In terms of sheer brazenness, it would be difficult to exceed this extraordinary specimen. George Soros writes in The Guardian to counsel against the Brexit; and this guy has got a lot of nerve.
To start off, sterling is almost certain to fall steeply and quickly if there is a vote to leave– even more so after yesterday’s rebound as markets reacted to the shift in opinion polls towards remain. I would expect this devaluation to be bigger and more disruptive than the 15% devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors, at the expense of the Bank of England and the British government. [ . . .]
Brexiters seem to recognise that a sharp devaluation would be almost inevitable after Brexit, but argue that this would be healthy, despite the big losses of purchasing power for British households. In 1992 the devaluation actually proved very helpful to the British economy, and subsequently I was even praised for my role in helping to bring it about.
Now, whatever we may think of this Hungarian usurer, it would be imprudent to dismiss his views of financial markets; but as a friend shrewdly points out, if Soros really believed the pound sterling might lose 20% of its value after a British farewell to the European Union, we would not be hearing about it in the pages of The Guardian.
Since a true estimate of his real views could only be gleaned from the non-public details of the positions held by his investment funds, I’m constrained to answer in an allusive fashion.
(It appears that Bob Dylan songs have been removed from Youtube. More’s the pity. I’m forced to rely on this tolerable cover version.)