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Black Wednesday (BBC 1997)

batrachious3 HN recommenders · recommended in 3 months, 2014–2019
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documentary · general · evergreen · 2014–2019 on HN

A 1997 BBC documentary on Black Wednesday in 1992, when sterling was forced out of the Exchange Rate Mechanism. It covers the crisis from the British government side, including George Soros's trade and political mistakes.

HN recommends it as a detailed documentary on the Soros-versus-Bank-of-England episode.

Macroeconomics & financial crisesDocumentaries & storytellingInvesting & personal finance#georgesoros#poundsterling#exchangeratemechanism#bankofengland

4 comments from Hacker News

@elmar2019-11 · in “When George Soros Broke the British Pound (2014)”

This incident was the main reason the UK didn't enter the Euro. This wonderful BBC documentary explains everything on detail. ▶ this video

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@shitgoose2017-03 · in “SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]”

▶ this video a good overview of the origins of the crisis. how politicians for their own shortsighted gains made one poor decision after another and led the country into financial crisis.

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@loso2014-05 · in “The Trade of the Century: When George Soros Broke the British Pound”

A pretty good documentary from the BBC about Black Wednesday. Shows more from the government side and the mistakes they made than Soros part but still gives you a good understanding of what happened. ▶ this video

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@hogFeast2019-11 · in “When George Soros Broke the British Pound (2014)”

The only reason he could put on the trade in the size that he did was because the BoE took the other side (they sold $27bn worth of £ and Soros had a $10bn position) and believed they were omnipotent (even amongst British civil servants, the BoE was unusually stacked with "god complex" types...and still is to a certain extent). Documentary on this - ▶ this video

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