The Mudcat Café TM
Thread #87545 Message #1653488
Posted By: GUEST
22-Jan-06 - 12:06 PM
Thread Name: BS: Bush Iraq Propaganda Campaign
Subject: RE: BS: Bush Iraq Propaganda Campaign
So much for your answer on Soros
On Black Wednesday (September 16, 1992), Soros became instantly famous when he sold short more than $10bn worth of pounds, profiting from the Bank of England's stubborn reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency. Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England.