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From the Liveblog of Tuesday, June 21, 2016

George Soros warns Brexit will trigger a plunging pound

21 June 2016, 6:23 pm

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Jewish billionaire currency trader George Soros warns that a vote for Britain to leave European Union will trigger a plunge in the pound — without benefits that can come with a devalued currency.

In an op-ed piece in the Guardian, Soros says a decision to leave the 28-nation bloc in Thursday’s vote would cause the sterling to drop quickly. Soros predicts the drop will be more dramatic than when Britain crashed out of the European Exchange Rate Mechanism in September 1992.

George Soros speaks at the Festival of Economics in Trento, Italy in 2012. (Wikimedia Commons, Niccolò Caranti, CC BY-SA 3.0) — George Soros speaks at the Festival of Economics in Trento, Italy, in 2012. (Wikimedia Commons, Niccolò Caranti, CC BY-SA 3.0)

Soros substantially profited — at the expense of the Bank of England and the British government — when the pound lost 15 percent of its value.

Soros says those who believe a “leave” vote will have no impact on their personal finances are guilty of “wishful thinking.”

— AP

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