Global macro is the strategy of investing on a large scale around the world based on economic theory. The strategy is typically based on forecasts and analysis about interest rate trends, the general flow of funds, political changes, government policies, inter-government relations, and other broad systemic factors. Macro trader Yra Harris claims that “global macro” is really a new term, which used to be called “geopolitics”. George Soros employed a global macro strategy when he sold pound sterling in 1992 at the time of the European Rate Mechanism debacle. In an Opalesque Roundtable discussion of global macro, hedge fund manager John Burbank discussed the increasing importance and shift of private and institutional investors toward more global macro strategies. Burbank defined global macro as “having a reason to be long or short something that is bigger than a fundamental stock view”.