[Jewelry making - Article 01372] - Re: [Orchid] Handmade vs mass-produced

[Dale Burnett]

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>             Pardon my ignorance, what kind of influence say a super
>     rich like Mr. Warren Buffet or say a company like Wal Mart or say
>     GE or some giant insurance corp or say the families that control
>     the gold or the currencies like Mr. Soros could have. 

Anil,

    Here is an example of the kind of influence such people can have: 

    In 1992 Great Britain was suffering a recession.  The British
    government was under extreme pressure to try and maintain the value
    of the pound.  At that time, George Soros sensed the opportunity to
    make a lot of money by betting that the value of the pound would
    fall.  He borrowed about $10 billion worth of pounds and traded them
    mostly for German marks betting that the value of the pound would
    fall in relation to the mark.  The Bank of England tried to counter
    this, as well as similar moves by other currency traders including
    many large U.S. banks, and shore up the value of the pound by buying
    $15 billion worth of pounds and raising interest rates substantially
    (at a time when this was not wise).  The Bank of England was
    unsuccessful and Britain saw the value of the pound drop by about
    19% and had to withdraw from the ERM (Exchange Rate Mechanism, the
    precursor to the Euro).  Many factors came into play and George
    Soros alone did not bring this about but he played a significant
    role selling almost as many pounds as the Bank of England was buying
    to try and shore up the pound.  Soros made about $1billion on his
    bet.  George Soros primary occupation these days is giving away
    large sums of money primarily through foundations he has established
    in eastern Europe and the United States. 

    Warren Buffett has not and does not make his money through currency
    speculation.  He does, however, control such large sums of cash that
    he has to be careful how much of anything he does at any one time. 
    I recently heard that he has been selling dollars for the past year
    and a half.  It doesn't sound like he has much confidence that the
    value of the dollar is going to go up. 

Best Regards,
Dale


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