One Man Broke The Bank of England

On September 16, 1992, George Soros's Quantum Fund shorted £10 billion and forced the UK out of the European Exchange Rate Mechanism — pocketing $1.1 billion in profit in a single day. Stanley Druckenmiller spotted the fatal crack in August: a Bundesbank report signalling Germany would not defend weaker ERM currencies. Chancellor Norman Lamont burned through £3.3 billion in taxpayer money raising rates to 15% trying to hold the line — and lost. Black Wednesday remains the most devastating single-day currency trade in financial history.🎧 Part of the Sleepy Stock Market series — financial history told as documentary audio.━━━━━━━━━━━━━━━━━━━━━━━━━━━━━SLEEPY STOCK MARKETFall asleep to the greatest stories in financial history.━━━━━━━━━━━━━━━━━━━━━━━━━━━━━#GeorgeSoros #BlackWednesday #HedgeFund #QuantumFund #BritishPound #FinancialHistory #MacroInvesting #StanleyDruckenmiller