Posted on 01/20/2009 2:55:12 PM PST by rightwingintelligentsia
Sterling plunged to a seven-year low against the dollar today as one of the world's top investors warned the currency was 'finished'.
The pound fell more than two cents to hit a low of $1.3965 as traders reacted to the Government's latest multi billion-pound bailout of the banking system.
It is the first time sterling has dropped below $1.40 since mid-2001 and is on track for its biggest one-day percentage fall against the dollar since late 1992.
Less than a year ago, it was still trading at $2. Today, it was also down against the euro and the Japanese yen. Jim Rogers, who made his fortune when he founded the Quantum Fund with billionaire George Soros, warned investors they should start dumping the pound.
He said: 'I would urge you to sell any sterling you might have. It's finished. I hate to say it, but I would not put any money in the UK.'
(Excerpt) Read more at dailymail.co.uk ...
He’s done it before..
Yeah! A deflated pound. I can take my sister to Scotland!!
They need to go after this guy.
Meanwhile, the Irish are threatening to pull out of the Euro if something isn’t done soon.
No doubt
The Brits are some of the “good guys” - hate to see an iceland happen to them.
Soros did manipulate the Sterling in 1992, but today the FX markets are many times bigger now than in 1992...this means that Soros is nowhere near big enough to control that market. The Pound is getting pounded because the credit crisis in Britain is worse than it is over here if you could imagine. Brits were even more levered on their personal balance sheets than people in the US - amazing! They got big problems. So does the rest of the world.
Having secretly helped nurture (financial and commodity trades), and aided those in politics who helped nurture (Acorn, etc.), the tipping point (not the Fed’s inflation) in the U.S. current financial malaise, Soros is now working with his international Mercedes-Marxist friends to try to insure the Brits are driven into the hands of the Euro.
LOL. I was thinking much the same — time to tour Scotland again. This time knowing more Gaelic.
Strangely enough, PBS did a documentary the aired the other night and the only thing you could take away was that the Father of the Hedge Fund, Soros, caused the whole economic meltdown.
Euro is pretty screwed too. 1.28 today, down from 1.57 a mere six months ago. I predict we’ll see parity on both this year.
He is an international criminal and a minyan of Satan. He should be jailed. He reminds me of the old Twilight Zone episode of the “Howling Man.” It would not surprise me that he is the devil incarnate.
I would not have money in ANY currency right now.
Good for Ireland!
He sure looks like the Devil.
The Pound Sterling will outlast European Monetary Union. A weak currency can be a boon to exporting economies.
UK banks are in even worse shape than US banks - both systems are insolvent but the Brits are going to go first. We’ll follow shortly - anybody watch the action in US banks Friday and today ?
If Obama were really smart he’d let the insolvent banks fail and use the rest of the TARP to create solvent ones. 350 billion at a 10:1 leverage would be +3 T of bank lending capability.
But he’s a mouthpiece of the Wall Street pigmen, so he’ll do the wrong thing and we’ll be nationalizing banks right after the UK does.
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