24# The man who put down the Bank of England 🎙️ - George Soros (5)

We come back to George Soros one last time. We will find out why he earned his nickname, 'The man who put down the Bank of England'. 

What will you learn in the new podcast?

On the night of September 15-16, 1992, Soros borrowed money and immediately sold billions of pounds. Mostly for dollars and deutsche marks. 

First he sold the menu

By starting to sell the pound cheaply and in massive quantities, he knew he would cause its price to fall. He flooded the market with it and increased the supply disproportionately. Which naturally leads to a fall in price. 

Then vracial banks

He then returned the devalued pound to the banks from which he had borrowed it. Thus, in absolute terms, he always returned the same amount of pounds, but they were already worth considerably less than when he borrowed them. He gave them back just as much but much less.

The bubble didn't last

In a single day, they raised the interest rate from 10% to 12%, and later to 15%. Then back to 12%. By comparison, the UK currently has an interest rate of one tenth of a percent. 

Soros name

Although the publicity about him is mostly not so positive, his role in breaking the Bank of England has created an aura around him of a man who can move world events with strings and tricks.

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