After learning that Germany was unwilling to lower the bank interest rate for other countries, the British Chancellor of the Exchequer, Norman, did a very good thing.

He even let off steaming to the media, and even said that the head of the Bundesbank, Schlesinger, agreed to cut interest rates!

Thinking of using public opinion to force Schlesinger to agree to a rate cut.

The dignified British Chancellor of the Exchequer didn't even want any face, and even did such shameless things as rumor-mongering.

But who knows, Schlesinger immediately began to hold a press conference, denied the Bundesbank interest rate cut, and arrogantly pointed out: "Only through currency depreciation can the instability of the European exchange rate mechanism be eliminated, if investors think that the European currency unit is composed of a basket of fixed currencies, it is wrong!"

In particular, it was pointed out that the Italian lira is not a very sound currency.

Italian god lying gun!

But who made Italy also a member of the Mayo and the worst and most volatile economic performance.

And what is interesting is that at that time, Soros and Zhu Changhong both participated in the meeting.

Soros also asked Schlesinger in particular whether he liked the European currency to become a currency.

Schlesinger said he liked the concept, but he didn't like the name of the currency, but if the currency was called the mark, he would definitely like it.

In Fang Chen's opinion, it was this answer from Schlesinger that drove the last nail into the coffin board of the pound and lira.

From then on, no one could save the pound and the lira unless Jesus came back again!

He seemed to have seen the hidden, sharp fangs under Soros's smile after receiving such an answer!

Early the next morning, Soros and other financial predators frantically attacked the lira, pouring the lira borrowed from major banks in the past few months into the Italian foreign exchange market.

And Zhu Changhong, who had been keeping an eye on Soros's movements, did not hesitate to throw out the lira in his hand after asking Fang Chen.

The exchange rate of the lira fell by 10% in just 15 minutes.

The Bank of Italy bailed out the market and announced that it would invest three billion German marks to eat these lira in order to maintain the exchange rate of the lira against the German mark, so that Italy can still remain in the European exchange rate system.

But how does Italy know how many lira empty orders and ammunition these financial predators such as Soros and Fang Chen have!

The sky-high number of lira short orders landed again, instantly engulfing three billion German marks, and once again lowering the exchange rate by 10%, and at the most excessive time, the exchange rate of the lira has fallen by 15% compared with yesterday.

After a whole day of fierce fighting, the exchange rate of the lira was locked in to a 7% reduction, and the market closed with the phased victories of financial predators such as Soros and Fang Chen.

But in any case, the lira's reduced exchange rate has not yet touched the warning line of the European exchange rate system, and the lira can still remain in the European exchange rate system, which is a reluctantly acceptable outcome for the lira.

In the evening of the same day, the Italian President personally called the German Minister, hoping that the German President could lower the interest rate on deposits in German banks, making the Deutsche Mark less attractive, and thus reducing the amount of lira exchanged for the Deutsche Mark.

However, the German Chancellor, out of concern for Germany's already overheated economy, again rejected the Italian Chancellor's request.

In desperation, Italy announced that it would raise the interest rate on one-year bank deposits from 11% to 13% before the market opened the next day, and took out one-third of all the remaining foreign exchange reserves, nearly $20 billion of foreign exchange reserves into the foreign exchange market, and swore to defend the lira to the death!

Sure enough, after the market opened, the Italian lira exchange rate, bucking the trend, not only managed to recover lost ground, but also rose by almost 5% compared to the initial interest rate the day before yesterday.

But apparently, the Italians often don't last long in their delight.

In other words, since the birth of Italy, it has probably provided laughter for others.

Near noon, the number of empty orders landed again, smashing the exchange rate of the lira by 10%.

What are you kidding, in the hands of Soros and Fang Chen alone, there are nearly 13 billion US dollars in lira short orders, and if you add other financial predators, at least 80 billion US dollars.

$80 billion is not what Italy's foreign exchange reserves of less than $20 billion can withstand.

The situation barely held up the next day until Italy ran out of last-minute ammunition, and the Italian lira did not withdraw from the European exchange rate system.

But everyone knew that the real slaughter was about to begin.

On the third day, not long after the market opened, the lira exchange rate fell sharply again, and the Italian government urgently announced that Italy would withdraw from the European exchange rate system and adopt a floating exchange rate system, and would not carry out any rescue actions to save the remaining foreign exchange.

To put it simply, that is, if Lao Tzu is not saved, love will fall as much as it falls.

After Italy completely gave up its resistance, the exchange rate of the lira was like a wild horse that had escaped from the reins, rushing all the way down!

At the end of the third day, the lira fell by 30%.

Soros probably earned nearly a billion dollars, while Fang Chen only earned 300 million dollars, almost 100 million dollars a day.

After all, this is just the appetizer, and the big dish is still to come.

At this point, he didn't want to be so noticeable.

Such an achievement, although it is not small among many financial predators, is only mediocre.

Italy, on the other hand, is in a mess, losing $20 billion and becoming the second victim of financial predators such as Soros and Fang Chen.

However, the most important thing is that this year, because the exchange rate fell on September 15, Italy's gross domestic product, that is, GDP, in US dollar terms, is as high as 1.3 trillion.

This figure is more than $140 billion higher than the UK's GDP in 1992.

Well, yes, between 1986 and 1992, Italy's economy was stronger than that of the United Kingdom.

In the ranking of GDP of all countries in the world, Italy ranks fifth, the United Kingdom ranks sixth, and China tenth.

Italy's GDP fell to $1,060 billion in 1993, the year after the exchange rate fell.

In other words, because the lira was sniped, after more than a year, Italy still did not slow down and paid a huge price.

Instead of developing, the economy has fallen by $250 billion, and GDP growth is more than -20 percent.

Even in 2002, Italy's GDP in dollar terms was still only 1.26 trillion US dollars, which has not yet reached the height of 1992, which can be said to be a full decade backwards.

It can be seen that the horror of this exchange rate resistance war, the proper death of Italy.

Of course, the most critical reason is that the exchange rate of the Italian lira is seriously inflated, and the exchange rate of the lira is seriously inconsistent with the actual value, which gives Soros and other financial predators the opportunity to take advantage of the situation.

As mentioned above, in fact, the exchange rate of the Huaxia currency at this time is inflated compared to the Italian lira, but thanks to the backward financial system, Huaxia has no short-selling tools that Soros and other financial giants can use.

Otherwise, China's fate would be worse than Italy's.

"After all, this German guy is not a thing, and if Germany is willing to save Italy, the lira will never fall so badly. Chen Shaoxuan said indignantly.

Said to advance and retreat together, not to be born in the same year, the same month, and the same day, but to die in the same year, the same month, and the same day, but when the death came, you spread your feet and slipped away, it's really not a thing!

"The German prime minister, always think about Germany, the German economy has been overheated to such a point, inflation may occur at any time, how can Germany sacrifice for a pig teammate like Italy, in World War II, if it were not for the sake of saving Italy, Germany would not be ......"

Speaking of this, Fang Chen shook his head with embarrassment, for Germany, Italy is a sixth person who pulls his legs.

"The most important thing is that Italy has its own problems, for its own interests, if it has to set the exchange rate so high, this danger can only be counted on others to save it. ”

"Moreover, didn't the Bundesbank announce today that it would cut the interest rate on German bank deposits by 0.5%. Fang Chen said with a smile.

"0.5% is useful, and now the one-year interest rate in Germany has reached 12%, and if it is reduced by 2% or 3%, it is estimated that it will have some effect. Chen Shaoxuan said stupidly.

Fang Chen chuckled undeniably.

With everyone, the impression of developed countries in Europe such as Britain, France and Germany is that GDP growth is slow, only 1% or about 2% for a long time, and 3% will jump happily in any year, and the bank interest rate is different from zero interest rate, or even negative interest rate.

In the 90s, the GDP growth rate of these developed countries, including the United States, South Korea, and Dongwa, was around 7% or 8% for a long time, and the interest rate on bank deposits was often maintained at about 10%.

Proper high growth and high interest rates are also the happiest times for these developed countries.

As soon as his thoughts turned, Fang Chen suddenly said: "0.5% is already good, if it is lowered again, it will hurt Germany itself, and if Germany really lowers the interest rate by 2% or even 3%, how can we still eat meat?"

The corners of Fang Chen's mouth curled slightly, revealing a strange and inexplicable smile.

Chen Shaoxuan paused for a moment, and then nodded again and again.

If Germany really lowers the interest rate on bank deposits to such a point, then they will still snipe at the pound sterling, sniping at a hammer, and the interest rate on one-year deposits in Britain is now 11%, if the Deutsche Mark drops to 10% or even 9%.

Not to mention sniping at the pound, they knocked down the exchange rate of the pound, I am afraid that from the German banks, people who have just exchanged the Deutsche mark for pounds, will instantly fill the English Channel.

It is not the pound sterling that needs to be lowered, but the Deutsche mark.

With a flash of inspiration in his mind, Chen Shaoxuan said: "Then we can turn the muzzle of the gun and snipe Mark, and touch the ass of the world's third economic power, isn't it more interesting than touching the ass of Britain, not to mention that Germany is equivalent to 1.6 Italy." ”

Fang Chen paused for a moment, then shook his head with a smile, he really admired Chen Shaoxuan's brain, he actually wanted to deal with Germany, he was really crazy.