Former George Soros employee and current Secretary of the Treasury Scott Bessent states:
“I admire Elon’s leadership on rockets. I will take care of the finances.”
In 1992, Bessent played a key role in helping Soros execute what would become the firm's most significant trade: shorting the British pound.
At that time, the British government was a member of the European Union, and its central bank, the Bank of England, had pledged to maintain the pound's value within a strict range relative to other European currencies, particularly the German Deutsche Mark. This monetary policy framework was called the European Exchange Rate Mechanism (ERM).
Soros and Bessent believed that, given the relative weakness of the U.K. economy, the pound was overvalued. They anticipated that the U.K. government would be unable to commit the billions necessary to support the pound and keep it above the target price it had set. Their substantial short position indicated they expected the pound's value to decline.
They were correct. In September of that year, currency traders began selling pounds at a pace that far exceeded the Bank of England’s ability to purchase them, leading to a dramatic crash of the pound. As a consequence, the U.K. was compelled to exit the ERM. This event became known as Black Wednesday.
Their short position yielded extraordinary profits, exceeding $1 billion, and earned Soros legendary status as "the man who broke the Bank of England."
And today, Scott Bessent is devaluing the U.S. dollar. And who better than to create dollar destruction than the man who devalued the British Pound in 1992?
@MikeSTL5@RubinReportShow@ConceptualJames@RubinReport “One of its heads seemed to have a mortal wound, but its mortal wound was healed, and the whole earth marveled as they followed the beast.”
Revelation 13:3 ESV
https://t.co/atRJxm31qf