Black Wednesday: The 1992 Financial Crisis in the UK
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Black Wednesday - 16 September 1992
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Soros Broke the Bank of England. Germany Let Him.
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MacroGlide on Instagram: "Black Wednesday refers to September 16, 1992, when the British government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after failing to defend its fixed exchange rate. The Bank of England spent billions of pounds raising interest rates up to 15% and buying sterling, but speculative pressure—most famously from George Soros and other hedge funds—overwhelmed the intervention. Soros reportedly made over $1 billion by shorting the
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