Listen to the man who Broke the British Pound

George Soros, man of controversy.

Forex bets that made him rich-er overnight made the Bank of England look like a bunch of amateurs. Similar bets (although unproven) have been said to play a critical role in destabilizing asian markets in their crisis of 1997.

Whatever your view of him; irresponsible global citizen or brilliant trader, greedy and heartless capitalist or (again) brilliant trader,no one amasses 11 billion dollars without having a certain amount of talent, smarts and raw nerve.

So... moral of the story.

He says its a bear market rally, citing the lack of any traction in the economy with regards to growth as the primary reason. Sound logic, by any means. Accounting rules have been changed to the benefit of banks. It doesnt mean theyre profitable and out of the woods. It means they will spend a longer time deluding themselves.

Listen to the man.