by Mansa » Thu Sep 07, 2023 5:20 pm
Black Wednesday (or the 1992 Pound Sterling Crisis): On September 16, 1992, Britain crashed out of the Exchange Rate Mechanism, a system that was meant to keep currencies from changing too much before the euro was introduced. This led to a sharp drop in the value of the pound. On that day, which is now called "Black Wednesday," the value of the pound fell 4.3%, the Bank of England burned through nearly £10bn worth of reserves, which was a huge amount at the time, and interest rates were raised twice, all in an attempt to keep the value of the pound up that failed.
This documentary goes into depth about what happened before "Black Wednesday" and what the main point of view is about how the German and British economies are run.
https://youtu.be/K_oET45GzMI?si=J9BmRI1swn1VnBxM
Regards,
Mansa
[b]Black Wednesday (or the 1992 Pound Sterling Crisis):[/b] On September 16, 1992, Britain crashed out of the Exchange Rate Mechanism, a system that was meant to keep currencies from changing too much before the euro was introduced. This led to a sharp drop in the value of the pound. On that day, which is now called "Black Wednesday," the value of the pound fell 4.3%, the Bank of England burned through nearly £10bn worth of reserves, which was a huge amount at the time, and interest rates were raised twice, all in an attempt to keep the value of the pound up that failed.
This documentary goes into depth about what happened before "Black Wednesday" and what the main point of view is about how the German and British economies are run.
[url]https://youtu.be/K_oET45GzMI?si=J9BmRI1swn1VnBxM[/url]
Regards,
[b]Mansa[/b]