# kaal:claim:3402701-022

**Claim.** Contesting the standard reading, the authors argue Soros broke the Bank of England not because the pound lacked full foreign reserve backing but because the pound was pegged at an inauthentic value.

**Type.** mechanism  **Support.** argued

**Source quote.**

> Soros was not able to break the Bank of England because it wasn't fully backed with foreign reserves, but because the British pound was being pegged at a value that was inauthentic

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies - First Order Principles* (2019), 3.1.2.3 Hot Money Ratio, page 20

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

**Verify.** sha256 of source PDF `72ed2581b4cac2bd18a5b2640be959487a3cbc34c86ab5e5664924bcdb53c8e0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies%20-%20First%20Order%20Principles.pdf

**Topics.** consensus-and-security

**Keywords.** soros-attack, peg-defense, reserve-ratio, contested-assumption

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/3782216-028

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