First published at 14:51 UTC on December 5th, 2019.
Black Wednesday, on 16 September 1992 the UK was forced to leave the Exchange Rate Mechanism (ERM).
The Bank of England reportedly lost £4 billion attempting to prop the pound up in the forex markets, and increased interest rates to attempt to attr…
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Black Wednesday, on 16 September 1992 the UK was forced to leave the Exchange Rate Mechanism (ERM).
The Bank of England reportedly lost £4 billion attempting to prop the pound up in the forex markets, and increased interest rates to attempt to attract buyers.
The markets saw the BOE actions as weakness rather than strength, and saw this as a signal to continue shorting the pound.
Geroge Soros reportedly made $1 billion shorting the pound.
#BlackWednesday #FinancialCollapse #CurrencyCrisis
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