Jim Trott, chief dealer of the Bank of England, discussing

  • September 16, 1992 — the day that George Soros went head-to-head in the currency markets against the UK’s central bank—and won. How does it feel to be the Goliath who lost to Soros?
  • his thoughts about trying to fix an exchange rate
  • international dealmaking with the Bundesbank
  • “I was going to say truckload, there’s not a truck that’s big enough…I’ve bought more sterling than anyone else in the world, in the span of about four hours”.
  • “We raised interest rates—twice—during the day, to crisis levels (14%)”.
  • “I took us in and I took us out” of the fixed exchange-rate system.
  • “Nigel Lawson…had the idea that, if we matched…to Germany, then everything fine and wonderful in Germany would accrue to the UK”.
  • “At least we kept our currency. We didn’t have to consider what would happen if it actually went beyond that”.

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