How Did George Soros Break the Bank of England?
Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. George Soros is one of the most successful and influential investors in history. He is also known for his philanthropic and political activities, as well as his controversial views on various issues. But perhaps his most famous achievement was his role in the 1992 currency crisis that forced the British government to withdraw from the European exchange rate mechanism (ERM) and devalue its currency, the pound sterling. 1 This event, which occurred on Sept. 16, 1992, is known as Black Wednesday, and it earned Soros the nickname of “the man who broke the Bank of England.” 2 The European exchange rate mechanism, or ERM, was a monetary system established in 1979 to stabilize the exchange rates of the European currencies and prepare them for the eventual adoption of a common currency, the euro. 3 The ERM fixed the ex
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