george soros pocketed 1 billion by betting against the british pound, cementing his reputation as the premier currency speculator in the world.
Black wednesday saw the fortunes of geroge soros rise, and he earned the reputation of being an expert forex trader. Soros believed that it was unrealistic for the pound to maintain its level when the uk joined the erm. He believed that the pound would have to be devalued at some point in time.
black wednesday is known as the day that george soros bet against the british pound, leading to one of the most catastrophic financial events in modern history. On september 16th 1992, george soros made one of the most audacious trades in recent times when he bet an enormous sum of money against the british sterling.
especially george soros, the legendary chairman of the quantum group of funds.
The forex crusade of 1992 george soros believed the uk was stacking the deck against the other european countries. The british pound was artificially overvalued against the german mark, as history shows. Soros spearheaded the crusade against the boe exchanging the pound for deutsche mark (germans currency before euro).
George soros became one of the most famous currency traders in the world, thanks to his timely and brave bet against the bank of england in 1992 on what became known as black wednesday. 3 billion, britains central bank was unable to defend itself from an attack in the currency markets , and mr.
As europe slept, soros borrowed and sold pounds from anyone that he could. The quantum funds position exceeded 10 billion shorting the pound. Other hedge funds got wind of the trade (and the report from the bundesbank) and started following suit, also borrowing and selling pounds.
My 60 years of experience tells me the pound will plummet, along with your living.
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