Black Wednesday (BBC 1997)

[@0tispunkm3y3r]

Love it. The line "unaware of all this" and the following anecdote about the driver knowing all about it because he simply listened to the radio... gold. Sums up our politicians nicely. So wrapped up in their own world that they don't even think to put an ear to the ground and see what the real world is doing.

[@chukwudiilozue9171]

When the driver knows more than the entire gov.

[@ReneSchickbauer]

Here's one of the "minister gets informed about the situation by his driver" scenes from "Yes, Minister": kzbin.info/www/bejne/Zp_Ucoupr7Bqbrc

[@laxeystu8096]

That's an unfair assessment This was a fast-moving crisis, and there was no rolling news, let alone smartphones There should have been advisors to tell them exactly what was happening in the markets These are democratic politicians managing crises, they knew to listen to what was actually happening Though it is funny that the driver told them because he had the radio and no-one else seemed to be listening

[@rasheeqahmed1208]

​@@ReneSchickbauery thoughts turned to the same season.

[@alzeNL]

i miss intelligent programmes like this from the BBC. what a shambles it has become today.

[@trollface1994]

old fogey 'they-don't-make-em-like-they-used-to'' comment.

[@trollface1994]

@Blowing Whistle well obviously, duhhh ! that's the point. (dumbass)

[@sillygoose635]

Blowing Whistle it's not a troll or idiot comment, it's the fucking truth

[@sillygoose635]

they haven't left the bbc, and the beeb isn't in shambles

[@tyronevaldez-kruger5313]

Same here in Germany, I miss them old ones too. But back then we had ppl complaining "what a shame it has become today" too and that p.ssed me off

[@johnking5174]

30:57 - The silence after the interviewer asked her "did anyone think it would work" - rising the interest rates a second time, her silence says it all.

[@aman-qr7wh]

Uuuú

[@ProLansPl]

well, probabaly they did, at the time. everyone's smart post factum

[@blaumello15]

I still cannot stop laughing at McKenzie's impression of Major ....hilarious xD

[@Longtack55]

At 44.30 yes it was rather prol - but apt. "You are a wag."

[@Pinkfloydisme63]

Absolutely mythical . XD ^^

[@TheMrgoodmanners]

that was absolute gold

[@williamchamberlain2263]

44:30 is much better than 6:15

[@JJLewin1]

Bucket of shit, lol

[@clonmore819]

I know a man, still alive, who bought his pension annuity at 15%....he is a very rich man indeed.

[@chrisoil7957]

Yes my father made a fortune on 15% annuities 😊

[@stuartbromley5328]

I know a family who lost their house ....due to job being lost because of this bloody stupidity ......I'm the son of that family we ended in a dam caravan for 5 yrs ........we are watching this all again with this tory goverment

[@non-human3072]

History repeats itself, absolutely

[@mikewatt8706]

i had to google what an annuity was. do you mean his payments were based on the 15% rate. if so very nice

[@mikewatt8706]

that's why obe should save for rainy days.

[@MrFrankfurt13]

John Major's thought process; the UK was sliding into recession so lets take away the ability to devalue the currency by tying it to the DM. Genius!

[@laxeystu8096]

It was about inflation There has been inflation for 30yrs, and they thought this was part of the solution

[@splinterbyrd]

And after we crashed out of the ERM, the British economy started to grow, and continued to do so for the rest of Major's premiership

[@alphabetaxenonzzzcat]

Unfortunately though - the whole of the media and the political class(don't forget Labour with John Smith as then Shadow Chancellor, the Lib Dems, SNP and PC were all big supporters of it - and calling on the UK to join it) - the only person objecting was someone like Alan Waters(Thatcher's old economics advisor) - and he had to be sacked as Lawson didn't agree with him. It just shows that when the counter argument is suppressed - how devasting the consequences are in our political system.

[@alphabetaxenonzzzcat]

@@splinterbyrd And ironically people praise Ken Clarke as some sort of wonder Chancellor - when he was a big supporter of the ERM before he took that position from Lamont.

[@laxeystu8096]

@alphabetaxenonzzzcat It was more justifiable at a lower DM level perhaps Clarke still believes in joining a single currency, because the fluctuating exchange rates are a barrier to trade and a cost It does require careful economic management I'm not sure the British economy is 'fit enough' to be in such a scheme

[@mobyrne5]

Thanks for posting, love these BBC financial documentaries from the 90's

[@ef7480]

Albeit a little 'propagandaesque'....

[@adeforexx]

Hello, from 9 Years in the future :)

[@SelfReflective]

A very well done documentary, even I, as a layman, understood it perfectly. That's how it should be done, methodically explaining each step.

[@paulmulligan2895]

it's ok - personally i thought there were a lot of gaps?? maybe I missed it but how many countries were in the ERM with UK at this time? Just Italy and Germany?

[@SelfReflective]

@@paulmulligan2895 Also France, the Benelux countries, Ireland and Denmark. The UK entered the ERM in 1990, but was forced to withdraw on Black Wednesday 1992.

[@paulmulligan2895]

@@SelfReflective thank you

[@joshfgfg]

Yes it’s great, if you dont notice blatant propaganda.

[@SelfReflective]

@@joshfgfgWhich part was propaganda? And what does it matter what you call it as long as it's true? I've noticed this way of arguing where just calling something is enough to discredit it. Please, offer evidence instead of name calling. Lazy and shallow.

[@bazza2974]

Rewatching in March 2020 during the coronavirus debacle...

[@voice.of.reason]

Rewatching in Jan 2021 and the government imposed coronavirus confinement is still going with no end in sight... Seems like our government are intent on killing the economy and bankrupting the country to save less than 1000 old people

[@dalyr32]

@@voice.of.reason dnt forget Brexit aswel

[@hassu2149]

@@voice.of.reason watching end of January and American economy is corrupt to cater for billionaires

[@somethingelse516]

@@voice.of.reason saying the measures are only to save 1,000 people is a lie. 100,000 have died when recently tested positive for COVID. And before you question the figure the excess deaths show that most of those people were sent to an early grave by the disease. Also old people are people, you are clearly showing how ageist and discriminatory you appear to be. I hope when you are old and vulnerable society and those who are supposed to care for you show you the compassion you fail to display now.

[@InquisitorMatthewAshcraft]

@@voice.of.reason You sir, are a tosser.

[@redknight1825]

I was much younger then days and had no idea how the economy functioned. After the 2008 disaster, I educated myself. Watching this now I find myself in a state of shock and horror at the utter incompetence of the British MPs and prime minister. Even a bungling amateur finance sleuth could have done better. I often wonder if MPs were held financially accountable for their mistakes how many of them would be in politics at all. I suspect that more than half the population have no idea how Black Wednesday happened even after watching this and they have no idea of the dire consequences they, the public would have to pay. This is why I feel strongly that all schools should include finance and banking in its curriculum. As long as the majority of the public, who are not involved in finance, does not understand how the economy works, then crashes will continue to happen again and again and it will always be the poor and working class who will pay the price with their blood.

[@12steve07]

@Crypto Knight Well said!

[@richyrichmountain]

An excellent take. Well said.

[@quincynufc]

I regret not having taken economics at GCSE level, when offered the opportunity, for this exact reason. It was much later when I actually began to understand even the rudiments as to how the things touched upon in this documentary actually work.

[@crazyh]

Legend. I agree with everything you’ve said.

[@brianwarden7250]

The Government would go on to lose to 208 MP's in March of 97 and Blair would come to power with majority of 172. The REAL problem is venture and monetary speculation that set up vulnerable currency's and squeeze a few billion out for a few folks who don't pay taxes and don't have allegiances. This is the problem not the ERM itself or even the BOE's response. The speculation market is full of a few A$$holes who unless you have a reserve currency like the dollar will screw you and set up the parameters post facto.

[@thefacelessmen2101]

"It failed to bring instant prosperity", well I'm shocked shocked.

[@sylestermajor783]

me too... I'm shocked! shocked!... there's gambling goin' on here!

[@SiVlog1989]

When does anything ever bring "instant prosperity,"

[@empty-ed]

And old folk had their pensions completely burnt . They risked peoples futures who had worked all of their lives . ABSOLUTELY DISGUSTING BEHAVIOUR 😳

[@classicalmusic1175]

I like the frequent use of Beethoven's music. Very nice touch.

[@daucuscarota6602]

I agree. The Eroica, the Pastorale, and the ninth ... very nice.

[@bitsnbytes7514]

Some might even say a Kubrickian touch. "There was me, that is John, and my three droogs, that is Michael, Douglas and Ken, and we sat in the Admiralty House trying to make up our rassoodocks what to do with the Sterling..."

[@user-rd6vf7xk1x]

What's the one playing at 43 minutes during the press announcement? exquisite.

[@davidjstreader]

Half Die Hard, half Clockwork Orange.

[@leeanucha]

love old documentary.

[@michaelmuldowney8]

Excellent Programme - makes a very complex situation clear to the layman.

[@joecurran2811]

Raise the interest rate once was stupid but doing it twice was unbelievable.

[@JamJells]

Thank you for posting these great looks back.

[@Raison_d-etre]

The program ended with the wrong lesson. Germany joined the euro at a low exchange rate and has flourished since. It wasn't a currency pact per se that did in John Major. It was the fact that he joined the mechanism at too high a rate.

[@robertmiller5258]

It was actually Wonderful Wednesday - the day we escaped the ERM and all the ill effects of an over-valued exchange rare.

[@alexm566]

Detox Wednesday

[@antonclark]

@@alexm566we certainly went ‘cold turkey’

[@adeforexx]

Hello, from 10 years in the future! :)

[@fimanu]

Another display of the "adults in the room". These ppl gamble with whole generations and their future, and then they sit down to sip tea.

[@reheyesd8666]

And we are called the speculators

[@167luiscarlos]

Seriously😂

[@mahihussain1]

Best Documentary everrr!

[@keithireland6627]

I remember it well I'd just bought my first house. Events had a. Major negative effect on my dad's pension which affected him for the rest of his life. Great documentary thanks.

[@empty-ed]

Sorry to hear that about your dads pension . I taught myself to trade and with my skills I have a lifetime of capital ❤

[@Rae47k]

@@empty-ednice bro, I’m On my way to that :) currently working part time til then!

[@cmares5858]

Governments and central planners cannot manage currency and money... how many times will we have to be taught this painful lesson.

[@Karl_with_a_K]

I find it incredible that the Govt & BoE didn't understand how the currency markets would perceive their actions (rate rises seen as weakness instead of strength, as was hoped). They had no understanding of how the markets think.

[@tomr6955]

how do you mean? every time central banks raise rates the currency becomes stronger.

[@Mirandorl]

So the markets made millions and everyone else got a recession? Sounds familiar

[@chuffa1130]

The insanity of having to be informed by your driver or to find a transistor radio to keep in touch with the exchanges or whatever is mind-boggling I know they didn't have the internet and stuff back then but still direct communication phones was going on here

[@oubrioko]

4:39 "I refer the right-honorable gentleman to the response I gave some moments ago."

[@rubinturner8233]

It's amazing that they made a decision that affected a whole generation of citizens. They clearly didn't understand none of those consequences.

[@lesliewhite6832]

Fascinating...we never learn.

[@sylestermajor783]

Perhaps it's not that we never learn... but that we're not very good at transmitting lessons learned from one generation to another...the established methodology is faulty... maybe

[@Newtube_Channel]

@@sylestermajor783 Every FC is different. That's the real issue. You can't learn from a handful of examples because no two examples are exactly alike. Apart from the term FC you can't draw any parallels with 2008. These people were having afternoon tea blissfully unaware of the rampant selling that was going on of the £. They didn't even have access to a radio, let alone satellite TV or any news info for that matter. You can be assured that more crises will come - just in different locations, in different shapes. These are the sorts of things you get for trying to be too smart. People aren't smart creatures.

[@GianniBarberi]

13:00 first they decided unilaterally the interest rate, then they commanded Germany to save them. This imperial attitude out of time, the inability to cooperate, vastly displayed in b4exit drama, and will be in decades

[@corsousa]

So the government had to rely on a radio to know what the hell was going on with the pound.. unfckenbelivable

[@nathanrobinson1099]

It's not totally unbelievable at this time

[@Gaur1983]

+Paulo Sousa That's how they did it in 1992. No mobile phones. No internet. No 24 hour rolling news channels. So radio would have been far more important,. There were hardly any alternative sources for breaking news,if you were on the move.

[@corsousa]

Gaur1983 so u telling me that the Bank of England would inform first the radio stations than the government? Is that how they do business back then? I doubt it m8

[@Gaur1983]

+Paulo Sousa No. But at the time Ministers probably didn't feel it necessary to follow minute by minute the ups and downs of the financial markets. Also,while the markets were open,the Bank of England dealers and officials probably had too much on their plates -buying pounds and trying(and failing) to persuade the Germans to weaken their own currency ,by selling Deutschmarks or lowering interest rates - to immediately get in touch with ministers by phone.

[@corsousa]

Gaur1983 If that's the way they used to deal with national emergencies back then... unbelievable.

[@snowman9555]

None of this would have happened if the boy hadn't wanted to feed the pigeons with his tuppence.

[@MantasiaHater]

Basically, what this is telling us is that monetary policy NEEDS to be de-politicized. The UK government fucked up everything in this regard.

[@tridang3562]

MantasiaHater if you think about it , it all started early in the video, when a politician decided how much the sterling would be worth vs the german... they said, you idiot that is too high, oh too late, we already wrote that down, accept, of course when you start at overpriced pound, the shorts will come in and force you down to its intrinsic value, no matter how much you raise rates, your currency is a measure of your economy strength in aggregate, and not what number some politicians think it should be... pure idiocy.

[@williamthurmond4940]

Luvly, luvly Ludwig Van, my Droogies.

[@TheJbo614]

"up and down like a whores drawers." LOL

[@rohitv2532]

Highly insightful documentary

[@Obetv01]

33:29: The moment they collectively realised that a classic Eton / Oxbridge education was not quite enough to understand the realities of the markets.

[@herrhornbuckele5227]

Do I understand correctly? The British couple the Pound with the German currency without any pre arrangements and then expect Germany to adjust its financial politics to British preference? It's not the European common currency that doesn't work, it's British hubris and arrogance!

[@NotMarkKnopfler]

As a British man, I have to say: you make a very good point, sir

[@cglees]

And all whilst still paying off a huge national debt from the war!

[@vinniechan]

The ERM was not gonna work so crashing out was probably a good choice As for the common currency the question is whether it works for those still inside it

[@herrhornbuckele5227]

@@vinniechan well regardless, Britain insisting on getting their way and then not being granted favours to bail them out is a classic example of how the perception of being a powerful colonial power still is present in British foreign politics despite there not being any colonial power left. This is the same mechanism which lead to BREXIT as well as Black Wednesday. It will happen again and again unless British foreign policy will be controlled by someone a bit less arrogant and a bit more realistic on the international stage. Britain is just a country as every other major EU member and has to act accordingly. If it doesn't, no wonder it does not work. But it's not the EU's fault, it is Britain's fault and Britain's fault alone.

[@herrhornbuckele5227]

@@jnwhitaker Well Germany didn't force anybody in there. A flawed idea doesn't mean you have to join it.

[@man4hire]

"It was a billion dollars.. it was in excess of a billion dollars profit" Amazing.

[@young_speculator9144]

Ol' George

[@kzm1934]

Massively shorting the pound and funding left wing political groups. This man is an enemy of Britain.

[@pritch9317]

I still can't understand why the UK was allowed to enter the mechanism a an inflated rate they dictated, with relatively no opposition. How was there so little governance?

[@johnmalcstan]

If someone had told me that Margret Thatcher was a visiting Alien, I would have believed it.

[@mengelmoesNL]

John Farley Says more about you than Margaret Thatcher.

[@thisiszaphod]

John Farley She was.

[@KevinP32270]

lolol

[@MartinParnham]

This shows how brilliant and prescient The Day Today was. That graphic with the kites is like the Currency Kidney... with a negative flow of waste pounds across all international membranes...

[@knarf427]

If only BBC can make such good documentaries again

[@chriswhitwood2858]

Nonsense, they still do. If you found this interesting you might like this one 👍 kzbin.info/www/bejne/nJm9mIChjbRmoMU

[@knarf427]

@@chriswhitwood2858 fell asleep 3 times watching

[@JoolsUK]

Netflix has the documentary talent

[@MM22966]

"BLACK?! That's the worst day-color ever!!! Uh...no offense, Black Sunday." "No prob. I get that all the time."

[@etcetraetcetra3173]

Just happen re-watch this on April 1, 2019, in the midst of the Brexit debacle.

[@richdeering9580]

@etcetra etcetra ..... yes, John Major casting his grey, erroneous, shadow again in 2019. He obviously doesn’t know when to keep is mouth shut.

[@susanlansdell863]

I’m watching it in January 2021....Brexit has happened god help us.xx

[@user-ls8ks7kv8c]

@@susanlansdell863 The same people who told you that joining the ERM would be great for the British economy (it was a total disaster) and that Britain not joining the Euro would be disastrous (it wasn't at all) have now been telling you that Brexit would be catastrophic for the British economy. Why on earth would you believe people who have been so constant and consistently wrong?? It's obviously just a scare tactic to trick you into giving up your sovereignty to a European superstate.

[@Noallegiance]

​@@susanlansdell863Sept 2023. No it hasn't.

[@mtm00]

44:03 😁 "... the Prime Minister found a couple of minutes to come and chat to ... a tabloid tosspot! ..."

[@12steve07]

Lol!!!

[@simon201063]

44:05 One of the best John Major impressions ever.

[@stevendale7658]

Spitting image was the best

[@mattgrele6318]

Lol

[@gerardmccartney3186]

Sounded more like Kermit the Frog! 🤣

[@fjdkfdfjdf33]

This is why politicians should stay out of economics

[@sesu5604]

Also incredible how happy they now look about the decisions taken at that time

[@seansands424]

Because it has made them richer

[@georgmar83]

- What are we talking about 100k pounds? - Probably about 10 million

[@FHIPrincePeter]

The same sort of blundering by Politicians is happening over leaving the EU. They did not have a clue why they did it nor the consequences of doing it.

[@rubinturner8233]

It's hilarious I just said the same thing a year later seeing this for the first time.

[@Tyrunner0097]

That's what happens when voters and politicians react emotionally rather than logically. Often, your emotions don't think further than 5 feet ahead, so to speak.

[@Lemma01]

Negative equity was caused not by the ERM, but by removing 'Double' MIRAS, whereby everybody could deduct mortgage interest before tax. There was a rush to buy before September 1989, which sent prices up by a third in my part of SE22... Still, good to know that Thatcher was responsible. Thank God for the fearless, unbiased, reporting of the BBC ;-p Even at the time we all knew it was a mistake; on the day, when rates first went up, I remember working out my mortgage payments, and we were broke. When it went up a second time that day, I knew everybody was bust, so we opened a bottle of champagne.

[@Akaoni21]

The incompetence shown by government makes me feel so angry and frustrated. Any market stall trader could do a better job in understanding the economy and these career politician rats are looking back and laughing about it with dumb smiles on their faces.

[@Steve-lb2gm]

This is why financial, and political, union is just an awful idea.

[@yellowa4725]

Then 20 odd years later John Major trys to tell everyone staying in Europe is essential and expects people to take notice of him 🤣

[@pieterprinsloo007]

And that man Georgie was at it again, like a rascal

[@marcr-g610]

2021... what have you got in store for us?

[@davidcampbell7209]

Bad really bad really really bad and then even worse

[@celticlofts]

I think it was the first time the British recognized that Germany was Europe's leading economy. It wasn't the German's aligning with the British, it was the British aligning itself with the Germans.

[@JoolsUK]

Aligning with the German economy when it was trying to balance and ingest Eastern Germany after the Wall fell. Not an ordinary economy to tie to!!

[@user-oi1yn3ly7w]

Britain was the sick man of Europe by the 1970s and would fall far behind West Germany, France and even got overtaken by Italy for a short period of time. I disagree

[@DXmYb]

A documentary on 12 March 2020 Would be great. I remember the shock I felt seeing the market tumble 10% in a single day

[@JesterEric]

The documentary needs to be about the money printing that props up the stock market for the rich and is going to inevitably lead to the mother of all crashes

[@nudisco300]

@@JesterEric Money isn't printed anymore mate, you know that?

[@JesterEric]

It’s in effect printed digitally at the press of a button by central banks

[@louisbeerreviews8964]

@@nudisco300 you are wrong money is being printing to this day you don’t work in a bank

[@888ssss]

it was a wealth transfer. it was all by design to fund soros marxist expansion into the EU, which they had agreed to place blair as president.

[@farhanhafeez9909]

i remember my friends father saying to his broker, " i'm destroyed". he had a long position in pound. and this was in Rawalpindi, Pakistan.

[@AmanChauhan-wc3zn]

Did they recover?

[@Okcharisma]

I will always love those Apple 3’s

[@QuentaSilmarillion]

EU: we can devalue our currency the fastest. China: no, we can devalue our currency the fastest. USA: Hold my beer.

[@vinniechan]

CNY isn't a freely convertible currency so that is a moot point US doesn't bother with the printing press any more just press a button in the computer

[@AlonsoRules]

The Turkish lira is collapsing even faster

[@andythesoupdragon]

John Major as chancellor? When he left school he failed the entrance exam for London Transport,his mathematics was obviously not good enough. 30 odd years later he put VAT on heating fuel,breaking an election promise.

[@0tispunkm3y3r]

Better than Gordon Brown... that guy had a PhD or masters thesis, in the history of the labour party or some such nonsense and then ended up with the keys to the treasury. He was about as qualified for the job as any man on the street was. i.e. not remotely.

[@elicrowleyycontreras1135]

His test scores were bad due to Family Stress he was experiencing. He was later able to become a certified banker, Wich I find rather incredible.

[@kpec3]

It was an insane idea at the outset to peg the pound but differ in monetary policy.

[@erikhesjedal3569]

How nice it is to watch this and realise it never happened again

[@keiththorpe9571]

Norman Lamont knew exactly what he was doing in Bath. He knew that Major was going to fly his ERM policy plane on a kamikaze mission into the teeth of the coming guns that became Black Wednesday. He further knew the only way out of the ERM was to let him do it. He knew full well nothing short of a cataclysm was going to get the pound out of the ERM, and Britain's economic and financial woes were not going to end until they got out. So, he went to Bath, antagonized the Bundesbank managers, and didn't get so much as tea and biscuits from them. I think his plan was evidenced by his words to someone the next day (Thursday) when asked how his evening had been. Lamont said he slept like a baby, now that Britain was out of the ERM. Yeah, Lamont was playing a bit of a double game, giving full throated support to a policy he didn't like, while moving things in the direction he knew they had to go in order to get out, no matter the bloodletting.

[@elizam5286]

It is Ken Clarke's casual almost disinterested amusement that gets me. Who in their right mind would take advice from this man ?

[@tracypanavia4634]

Hes awesome

[@taylormartyn]

Remainers.

[@kaimcloughlin8981]

The tabloid fella knocking off the PM has obviously told that story many many times... definitely practiced that impersonation

[@buildmotosykletist1987]

Did anyone else notice the small bird walking across the brokers desk? Unusual, I wonder how it got in?

[@sergeshoemaker5218]

That's why only gold and silver can be used as money THE GAME IS CROOKED EVEN TODAY

[@Holuunderbeere]

Property

[@young_speculator9144]

Cue: "bitcoin fixes this"

[@jacksainthill8974]

Good old Ludwig.

[@jeffgreen3376]

Very interesting. As an American, I wasn't even aware of this event at all. I guess I wasn't much into economics at the time.

[@buildmotosykletist1987]

Jeff Green ; It was front page headline news in the US although the name "Soros" was the prominent name used. To this day he is despised by Poms because he made fools of them.

[@joetke]

Great analysis and a gorgeous background sound, Beethoven's standards. Weird that it ended with the "Ode to joy"

[@12steve07]

@Jean Seb Astienback No, not weird. Irony.

[@The_Slippery_Slope_NZ]

As soon as I saw George Soro's after the mentioning of profiting from a countries failure (something he is known for orchestrating) you knew this was going to be interesting.

[@sesu5604]

Incredible how out of touch British politicians were at the time with regards to the common man!

[@micheleeve5100]

A tradition they have maintained to this very day.

[@user-oi1yn3ly7w]

They’ve always out of touch, they only ordered funding for a new London sewer in 1858 because they could smell the sh*t filled river thames from parliament

[@amostake]

“Going up and down like a whores drawers” 😂

[@shauntaylor6040]

One crisis, on to the next one and the next.

[@georgetosounidis5545]

37:28 the guy has a cigarette in his hand !!! (holding the phone) You know when that happens, shit has hit the fan!

[@mattyjdaniel]

I feel for the British politicians, many of them at the time had inherited the ERM mechanism that they didn't actually want. Now they were left trying to save their currency and their people. The Bank of England tried their best, but you can't fight the private sector sentiments!

[@timmitchell1251]

Fair enough but don't forget it's ultimately the people who suffer as most politicians are millionaire's before they are even born due to their families wealth. Unfortunately they find it all too easy to lose everyone else's money as it doesn't affect them.

[@steveweinstein3222]

Major imposed it on Thatcher as chancellor of the Exchequer and then was vested in it as PM.

[@dondressel4802]

And 08 is still yet to come

[@jyy9624]

Politicians were so traumatized but history only remembers a hall of fame financial trade

[@johnking5174]

4:53 - Clever wording by Thatcher here to hide her true thoughts. She said she wished John Major "all the luck in the world", not good luck, bad luck she wished him. Very obvious.

[@georginaohara5666]

I wouldn’t wish someone luck who had stabbed me in the back either.

[@kuryakn]

@@georginaohara5666 She reaped what she sowed.

[@voice.of.reason]

No, more like what she didn't say.... "All the luck in the world....." What she didn't say is, "He's going to need it...."

[@InquisitorMatthewAshcraft]

@Matt What she did to the coal miners was unforgivable, I'll give you that.

[@mudkatt2003]

we get it, yall hate margret thatcher, all she did was save your country lol

[@JD-Media]

Good John Major impression.

[@GeorgiaOverdrive]

"It was his decision, he took the credit" That was a major mistake

[@thevikingwarrior]

In a few days, it's Black Friday.... this time business will be booming rather than collapsing! 🤣😂🤣😂🤣😂🤣

[@BlergleslinkVettermoo]

What a colossal failure of British monetary policy ! The whole episode would have been avoided if the Brits had started with a more reasonable peg rate, and matched the interest rate policies of the Deutschmark.

[@obsideon1343]

The most "British" of insults in the conservations starting at 1:38

[@orueom7720]

🤣🤣🤣

[@iblamesummers]

keep on movin' don't stop no...

[@dovic86]

British chancellor: I command you to lower your interest rates at once! Germans: nein, nein, nein!

[@scotty3463]

The fact that these politicians can make financial decisions of this measure when they can't even run a bath is both amusing and baffling. In fact, it's incredible. Liz Trust literally made a similar decision when she was in charge for about 2 hours :) No wonder traders can make a fortune off the back of these idiots.

[@Shannmeister]

The hubris of the government and Bank of England was astounding. As Nassim Nicholas Taleb would say they had "no skin in the game", they may well have lost their cabinet position or be moved to another department but they would still hang onto their salary and solid gold benefits (until they stepped down or lost their seat) whilst ordinary people would suffer. Markets will punish weakness of policy. It's one thing to try and defend the currency by intervening just once but to go back in a second time just made the market get bloodlust. Fair enough about the economy doing better after exiting the ERM, it just proved how flawed the notion of entering was in the first place. Given that John Major used to, I seem to remember (but if anyone knows for sure either way please let me know), be a foreign exchange dealer it beggars belief that he didn't think about the consequences and have a worst case scenario plan in place. Indeed the high entry level was just asking for trouble. Apologies if this has come out rather disjointed, it's just the way my mind works these days. If any of my points are incorrect please let me know, as I say I am happy to be proven wrong because that's how I learn. TTFN

[@Shannmeister]

Ace A​ Thanks for your comment and no I don't take it as a slight at all. I am a Brit and spent 28 years in the stockmarket so over the years the bright optomistic eyes of youth have been replaced with the cynical bloodshot eyes of experience and hence cynicism. The attitude of poiticians reminds me of Generals in the WW1 directing the organised slaughter from their comfortable HQs whilst the Central Bankers and Economists in the main adhered to the herd consensus and ignored history and the markets. There is a saying in the market "you're only as good as your last trade" and that was not a good trade. TTFN

[@Shannmeister]

Ace A​ I hope you didn't take any personal offence at the, yes, sweeping generalisation about economists. I agree that it's not just one sector or profession to blame for past, present or indeed future crises. Most people look for convenient scapegoats and at the moment it is still financial services. Indeed I know that there are plenty of people in all walks of life who do their best, abide by the rules and take responsibilty for their actions and it is relatively few who are maybe the ones at fault. Whilst I am no paragon of virtue or perfection (far from it) I became increasingly sceptical of markets or stocks when they were reaching new or previously established highs. If I expressed such views to my colleagues I was told I was being negative.

[@oatway_trucker3663]

History Does Not Repeat Itself, But It Rhymes

[@mattdavies7398]

It's always great to watch Thatch weeping....redolent of Alien 3, when the inhuman beast's bodily fluids scorch through solid steel.

[@stanlaurel5719]

+Matt Davies i heard that when thatcher got into hell,she closed 3 furnaces

[@timmitchell1251]

Politicians always end up on their feet, as 90% of them are already millionaire's from the silver spoon handed down to them. Tbh they haven't got a scooby doo about real life. My old man's building business went to the wall because of these bunch of idiots, it hit the construction industry quite hard 😣

[@seansands424]

They do it on purpose

[@kyle8952]

Very clever example of tory incompetence here. Spend 10 years deregulating all of finance, removing government control and involvement... then being shocked that the market does things they don't want and that they can't stop.

[@Noallegiance]

Not Tory incompetence. Your misunderstanding. Government shouldn't control markets at all. It stops markets functioning. Government can not like what markets do, but they should stay ot of them. Their constant interference makes things considerably worse. As we're now seeing.

[@tightcamper]

Yet again history proves Maggie right.

[@loh1870]

Recommended on a Wednesday, thought today was the day 🔥 😓 😅

[@marcusgibson3899]

Two years later I was a journalist who discovered the Bundesbank HQ in Frankfurt was filled with British-made asbestos.. acoustic panels and sound proofing, etc. One third of the HQ was being torn out, bit by bit, in sequence, at huge cost. Ironically the contractors were British - they had the most experience in removing it. The Germans denied it flatly, fearing embarrassment. I produced documents from the contractor - they still denied it. We published.. they Germans weren't pleased..

[@erikbahen8693]

the folly of fiat.. Soros was playing chess with politicians that had never played the game before.

[@thefacelessmen2101]

Well said F.I.A.T. = Fraud In Any Transaction.

[@camjanssenismyhero]

I mean the whole point of this was to eliminate the exchange rate which basically acted as an artificial commodity standard. Britain had to float the pound, making it more of a fiat currency not less. And as the documentary pointed out, the result was an improvement in the economy and low inflation. Fiat rules, fixed rate and commodity currencies absolutely suffocate policy choices.

[@medes5597]

@@camjanssenismyhero said everything I was going to say. Thank you. People so clearly don't know what they're talking about.

[@shanetonkin2850]

@TheFaceless Men - totally, life would all be so much better if we all carried round sacks of grain and seeds to settle our transactions with.

[@aj9969]

@@shanetonkin2850 all fiat currencies in world history have collapsed at some point.. so there

[@antonclark]

My mortgage interest rate went from 6% to 13% in 4 hours!

[@Notrocketscience101]

I was there, 1987 wasn’t the crash the media would have you believe. All we lost was the huge run up the previous 9 months and 2 years later we were trading above the 1987 peak.

[@nudisco300]

Lol this is about 1992 not 87