Rebirth of the Financial Overlord

Ridiculous, stupid, what the UK needs now is looser monetary policy not another rate hike.

I have said long ago that if the safety of the pound cannot be guaranteed, exiting the European Community is more suitable for the UK now.

The market has proven that it was a wrong decision to stay in ECU, but they have been selectively blinded to make mistakes again and again.

'Now, continuing to buy the pound has no meaning except to provide liquidity to international speculators headed by Shen Jiannan.

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In the interview hall of the Daily Economic News, Pound Brook faced the camera and was interviewed by reporters. He was like an angry cowboy slamming the cabinet's decision on monetary policy.

From his possible outcome on the pound at the beginning, to the needs of the British economy, the regulations clearly pointed out the various mistakes of the Treasury and the cabinet in dealing with the pound issue this time. Brook believes that it is meaningless for the UK to remain in the European Community. The downturn in the stock market and the economy requires a looser monetary policy. Forcibly maintaining the price of the pound is a waste of taxpayers' hard-earned money.

While Pound Brook was being interviewed, Norman Lamont was surrounded by reporters at the entrance of the Ministry of Finance building.

Mr. Lamont, the pound has fallen by 29.5%. Does the cabinet have any plans to consider withdrawing from the European Community?

Mr. Lamont, the British pound has fallen sharply. What countermeasures are the government going to take to protect the taxpayers' wealth?

Mr. Lamont, is the government considering giving up the value of the pound?

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The rush of questioning made the blood vessels on Norman Lamont's forehead almost bulge. If he could, he really wanted to say, how the hell would I know.

But everyone speaks for themselves, facing the constant flash bombs, he can only choose to hide all the facts.

I can't answer the other questions, but the pound will never depreciate. Tomorrow, we will raise interest rates by another three per cent to keep the pound safe.

An interest rate of up to 20 per cent is unprecedented. Has the government considered the long-term damage to the economy?

Mr. Lamont, sources indicate that the proposed increase in interest rates was a recommendation from the Treasury Department.

Has the government considered that high interest rates will cause greater trauma to the securities market and the real economy?

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Under the continuous questioning, the muscles in the corners of Lamont's eyes kept twitching. He dared to bet that someone must have deliberately disclosed this information to the reporter.

Damn it!

Advice from the Ministry of Finance!

No comment, but I'm pretty sure the value of the pound will never go down.

Mr. Lamont, the public has the right to know the truth.

You have the responsibility and obligation to disclose what decisions the government will make.

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With your Mapi!

In an instant, the anger accumulated in Lamont's heart was ignited. He angrily pushed away the surrounding reporters and walked into the Ministry of Finance building without looking back.

Under the obstruction of the security personnel, the noise and hustle and bustle gradually faded away, but watching the interest rate hike news appearing on the Reuters screen, Lamont couldn't relax at all. The screen was all red, and the price of the British pound was still unaffected as if it had closed. It was almost like a vegetative patient lying on the bed, and any medicine had no effect.

The pound is going down.

Lamont was clearly aware of this, returned to the office, and silently lit a cigarette. The extremely complicated feelings made him not know what to do.

If the pound crashes, he could make a ton of money on his position, but it also means, probably.

His political career was coming to an end.

After a long time, half of a cigarette was left. Lamont picked up the phone on the table and performed his duties. It was necessary for him to remind the finance ministers of various countries of the plight faced by the pound.

Herro. I have to remind you that we may not be able to hold on. If the pound is still the way it is before six o'clock, we may have to withdraw from the community.

Hierro Barusi, Italian Finance Minister.

His relationship with Lamont had always been very good, and he even asked Schlesinger some questions at the Bath meeting, hinted at by Lamont. Of course, Barusi didn't know that when Lila collapsed, Lamont had slapped his chest and smiled.

But these are not important. Italy is in the same predicament as the British pound. If the UK goes to this point, Italy will probably be very troublesome.

I suggest that the foreign exchange market can be suspended first to allow more time, and you can talk to Schlesinger during this period.

Are you so stupid!

Can't you see that Schlesinger wants me to die?

I'd like to do the same, but you know I don't have the right to end the continuous, world-leading foreign exchange market in Great Britain.

Okay. You take care of yourself! Everything will be fine.

Thanks!

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Will everything be alright?

After hanging up the phone, Lamont looked at the gradually setting sun outside the window, feeling a little desolate suddenly.

Canary Wharf, Capital One Investment Management.

Shen Jiannan looked at the news that popped up on the screen of Reuters, and his dark eyes showed a strong playfulness.

In his original plan, he hoped to take advantage of this opportunity to make a fortune, and then trick the Wall Street guys. But looking at it now, it is no longer realistic to try to cheat the guys on Wall Street. The British went crazy and raised the interest rate to 20%, and called on the public to buy sterling. The guys on Wall Street can take the opportunity to sell their positions.

However, this has brought a new variable to the market.

The expected interest rate was as high as 300 basis points, but there was no reaction in the pound market. It can only show that there is a lack of buyers in the market, and it also shows that the Bank of England is about to run out of foreign exchange.

Otherwise, with the operation of the British in the financial market, they will definitely take the opportunity to make a last-ditch attempt to pull up the price of the pound.

But now, the Bank of England has chosen passive defense.

Picking up the intercom phone on the table, Shen Jiannan quickly dialed it.

William, how many positions do we currently hold?

London, 130,000 contracts, New York and Chicago 60,000.

Continue to increase positions, I guess, the Bank of England has no money in hand.

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After hanging up the phone, Shen Jiannan stopped Yulia Sidorov's waist like a wolf with a big tail.

Yulia Sidorov was almost frightened to death. She still hasn't recovered from the crazy mental shock.

Shen. Wait, you will let me die.

Baby. Did you just say that German and Kamandy still have nine billion pounds?

babble?

no

Yes, what's the problem?

Now, it's time to sell all the pounds.

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Pound to mark, 2.5835, -29.58%.

Robin Leigh Pemberton, from the Market and Trading Department of the Bank of England, looked at the exchange rate of British pounds on the screen, and his whole body seemed to be exhausted.

Expected to raise interest rates by 3%, but the market did not respond much, which only shows that the pound has not fallen to the market's expectations.

This is a very bad phenomenon.

Now that the central bank has only the last one billion funds left, it dare not interfere with the market at all, but without the central bank buying, where will the pound sink?

Pemberton had no idea at all, he only hoped that the final result would not be too bad.

Suddenly, a large number of transaction data suddenly appeared on the almost static disk. The dense transaction data was like a stick stirring the lake, causing the straight line trend chart to bleed instantly.

2.5825 sold 6

2.5815 sold 6

2.5805 sold 6

2.5725 sold 66

2.4675 sold 66

Almost at the same time, a large number of selling orders emerged from the spot quotation system.

66666666 £ sold 2.4

66666666 £ sold 2.3

Fast, too fast.

As soon as Pemberton was still standing on the spot, he sold a total of 66.66 million pounds in ten lots, and the price of the pound was bombed to 2.3 by a series of sales.

An unprecedented despair emerged from Pemberton's heart, with a sense of sourness and inexplicable tingling, as well as a deep sense of powerlessness.

The central bank only has the last one billion funds, and such a large sell-off can no longer be accepted.

damn it!

How many people are selling pounds?

Why, are they quoting so fast?

No one could answer Pemberton's questions, only the sterling chart pouring down like a waterfall seemed to silently laugh at his ignorance.

Four p.m.

The skies are getting darker and the UK is in the midst of a sterling crisis, being forced out of the currency exchange rate mechanism. Facing the irretrievable decline of the pound, Sister Mei and Lamont had to admit defeat in frustration.

Officials of the Bank of England who participated in the meeting invited by the central banks of other European countries revealed that the British pound will suspend its connection with the European exchange rate system.

Five p.m.

Major convened a meeting of cabinet members, and finally everyone agreed that Britain would withdraw from the European exchange rate system, and Italy would also withdraw. The British and Italian currencies would float freely, and the central banks of the two countries would not have to buy their respective currencies in the market to maintain their status.

TV crews and journalists gathered outside the Treasury to await the announcement of the decision.

seven o'clock in the evening.

Lamont held a press conference in the central courtyard of the Ministry of Finance, and appeared in front of the cameras and cameras of many media with a dejected expression. He looked like an abandoned woman or a prisoner on the execution ground.

He put his hands behind his back and forced a smile, but the smile on his face didn't even last for a second before it disappeared.

Although he had long expected that this shameful moment would be announced by him, it was only when it happened that he believed that those politicians were as shameless as he imagined.

today.

It was an extremely difficult and chaotic day, with a series of financial events taking place that rendered the Exchange Rate Mechanism useless... At the same time, the Government felt that the UK's best interests could only be served by suspending membership of the Exchange Rate Mechanism.

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