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Black Wednesday

Article Index

How Did George Soros Break the Bank of England?

By , Staff Writer, Money Morning -

How did George Soros break the Bank of England

How did George Soros break the Bank of England? How did he predict the downfall of the pound? Was he an investing genius or an evil money-hungry cash pirate?

For those of you don't even know the story, then that's up to you to decide. But one thing's for sure: On Sept. 16, 1992, he gave the Bank of England a run for their money.

One that took them years to get it back. Here's how Soros broke the Bank of England and walked (actually ran) away with 1 billion dollars...

Plummeting British Pound Leads to Worries of Another Currency Market "Black Wednesday"

By , Contributing Writer, Money Morning -

Outside of the earthquake rescue efforts in Chile and the Greek-rescue efforts in Brussels, the big news in the world economy last week occurred in currencies.

As you can see in the chart below, the plummeting British pound sterling has dropped even more than the beleaguered euro in the past month and a half, while the good old U.S. dollar has been as good as gold. (That last bit was a bit of currency irony; the dollar has actually been much better than gold, which has flat-lined in the past six weeks.)

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