CBK: Breaking the Bank September 28, 2008
Posted by mylastresort in analysis, rumors.Tags: Bank of England, Breaking the Bank, CBK, Central Bank of Kuwait, Crisis, economy, George Soros, Hedge fund, investment, Speculators
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Currency speculators have for years been tackling central banks in surprise attacks in an effort to reap large rewards from ‘breaking the bank’.
One of the most memorable events was ‘Black Wednesday’ of 1992 which took the Sterling Pound off of its goals of joining the European Central Bank (ECB). In 1992, currency speculators unexpectedly attacked the Bank of England (BOE) forcing it to alter the strict regulations associated with joining the union. Later, the BOE was not able to conform to the standards set by the ECB forcing it out of the European Union (EU). (more…)
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