It doesn’t take much to burst a speculative bubble, though higher
interest rates (and we’ve had plenty of those) are always effective.
What about big plays by individuals ? Was it Soros who stuck up the
British financiers ? Perhaps that is cunning in anticipating a change of
price, not causing a change of price ?
Soros sold short the British pound after the Brit government brought
the currency into the European exchange rate mechanism at a
preposterously high value - following the stupid advice of The
Economist, which wanted to make the Confederation of British Industry
“scream” (an editorial I remember well). The pound was going to
crack, somehow, sometime. Soros just timed his move well.