In British politics and economics, Black Wednesday refers to 16 September 1992 when the Conservative government of the day was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) due to pressure by currency speculatorsâ€"most notably George Soros who made over US$1 billion from this speculation. In 1997 the UK Treasury estimated the cost of Black Wednesday at £3.4 billion:

That's 1 billion in one day for Soros and minus £3.4 billion for the UK citzens.

Good for George Soros!

Bad for the citizens crooks of the UK!