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Who Are Currency Speculators?
1. They are financial swashbucklers, ready to throw down fortunes betting that a certain currency may rise or fall. Among the most successful swashbucklers are George Soros and Julian Robertson, who each control multibillion- dollar portfolios. Soros is known in London as “the man who broke the Bank of England”, for on September 16, 1992, Black Wednesday, Soros bet that Britain would give up trying to maintain the value of the pound against the D-mark. Soros kept his bet on a cheaper pound even after the chancellor of exchequer promised that Britain would not flee, and even after the Bank of England sharply boosted interest rates and spent $30 billion to defend the pound. Soros's fund apparently earned a billion dollars from the British bet.
2. Not all risky bets turn out so well. In early 1994, Soros admitted that his fund lost about $600 million by betting incorrectly that the dollar would strengthen against the yen, along with watching some other investments turn sour. After all, Soros made his billion dollars off of Britain because the politicians were trying to maintain a currency arrangement that imperiled the feeble British economy by propping rates up too high.
3. For all the glamour, players in the currency markets get by on hard work and tough analysis. Before speculators place their bets, they try to figure out the answers to key questions like, Is the central bank acting responsibly on monetary policy? Is the government allowing social spending to spin out of control beyond the means of the taxpayers? Are the politicians honestly portraying the country's ability to meet its debts? If the answer to any of these questions is no, the currency traders will swoop down and dump the nation's currency until leaders deliver honest answers.
4. Ultimately, the currency is a symbol of country's credibility and integrity. The international financial markets stand ready to discipline and expose fraudulent governments.
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To play in the currency market one should …
Who Are Currency Speculators?
1. They are financial swashbucklers, ready to throw down fortunes betting that a certain currency may rise or fall. Among the most successful swashbucklers are George Soros and Julian Robertson, who each control multibillion- dollar portfolios. Soros is known in London as “the man who broke the Bank of England”, for on September 16, 1992, Black Wednesday, Soros bet that Britain would give up trying to maintain the value of the pound against the D-mark. Soros kept his bet on a cheaper pound even after the chancellor of exchequer promised that Britain would not flee, and even after the Bank of England sharply boosted interest rates and spent $30 billion to defend the pound. Soros's fund apparently earned a billion dollars from the British bet.
2. Not all risky bets turn out so well. In early 1994, Soros admitted that his fund lost about $600 million by betting incorrectly that the dollar would strengthen against the yen, along with watching some other investments turn sour. After all, Soros made his billion dollars off of Britain because the politicians were trying to maintain a currency arrangement that imperiled the feeble British economy by propping rates up too high.
3. For all the glamour, players in the currency markets get by on hard work and tough analysis. Before speculators place their bets, they try to figure out the answers to key questions like, Is the central bank acting responsibly on monetary policy? Is the government allowing social spending to spin out of control beyond the means of the taxpayers? Are the politicians honestly portraying the country's ability to meet its debts? If the answer to any of these questions is no, the currency traders will swoop down and dump the nation's currency until leaders deliver honest answers.
4. Ultimately, the currency is a symbol of country's credibility and integrity. The international financial markets stand ready to discipline and expose fraudulent governments.
Завершите утверждение согласно содержанию текста.
To play in the currency market one should …
- make risky bets without analysis
- do thorough analysis
- work in the bank
- be lucky and smart
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