[lbo-talk] soros

Doug Henwood dhenwood at panix.com
Tue Mar 16 07:29:19 PST 2004


R quoted:


>In common with 90 per cent of the world's population,
>the Man Who Broke the Bank of England has had enough of President Bush and
>his foreign policy.

It should be pointed out that in helping crack the pound, Soros did the British economy a big favor. The UK went into the European exchange rate mechanism at a very high value, following the Economist's advice at the time that it should be a level that would make the Confederation of British Industry "scream." This was supposed to impose discipline on a flabby manufacturing sector. Instead, it deepened and lengthened the early 90s recession by savaging exports. Once the pound fell to a reasonable level, the British economy recovered - though the Conservative Party never recovered.

Doug



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