Twenty years ago today...........
#1
Lost in BE Cyberspace
Thread Starter
Joined: Jul 2007
Posts: 13,553
Twenty years ago today...........
16th September (or Wonderful Wednesday, as we all soon came to know it), the day certain people in the financial markets saved the UK economy by forcing the UK government to withdraw from the ERM.......... ah, happy days........
#3
Re: Twenty years ago today...........
Yes, really - it is that long ago. Now I'm really feeling my age - but wasn't it called Black Wednesday back then?
#5
Re: Twenty years ago today...........
from the erm...what?
spit it out Deano...suspence is killing me
oh the E R M
spit it out Deano...suspence is killing me
oh the E R M
#6
Account Closed
Joined: Feb 2011
Posts: 0
Re: Twenty years ago today...........
Didn't Gordon Brown flogging gold at it's cheapest technically cost the government more than that Wednesday (which I don't remember because I was 4 years old....just to remind you pensioners.)
#8
Re: Twenty years ago today...........
No idea how true that actually is.
#9
Lost in BE Cyberspace
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Joined: Jul 2007
Posts: 13,553
Re: Twenty years ago today...........
Only in retrospect. The gold sale has also seen some revisionism though (if much more quietly than Black Wednesday) - the point being that the gold dumping was part of a bank bailout triggered by a nasty unwinding of the gold carry trade.
No idea how true that actually is.
No idea how true that actually is.
#10
Re: Twenty years ago today...........
But it was only a cock-up if he wasn't trying to sell low - and some people are now claiming that he was, because the gold carry trade was in serious danger of collapsing horribly as the price of gold started to pick up.
It was a lack of gold that brought down LTCM finally, as I understand it...
#11
Lost in BE Cyberspace
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Joined: Jul 2007
Posts: 13,553
Re: Twenty years ago today...........
... and then sold by auction.
But it was only a cock-up if he wasn't trying to sell low - and some people are now claiming that he was, because the gold carry trade was in serious danger of collapsing horribly as the price of gold started to pick up.
It was a lack of gold that brought down LTCM finally, as I understand it...
But it was only a cock-up if he wasn't trying to sell low - and some people are now claiming that he was, because the gold carry trade was in serious danger of collapsing horribly as the price of gold started to pick up.
It was a lack of gold that brought down LTCM finally, as I understand it...
#12
Re: Twenty years ago today...........
Lots of rumours swirling around now. American news starting to speculate that gold was being manipulated alongside LIBOR, and that several banks were highly short gold in '99...