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Billionaire investor George Soros has expanded his bargain-basement shopping spree by reportedly adding a $1 billion short-sold position in the Australian dollar to a basket which last month was loaded with stock in the troubled retailer JC Penney. It would be fanciful to think that Soros, one of the world’s canniest investors with well-honed skill in spotting over-valued currencies, used my March 22 post to add the Aussie currency to his bottom-fishing portfolio. But, anyone who took note back then when the exchange rate was one Australian dollar to $1.04 would now be feeling comfortable with the rate down to $1.01, and looking good for a further fall as the Australian Government cuts interest rates and struggles to reel in a worrisome budget deficit. By U.S. or European standards the Australian financial position is relatively comfortable thanks to the country’s role as a primary supplier of raw materials to China, but that status has helped the currency balloon to an unsustainable level which the country’s central bank is now seeking to burst.
Originally posted by ManBehindTheMask
Sorros is an evil evil man.......hes been known to hedge against a currency and then crash it to gain a profit....hes bragged about this on national TV......he has lots of power and lots of wealth.....
Its not just his "uncanny ability to predict" the man directly effects the rates through manipulation......