As individuals study extra about Donald Trump’s choose for Treasury Secretary, Scott Bessent, one story comes up time and again: a legendary commerce that he performed a small half in whereas he labored at George Soros’ hedge fund within the Nineteen Nineties.
In 1992, Soros’ fund set its sights on the British pound, betting that a while within the fall of that 12 months, the pound would plummet in worth. Opposing them on this commerce was the Financial institution of England, which was decided to maintain its forex secure. The monetary battle that adopted was intense and proved to be a watershed second within the steadiness of energy between markets and governments.
On right now’s present, we communicate to Robert Johnson, a former managing director at Soros’ fund, for a blow-by-blow account of these fateful days in 1992.
This episode was hosted by Keith Romer and Alex Goldmark. It was produced by Willa Rubin and edited by Martina Castro. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money‘s govt producer.
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