Black Wednesday - Stock Market Crash Documentary

The Famous story of BLACK WEDNESDAY
In light of the Euro/CHF collapse, a well done BBC documentary on the one-day 1992 pound devaluation.
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Black Wednesday occurred in the United Kingdom on 16 September 1992, when John Major's Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after it was unable to keep the pound above its agreed lower limit in the ERM.
In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.4 billion. In 2005, documents released under the Freedom of Information Act indicated that the actual cost may have been slightly less, £3.3 billion. At that time, the United Kingdom was holding the Presidency of the European Communities.
The trading losses in August and September were estimated at £800 million, but the main loss to taxpayers arose because devaluation could have made them a profit. The papers show that if the government had maintained $24 billion foreign currency reserves and the pound had fallen by the same amount, the UK would have made a £2.4 billion profit on the pound sterling's devaluation.
#documentary #stockmarket #marketcrash #recession #trading #BlackWednesday #stockMarketcrash #Crash #finance #Documentaries

[@henrymitchell9717]

Crashes and bubbles are persistent features of financial markets and are exacerbated by narratives. The narrative is always different but something’s don’t tend to change, most notably, returns after crashes are more often positive than negative and new paradigm bubbles tend to have disappointing returns.

[@OhhHellNoYouWont]

I consider myself wealthy, and got there through investing in stocks. Yes, I was ok in 2020 and 2022. I did not sell and ramped up my buying when the market was crashing. I’ve gotten a good return on my investments over the last 5 years or so, made over ~$3m!

[@MHousley]

Wow, That’s amazing. Congrats!!!

[@mEAngurrrrl]

When others are fearful be greedy. When others are greedy be fearful.

[@LiquidityOcelot]

Hello John, just curious; how many total positions do you have?

[@OhhHellNoYouWont]

Currently 23 holdings, and it’s made up of 14 individual stocks, including 5 defensive, safe dividend stocks, and 4 ETFs with the majority of the portfolio invested in SCHD and VOO!

[@johnbercow6173]

Kenneth Clark made it clear - they were the decision makers and yet least informed in Britain on what was happening in the money markets. Their incompetence was sickening.

[@CARLIN4737]

I agree. Just who is in charge of our economy? Certainly not the government?

[@henrikvendelbo1117]

Again you see the pompous arrogance of British politicians. They assume to be rulers. “Ah those other insignificant countries will just nod when we state our needs”. So shocking that other countries would look after their interests. As if UK ever does anything against self interest...

[@BunneRabb]

Don't worry, due to CDOs exceeding the GDP of Earth by 16 times, and the digitization of currency, none of this money exists.

[@janinewetzler5037]

...I was laughing reading this, because surely u jest.

[@BunneRabb]

@William W. Campbell-Shepherd IX It's still rubbish, only rubbish with no physical form.

[@gussampson5029]

Yup. It's all fake bullshit on computers.

[@dreamhobbiz]

Every politician loves to criticise other politicians, believing that they can do better. In the end, they prove to be just as incompetent as their predecessor.

[@SudaNIm103]

Well, that was certainly a rather benevolent portrayal of the situation.

[@johnday6392]

We were run by a pile of idiots, top of the pile was John Major!

[@tinapatton7346]

Er, the 6 decades-ongoing unchecked unelected, undeselectable, undemocratic ALIEN billionaire RIGHTurd CRAPitali$t Media MON$TA Mind-Monarch MURDOCH (not short-term lil $hit Major).

[@jaidenramnath8980]

That's by the Tories weren't re-elected till 2010.

[@svendevries3245]

John Major should have listened to die Bundesbank and resist Maggies exuberant exchange rate. Maggie set up Major for defeat time and again. Sir Geoffrey Howes speech about the cricket captain breaking the bats of the teammates proved prophetic for John Majors premiership. The only malpractice his government perpetrated was to sacrifice the national reserves first and then raise interest rates instead of raising them first with the reserves of the Bank of England as backup

[@233kosta]

Surely the average intelligence of a politician hasn't increased since then?

[@dimetime35c]

Have to feel that the journalist should be held somewhat responsible for it. He needed to be clear what would and wouldn't be used in the story. He should have also pressed more on the response and if he genuinely believed in what he said.

[@shahs.7910]

What happens when a structurally obtuse mechanism meets the invisible hand...

[@holmbjerg]

The hand wasn't exactly invisible. It was a very visible hand. The speed of modern communication is something that Adam Smith couldn't take into account.

[@leokimvideo]

KZbin had this on my homepage, is it tapping me on the shoulder of whats to happen now Biden is in.

[@Keys7]

If you are trading or investing during these turbulent times, BE WATCHFUL and play defense with your money. Defense is always the best offense. Good tidings to you Sir.

[@NCbassfishing24]

This happened under a conservative government, mate.

[@russellfrancis6294]

I was 12 when all this went down.

[@jaidenramnath8980]

A critical chain of events, with underscored risks at play left the BOE to be volatile to high interest rates, due to the joining of the UK to the ERM. If the government had maintained $24 billion foreign currency reserves and the pound had fallen by the same amount, the UK could have made a £2.4 billion profit on the pound sterling's devaluation. After all, Tony Blair and Labour would of benefit 5 year later in 1997 Election.

[@blazzz13]

This is part of the reason why Brexit happened.

[@alphabetaxenonzzzcat]

Indeed. It was also one of the reasons why the UK didn't join the Euro.

[@bhatkrishnakishor]

All the economies who have tried to and are struggling to participate in Europe's common currency market have failed except of the Deutschland.

[@swanky_yuropean7514]

Not surprising. The Euro is the Deutsch mark 2.0. Germanies currency was the second strongest after the Dollar. If you don't adapt to a low inflation low-interest currency of course your country is going to fail. en.wikipedia.org/wiki/Reserve_currency#/media/File:Global_Reserve_Currencies.png

[@JorgeHernandez-oh7xv]

and 20 years later the European Union was formed.

[@CARLIN4737]

Rinse and repeat?Nothing changes?

[@Bobbychristopher]

The Greatest Bull Market in History by M. Armstrong for sale on eBay now

[@lifewithdylan]

Right then

[@trevishornsby7385]

Black Wednesday toady as well.lol

[@michaelfarrell1153]

Elizabeth Auty my girlfriend tried to talk to me about this but she was killed by Gilford Brown

[@Ateszika]

A csávó a legelején azt mondja "Bocsánat" aztán rájön hogy angolul kéne "Excuse me!" :DDD

[@omarabdelfattah1807]

Eco202?

[@fabi57iamracer]

Foreign reseves for not to say Dollar.

[@danishmobeen7396]

30:00

[@tomekszwejser7315]

At least we see another small brick that was added to brexit referendum, a fear of europe, a fear of germans dominating european economy... well its sad but black Wednesday starts with wrong decisions make by british politics... J wish to be a trader back then!!!

[@ProteusTG]

The Germans dominate because they have a strong work ethic and well run companies. We can't blame them for that. A weaker pound would bring in investment and make exports more cheaper. I'm not sure why the effort was made to keep the pound strong.

[@L0LIpOp]

@@ProteusTG because their live styles and proud.

[@holmbjerg]

@@ProteusTG Because Britain is an importing economy and have been ever since the Empire, when it was a lot easier to force the price of imports from the colonies down. It is not popular when your afternoon tea or your morning bacon suddenly becomes very expensive, because the £ is too weak to buy imported food at a payable price.

[@vincentgiasullo]

@@ProteusTG weird question but what are your thoughts on Jewish people?

[@lelu8389]

The yellow trunk architecturally grin because workshop speculatively bounce underneath a omniscient help. nebulous, torpid organ

[@johnmcclain2848]

Imagine that; Germany looking after Germany! Who could have seen that coming?

[@baggierols73]

& that's why we (in the UK), hate 'em...& their manufacturing industry...& there superb none class biased education system 😆

[@TradingCoachUK]

Check out Warren Buffet and his Journey to become the Greatest Investor: kzbin.info/www/bejne/rV7IiWepj85gkNU

[@silviabujor5690]

CONGRESSMAN UK BUJO SILVIA INVESTIMENT INDEPENDENT BANKARE CODE PERSONAL PROECTE TECHNOLOGY SECURITY GARANTY BANKARE BLOC.

[@janinewetzler5037]

...with this in history to be a lesson already...why did the 'Chancellor of the exchecker' (don't think I got that right...)decide his 'light touch' on banking regulations in 2000-2002 was the way to go ? That helped lead to people cuing up outside of Northern Rock to pull out their money in 2007 ! ...then 2008 happened...

[@alphabetaxenonzzzcat]

One of the problem was that the whole of the media and the political class(John Smith was Shadow Chancellor when we joined) all supported it. The only dissenting voice was Alan Waters(Thatcher's economics advisor - who was asked to leave after upsetting Lawson). It's ironic that people claim that John Major and Kenneth Clark has a successful economy - only after we left the ERM - which they both supported, and after the terrible damage that did.

[@sinOsiris]

another bullsh*t

[@chriswilde7246]

44:35 😂😂😂😂😂 Major deserved it!