Rebirth in 1989: Creating the Chinese Technology Empire

London time, Wednesday, September 1992, 9.

Today is a very ordinary day for all British office workers. The sun is shining brightly, there are no clouds in the sky, and it looks very cheerful.

But for British Chancellor of the Exchequer Lamont, it was definitely a very torturous day. He could foresee that the final judgment was coming.

In the Quantum Foundation, Soros has now become a trader himself, sitting quietly in his seat, quietly waiting for the opening of the London stock market.

At 8 a.m. London time, the London stock market officially opened.

"The action begins..."

Soros gave the order, and the entire Quantum Foundation began to describe it. Their current short position is as high as 100 billion U.S. dollars. What they want to do is to smash the pound exchange rate.

After selling one transaction after another, the British exchange rate continued to fall. As soon as the market opened, the pound had already fallen below the lower limit of the erm range. The entire exchange rate is like a roller coaster, and people watching it are frightened.

At this moment, Lamont's face turned pale.

"Buy three hundred million pounds..."

At half past eight, Lamont gave the order. He hopes to increase the exchange rate of the pound by buying it. But it was clear that the money was useless.

Because now not only Soros is taking action, but also a lot of capital on Wall Street. This is a gluttonous feast, how could they want to miss it.

"Buy another 400 million pounds..."

At 8:40, Lamont issued another order, and the Bank of England bought another 400 million pounds, but the exchange rate remained unchanged and continued to fall.

This scene made Lamont pale.

"Get the Prime Minister for me..."

Lamont said directly, and the call was quickly connected. It was British Prime Minister Major on the other side of the phone.

"Mr. Prime Minister, our intervention failed. Now we must intervene by raising interest rates..."

Lamont whispered, and there was silence on the other side of the phone.

"I don't agree. The UK is already in recession. Raising interest rates will continue to deepen the recession, which is not good for the British economy..."

Major thought for a long time, vetoed Lamont's request, and then hung up.

Listening to the busy signal on the phone, Lamont felt helpless. Damn it, you are still playing with a hammer, there is nothing you can do to save yourself.

Looking at the falling pound exchange rate, Lamont's face was full of bitterness.

At this moment, Lamont finally realized what it means to live like a year. At this moment, he really wanted this day to go by quickly. This is so fucking hard.

"Keep buying..."

Unable to raise interest rates, Lamont could only issue an order for the Bank of England to continue buying pounds. At this moment, some British plutocrats are also protecting the market and buying pounds.

Soros was ruthless and kept selling the pounds in his hands. At this moment, everyone was also very nervous. They know that life and death are in this battle, and no one knows what will happen until the last moment.

In fact, in addition to Soros, some American capital is also selling pounds. On the surface, this operation is just an operation of the Quantum Fund. In fact, secretly it is a planning operation of the American chaebol or the United States.

Just like when they planned the Plaza Accord, in order to make the yen appreciate, they exhausted all means and finally achieved their goal.

Their goal this time is to withdraw the pound from the ERM and devalue the pound at the same time, because this is in the national interest. A united and strong Europe is not what the United States wants to see.

Now that the Soviet Union has fallen and there is no threat from the Soviet Union, the United States has turned its attention to Europe. A strong Soviet Union is not in the interest of the United States, and a strong and united Europe is also not in the interest of the United States.

In London, even as American capital and British capital were killing each other in rivers of blood, Xu Huasheng's people still maintained their final silence.

They didn't take action, they were waiting, waiting for the last moment. The order Xu Huasheng gave them was very simple: smash the market at the last moment. If the pound is not dead by then, use this money to kill the pound.

If the pound is already unable to hold up, then this money will make the pound's losses even more severe.

At half past ten, Lamont called the British Prime Minister again.

"Mr. Prime Minister, I ask for an interest rate increase again, otherwise, we will have no choice but to surrender..."

Lamont said directly. At this time, the British Prime Minister on the phone was silent for a long time.

"How much?"

After a long time, Major asked.

"First add 200bp, and the interest rate will be adjusted from % to %..."

Lamont said directly.

"it is good……"

Major agreed, and Lamont was relieved when Major agreed.

At 200:, the UK announced a bp interest rate hike, adjusting the interest rate from % to %.

However, after this news was issued, the situation did not occur as expected by the British government, and the exchange rate continued to fall. The entire market now has distrust of the pound. This is the scariest part. When trust is lost, it is impossible to restore the situation just by raising interest rates.

"It seems that there is nothing the UK can do..."

In the Quantum Fund team, Miller looked at Soros and said with a smile. These words made Soros also laugh.

"I think we can have a celebration party tonight..."

Soros's words made everyone laugh.

Soros was happy, but Lamont was in agony.

Seeing that raising interest rates was useless, Lamont went to the Prime Minister's Office in person and discussed it with Major again. After the discussion, the British government once again issued a news of raising interest rates, that is, by an additional 3%, raising the interest rate to 15%.

However, after the news was released, the market still did not react, and the pound remained motionless at the low end.

This situation in the pound is not caused by international speculators, but by the market. If the market is stable, international speculators simply cannot achieve such a situation. Why doesn't Soros get the German mark? Why does he target the pound? It's because of the market's choice.

Now that the market has chosen to let the pound fall, Soros and others can only be said to be the fuse, detonating this bomb that was already about to explode at a fixed time.

Now, no matter how many pounds it buys back or how much it raises interest rates, the British government is basically unable to change its destiny.

Lamont also saw this when there was no response to the second rate hike. Lamont realized that the situation was over, that there was no way around it, and that the depreciation of the pound had become inevitable.

This is not a game, this is a debt. Britain's previously overdrawn debt is now due to be repaid.

In the afternoon, the British government held an emergency meeting to discuss the final solution. Lamont sighed, knowing that his future was over.