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by rsync
3656 days ago
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"George Soros wasn't (afaik) breaking any law or contract when he drained a billion dollars from the Bank of England in 1992." I also like this analogy. I am also reminded of the Hunt Brothers and their (successful) attempt at cornering the silver market which was then thwarted by a rules change by COMEX[1]: "But on January 7, 1980, in response to the Hunts' accumulation, the exchange rules regarding leverage were changed, when COMEX adopted "Silver Rule 7" placing heavy restrictions on the purchase of commodities on margin. The Hunt brothers had borrowed heavily to finance their purchases, and, as the price began to fall again, dropping over 50% in just four days, they were unable to meet their obligations, causing panic in the markets." [1] https://en.wikipedia.org/wiki/Silver_Thursday |
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