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What happened when the pound sterling crashed? Why did it crash? And what was this thing about George Soros taking on the Bank of England and winning? This documentary addresses all of these questions and more - it looks at a financial crisis which happened back in 1992. Black Wednesday referred to the day where the UK was forced to withdraw the pound or GBP from the European Exchange Rate Mechanism as the Bank of England was unable to keep the GBP exchange rate above the agreed lower limit. George Soros made over a billion dollars betting against the GBP - foreseeing it's inevitable capitulation. This crisis just goes to show the fallacy of a one-monetary-policy-fits-all approach; it also shows the futility of fighting the market, and how easy a crisis can precipitate. This event also shows how traders can make money in a crisis if they are prepared to do their homework, understand the drivers and get conviction to take a position.
Hmmm - I imagine a country leaving the Euro would have a similar impact on their currency!
ReplyDeleteHamish Blyth says:
ReplyDeleteMark Twain: "History does not repeat itself... but it does rhyme."