« Reply #279 on: Tuesday 26 May 20 21:08 BST (UK) »
I'm not sure if anyone else remembers Black Wednesday (Sept 1992) but I feel that the vibes are very similar to then.
The latest YouGov poll is out and makes worrying reading for Boris.
I remember black Wednesday, that’s what happens when you choose a nice honest but weak prime minister.
Mike
Sorry, but I can't let this pass without a comment.
My late OH and I were in business at the time and knew that somebody appeared to be playing the market. Whotever it was had already collapsed the currencies of two smaller countries and it seemed the UK and France would be next in line. That's the basic, somebody will now possibly enter the debate and explain about the ERM.
This particular speculator had fun collapsing currencies and when the value reached rock bottom he bought up as much as he could at a massive profit.
It happened that we were next in line, the speculator bought Sterling then suddently sold the lot - this caused panic and other holders of Sterling hurriedly sold their Sterling too hoping that the value hadn't dropped too much. The value had more or less reached rock bottom despite our government buying up our own Sterling.. JM phoned the German Chancellor at the end of the day and asked him as a matter of urgency to speak with the German Bundesbank, we explained that by quietly giving the German bank UK money/gold the German bank could make a show of buying up Sterling and the market value would steady up and maybe even increase in value. A few years later the now ex German Chancellor confirmed what JM had asked and our television screen showed his fat face grinning when he said that instead of treating the matter urgently he had waited until the next working day before speaking with the German central bank, but by that time it was too late. The next weak currently was the French Franc, and as expected the billionaire started his game with the Franc, but guess what; the Germans stepped in immediately and saved the French Franc.
George Soros, the world-renowned billionaire investor, made his name on Black Wednesday by betting against the pound and making a staggering £1 billion.
Aberdeen: Findlay-Shirras,McCarthy: MidLothian: Mason,Telford,Darling,Cruikshanks,Bennett,Sime, Bell: Lanarks:Crum, Brown, MacKenzie,Cameron, Glen, Millar; Ross: Urray:Mackenzie: Moray: Findlay; Marshall/Marischell: Perthshire: Brown Ferguson: Wales: McCarthy, Thomas: England: Almond, Askin, Dodson, Well(es). Harrison, Maw, McCarthy, Munford, Pye, Shearing, Smith, Smythe, Speight, Strike, Wallis/Wallace, Ward, Wells;Germany: Flamme,Ehlers, Bielstein, Germer, Mohlm, Reupke