#1392 Marine Links Cameron’s Black Wednesday Public Servants to HSBC’s Libor Front-Running Serco Clock
Plum City – (AbelDanger.net). United States Marine Field McConnell has linked public servants’ working with David Cameron at the U.K. Treasury on Black Wednesday, to HSBC’s front-running Libor frauds with Serco’s public/private use of the NPL time-stamping atomic clock.
How Soros broke the Bank of England in 1992
“In politics and economics, Black Wednesday refers to the events of 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep it above its agreed lower limit. George Soros, the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling. In 1997 the UK Treasury estimated the cost of Black Wednesday at £3.4 billion, with the actual cost being £3.3 billion which was revealed in 2005 under the Freedom of Information Act (FoI). The trading losses in August and September were estimated at £800 million, but the main loss to taxpayers arose because the devaluation could have made them a profit. The papers show that if the government had maintained $24 billion foreign currency reserves and the pound had fallen by the same amount, the UK would have made a £2.4 billion profit on sterling’s devaluation. [need quotation to verify] Newspapers also revealed that the Treasury spent £27 billion of reserves in propping up the pound.”
“The Conservatives’ unexpected success in the 1992 election led Cameron to hit back at older party members who had criticised him and his colleagues, saying “whatever people say about us, we got the campaign right,” and that they had listened to their campaign workers on the ground rather than the newspapers. He revealed he had led other members of the team across Smith Square to jeer at Transport House, the former Labour headquarters. Cameron was rewarded with a promotion to Special Adviser to the Chancellor of the Exchequer, Norman Lamont. Cameron was working for Lamont at the time of Black Wednesday, when pressure from currency speculators forced the Pound sterling out of the European Exchange Rate Mechanism. At the 1992 Conservative Party conference, Cameron had difficulty trying to arrange to brief the speakers in the economic debate, having to resort to putting messages on the internal television system imploring the mover of the motion, Patricia Morris, to contact him. Later that month Cameron joined a delegation of Special Advisers who visited Germany to build better relations with the Christian Democratic Union; he was reported to be “still smarting” over the Bundesbank‘s contribution to the economic crisis.”
“As early as spring 1992, Mr Soros had decided that the pound would have to be devalued because it had been pushed into the ERM at too high a rate. He knew that the Bundesbank favoured a devaluation of both sterling and the Italian lira and believed it would have to happen because of the disastrous impact that high British interest rates were having on asset prices. Mr Soros spent the next few months building up a position from which he would profit from that devaluation. He borrowed sterling heavily, reportedly to the tune of £6.5 billion, and converted that into a mixture of Deutschmarks and French francs. On Black Wednesday, Mr Soros’s bet paid off. In the following days, he unwound his positions, paying back his original borrowings and ending with a profit of around £1 billion. As a parallel play, Mr Soros bought as much as £350 million of British shares at the same time, gambling that equities often rise after a currency devalues.”
More to follow.