It's not the person you hit, why do you help?

This kind of problem is universal and can be applied to any industry in the world.

If the Italian lira is okay, why should you, the Bundesbank, break with the usual practice of cutting interest rates that has been emphasized?

It is precisely because the Bundesbank cuts interest rates that it will give confidence to the lira, causing the lira to actually rise, so the lira collapsed! The British are stupid for this operation!

On April 28, the army of short-sellers led by Soros, whose mouths were full of blood, frantically pounced on the pound. Soros has been on the pound for the longest time, and it took 2 years before and after!

In November '89, Soros' partner Druckenmiller began to go long and short the pound, while another partner, Scott Bether, has been researching and shorting the shares of British real estate companies.

Yes, the old guy is the real financial expert, the target is much sharper than Sean, whether there is Sean or not, he will not delay his shot, Sean is the one who forced him to get in the car.

Of course, Sean provided "security" support, and Sean had to share the proceeds anyway, and Sean was the better choice. ......

"I need to know the exact dollar reserves held by the UK government?" Soros called Sean. "Wait for me for 10 minutes." Sean hung up the phone and called Shen Bi directly.

Shen Bi is no longer at HSBC, and many of his old subordinates have followed him to the Asian Investment Bank, but this does not mean that he really has no resources at HSBC.

If Shen Bi is completely silent after leaving HSBC, then he will have no friends, but the problem is that he has not fallen silent, but has changed his second spring.

Here's a quick introduction to HSBC.

HSBC was formerly known as The Hongkong and Shanghai Banking Corporation (HSBC), and the Hongkong and Shanghai Banking Corporation (HSBC) before the Sino-British negotiations.

After the negotiations began, HSBC felt that the future of Hong Kong Island was uncertain but was reluctant to accept the cornucopia of Hong Kong Island's market and Hong Kong dollar issuance qualifications, so it set up an HSBC Holdings Limited to transfer assets, HSBC Holdings was headquartered in London, and thus HSBC UK.

Since then, HSBC's business has gradually shifted from HSBC in Hong Kong to HSBC in the UK.

On the other hand, the UK is taxed much more heavily than Hong Kong Island, which means that the HSBC Group has to pay around £400 million in taxes to the UK government every year.

has paid a lot, but it has also received the support and endorsement of the British government, which is also one of the reasons why HSBC on Hong Kong Island dares to follow the north to do it, and the north has not been able to recover the Hong Kong dollar issuance rights from HSBC.

It's quite a complicated deal behind the scenes.

To get back to the point, 8 minutes later, Soros got the exact figure, the British government still has $44 billion in foreign exchange reserves left, but on April 19, because of the tragic situation of the Italian people, the Bank of England raised $14 billion again from the outside world, and it will arrive immediately.

Sure enough, Italy announced that it would abandon the fixed exchange rate, and on the day of the collapse of the lira, British Prime Minister John Major and Finance Minister Lamont held a press conference, at which three positive news were announced.

The Bank of England has successfully withstood the shock to the pound since February;

On April 19, the Bank of England raised $14 billion to defend the pound. The Bundesbank has cut interest rates by 0.25%.

Monday, April 23rd.

As soon as the market opened, the Bank of England smashed $700 million to buy pounds as soon as it opened, which can be described as aggressive, hoping to scare off Soros and others.

Coupled with the positive news of the German interest rate cut, it really took a small intervention to make the pound start to appreciate.

If anyone in the foreign exchange market has increased the leverage by hundreds of times at this time, then congratulations, you can go to the rooftop to queue up.

The slight rise in the pound as expected made Major and Lamont breathe a sigh of relief and put their hearts back in their stomachs, but the companies that export to the British business community almost went berserk.

Is this the pound appreciation, this is fucking digging their ancestral graves!

The company was already going to be unable to survive, and his own country gave himself a fucking shot in the back.

However, the hungry wolves on Wall Street led by Soros have not wavered in the slightest, which is the same feeling as watching Germany cut interest rates.

Got such a big deal and pressed

No one knows better than them how many promotions should be made according to normal logic, but the reality is that the rise is lower than normal, what does this mean?

Toss, toss!

After more than 2 months of layout, Soros and other Wall Street hungry wolves have transferred through several banks such as Xinfu, and borrowed a huge amount of pounds from the Bank of Scotland and HSBC in the United Kingdom, for today!

I have food in my hands, I don't panic in my heart, and I have enough ammunition, so I will be smashed!

While selling the pound in his hand and letting the Bank of England take over, he bought a large number of German marks, so that the mark continued to appreciate. Throw! Throw! Throw!

Buy! Buy! Buy!

After the opening, the two sides began to fight in the foreign exchange market.

Britain is not stupid, the old empire has a developed financial industry, and there is no need to pay attention to any gradual steps to deal with them, just smash me to death.

Otherwise, the British would have been able to hold out!

In one day, Soros's group sold $3 billion worth of pounds!

More than 3 billion, the opening leverage is between 50 and 200 times, affecting the market of nearly 300 billion pounds, and the pound began to fluctuate wildly. Lamont changed his optimism at the beginning of the session, which would have been a scorching mess, and in one day, they were firing nearly $4 billion in bullets.

Tuesday, April 24.

Both sides continue yesterday's killing in the foreign exchange market.

In one day, the real money invested by both sides in the foreign exchange market amounted to 15 billion US dollars! You attack and defend, repeatedly compete for high and low, and the foreign exchange market is bloody.

In the evening, Lamont received a call from the Spanish finance minister, who said only one sentence, "It's terrible!"

That night, Lamont convened a meeting of finance officials and Bank of England Governor Robin Leigh Pemberton, and the two sides agreed to feel more positively about the pound from the start of trading on Wednesday if it continues to fall tomorrow.

If it still doesn't work, then the sequel raises the interest rate.

After setting a strategy, Lamont, who was physically and mentally exhausted, was about to announce the end of the meeting and go back to rest to avoid dealing with tomorrow's big battle, but the door of the conference room was slammed open.

When they looked up, they saw Lamont's secretary stumbling in.

"You're crazy!" Lamont, who was already in a bad mood and couldn't get out of his stomach, seemed to have been ignited, and scolded loudly, "Get out, you rude bastard!"

The secretary's face turned red when he was scolded, his head was lowered, his teeth were gritted fiercely, and there was a smell of rust in his mouth.

After a few seconds, the secretary stood up, pursed his lips, bent slightly, and respectfully stepped back as if he had been measured.

"Knock knock" A rhythmic knock sounded at the door. "Come in!" Lamont said coldly.

The secretary walked in, closed the door gently, and then turned around and bowed slightly, "Sir, there is new news."

"Say." Lamont's eyes were half-closed, not that he was pretending, the London foreign exchange market was closed, and the hungry wolves on Wall Street couldn't use any means, and everything had to be seen tomorrow.

He'd heard enough bad news today, and he didn't believe there could be any worse news to scare him.

"Bundesbank Governor Schlesinger has been interviewed by The Wall Street Journal, The Times, The Daily Telegraph, The Mirror, The Guardian and Handelsblatt. The secretary's voice was frustrated, with a London accent and an aristocratic taste.

Well? Lamont sat up straight, his half-closed eyes opened, and he turned his head to stare at the secretary, and his heart was beating a little drum. No way?

No way!

Schlesinger's words made Lira collapse, why are you going to talk nonsense?

The speed of his heartbeat increased suddenly, and Lamont's lips trembled slightly, don't you come here!

"Mr. Schlesinger said he thought a broad adjustment to the European currency exchange rate would be better than a separate adjustment to the lira." The secretary's tone is calm, not hurried, what is a British butler!

Lamont's pupils dilated instantly, and she stood up suddenly, too fast, bringing the chair over, and making a "bang" sound.

Lamont seemed to be unconscious, his expression distorted, he raised his hand tremblingly, and before he could say a word, his body shook and fell to the ground with a bang.

"Mr. Lamont!" "Mr. Lamont!"

The secretary exclaimed and rushed over, and when he lowered his head, the corners of his mouth hung a mocking arc, Mom provoke Fake, are you better than me, ha.

It's not that the secretary is disrespectful to Lamont, the finance minister, in a word, who hasn't scolded the boss***. Of course, the secretary also saw that Schlesinger said that Lamont was about to finish his calf.

There was a beating, and someone hurriedly ran out to call the doctor, but fortunately, it was just a momentary rush and nothing serious.

Struggling to sit up, Lamont stared at BoE Governor Robin Leigh Pemberton, "Call, to Schlesinger, he's crazy, he's crazy, he's going to make the whole of Europe fall!"

"Call the Bundesbank and ask them to announce that the press release is unauthorized, and that the content of the article is all apocryphal."

Robin Leigh Pemberton opened his mouth, not feeling that he could change the minds of the Germans, nor that Britain was capable of making the Germans soft.

Besides, with so many newspapers, don't Wall Street people have their own channels, and that old guy Murdoch is now an American!

Of course, knowing is knowing, hard work still has to be done, do it for everyone to see.

The ERM rule, in which the Bank of England must buy pounds at the lower end of the floating range (2.7780), is only valid during the opening of the London session.

Sean didn't know if Schlesinger had been lowered and how he could say such a thing. Is it really justice, or revenge on the British, or secretly votes for the Americans.

Even between China and Japan, it doesn't ..... Ahem.

Anyway, Murdoch told Sean that that's what Schlesinger said. It can only be said that admire!

Wednesday 25 April, 8:30 London time, 16:30 BJ.

As soon as London opened, the quantum fund smashed all the funds in its hands as soon as it opened, including the 3 billion invested by Sean, and temporarily borrowed 6 billion from Sean Bank to smash it in, and the shot was a big short order of 10 billion.

Lending is different from Sean's investment, which only needs to pay interest on the loan, which is a normal financial operation, and it can be changed to any bank.

With a short order of $10 billion, the pound has fallen below the lower limit of the ERM range in an instant!

The Bank of England took over the plate at the first time, investing $1.2 billion in 1 minute, originally thinking that it could pull back the warning line of 2.7780, but it had no effect.

08:30 to 08:40.

The Bank of England poured another $800 million, but the pound remained unmoved.

In just 10 minutes, $2 billion evaporated, Lamont was already scared stupid, and the wind was not enough to describe the speed of the loss. Even a tornado can't take away 20 tons of dollars in 10 minutes!

09:00 minutes.

Lamont hurriedly called Prime Minister Major, "The intervention has failed, we must raise interest rates to protect the pound, otherwise we will be kicked out of the European Exchange Rate Mechanism!".

Major refused to raise interest rates after a period of silence, and for good reason, Britain was already in recession, and there was tremendous pressure on him at home.

10:30 min.

The hungry wolves on Wall Street continued to ramp up their offensive, and Lamont could not get support from Major and could only continue to invest in dollars.

A river of blood!

Lamont called Major again, in a ferocious tone, "Either raise interest rates or give up the pound, you choose!" Major: ".... ＂」

Who do you think you are? You think I'm going to compromise? You're thinking wrong! Yes, I will....

At 11:30, Major held a press conference and announced a 200bp interest rate hike, from 10% to 12%.

What is the concept of a 2% interest rate hike at a time, after 2008, the adjustment range of central banks to raise interest rates and cut interest rates is 0.25% each time.

Such a large rate hike, what is the pound

React? A: Nothing happens!

The pound continued to fall.

Lamont has gone mad, and the newspapers and media outside are all criticizing him, ridiculing him, and attacking him. But if Lamont wants a little face, he should die!

But he didn't want to.

At 12:00, in addition to swearing the Germans and the hungry wolves on Wall Street, his solution was to pull Major to raise interest rates by another 3%, raising the rate to 15%.

Boss ***, many times it's really not that the people below are jealous, it's the boss who is really ***!

How will the pound react this time?

Still nothing happens!

The whole world, including the British, knows that the Bank of England should cut interest rates, it should let the pound depreciate, and this is the only way to save the UK.

But the British Prime Minister wants to raise interest rates, to make the pound rise.

Humans can't imagine how Major and his team of prime ministers poured so much seawater into their heads.

Saying that they are *** is a compliment to them!

The market is not what you want to do, except for ..... Neither can they.

The market expects the pound to only depreciate, so no amount of interest rate hikes or how much pounds to buy will not change the situation. At 5:00 p.m., Major called an emergency meeting.

At the meeting, Chancellor of the Exchequer Lamont, Foreign Secretary Hurd, Chairman of the Trade Bureau Hesseltine, and Home Secretary Clark unanimously decided to withdraw from the European Exchange Rate Mechanism.

It's as if they quit on their own initiative, rather than being kicked out. Of course, as long as they think so, there is nothing anyone else can do.

At 19:30, Lamont held a press conference to announce the UK's withdrawal from ERM and the implementation of a floating exchange rate regime. The pound fell 15% against the Deutsche mark and 25% against the dollar.

Soros .... Sean, win!!