186 Black Wednesdaymakes the two-minute drive down Whitehall to the Old Admiraltythe chancellor of the exchequer undertakes an act of desperation.
Wednesday, 7:30 AMoptions available to them in response. One is to intervene heavily
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nothing like the money we made and of course this was a bet-whatthe pound under any circumstances. When the Bundesbank hadfor reflexive behavior in the market. As he noted: In a freely
George, youve just made $958 million.Kovners funds made an estimated $300 million; Joness funds madeBritish and Italian currencies will trade freely, and their central banks
than seven pfennigs below its lower ERM limit of 2.7780.Jolted by this news, Kaletsky bought the newspaper and read thereally does seem in his case that its just a means of keeping score....
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