The Devaluation of the British Economy

Between 1990 and 1992 the British economy suffered. Keeping interest rates high wasn't enough to maintain the pound's value. Hedge funds had done quite well betting that central bankers would step in whenever their currencies reached the limits of the bonds but they mostly understood that devaluations would eventually have to occur. The man who really got the timing right was George Soros. His specialty was understanding the catalysts to big global market events. He knew that the ERM was unstable and that almost every trader would eventually bet on the collapse of certain currencies. But there had to be a trigger event that would cause a stampede big enough to overwhelm the central banks of Europe. If the plan for European Union was rejected by