JOHN MAJOR BLACK WEDNESDAY

THE ERM FIASCO
ADVISORS DOUGLAS HURD KENNETH CLARKE MICHAEL HESELTINE

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News & Politics

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• MAJOR
• BLACK
• WEDNESDAY
• NORMAN
• LAMONT
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• ERM
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• KEN
• CLARKE
• DOUGLAS
• HURD
• MICHAEL
• HESELTINE

[Reazzurro90]

I bet Margaret Thatcher was laughing her ass off thinking "stupid bitches, I told them" while this was going on.

[makedoandmend2]

@Reazzurro90 Margaret Thatchers American advisor Alan Walters warned her not to touch the ERM with a barge pole. History has proved Alan Walters right and John Major, Kenneth Clarke, Hurd , Heseltine and Lamont recklessly incompetent with other peoples livelihoods and taxpayers money.

It was innocent mortgage payers and small businesses that went bust by the thousand who were forced to pay for Major and his cronies negligence.

[ondeia]

@makedoandmend2 Shouldn´t be Soros blamed instead?

[makedoandmend2]

@ondeia George Soros saw an opportunity to make money out of Major’s incompetence. Soros knew Major had committed tax-payers money to keeping the pound propped up at a ludicrously unsustainable level and made millions out of Major’s contrariness. Tragically it was the hundreds of thousands of innocent mortgage payers who lost their homes who had to pay for the Conservative government’s negligence.

[dezboss]

Sometime after Black Wednesday, when the UK's economy was high again, Germany was having some economic trouble Major publicly said 'you know why that is, it's because their interest rates are too high'. Coming from him saying something like that is literally asking for a smack in the face.

[makedoandmend2]

Major  had brazen neck. He even told mortgage payers that "If it isn't hurting it isn't working" and that "It was a price worth paying to bring economic stability" before he buggered of to work for Barclays after his Black Wednesday mess brought in a Labour Landslide.

[ondeia]

@makedoandmend2 oh yeah, you can discuss the problem with ERM system, but still Soros had to know who will pay his profit, that it will be ordinary British people. I think that even when there is good opportunity to make profit, you are responsible for how it will effect other people. I am really persuaded, that people like Soros are morally responsible for what they are doing. You cannot claim that you are philantropist and do this to people.

[kkwillsaveus]

End of the day, this crisis was nothing compared with the Winter of Discontent or the crisis we are currently in, 5 years later we were the most productive economy in Europe, now we're in a trillion pounds worth of debt with slow growth for the forseeable future no matter what.

[Reazzurro90]

@makedoandmend2

I wish the Italian government had listened to the Euroskeptics instead of throwing themselves head first into the Euro.

[yendytok]

In February 2005, John Major and Norman Lamont were accused of holding up the release of papers on Black Wednesday under the Freedom of Information Act. Black Wednesday refers to September 16, 1992 when the British government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) by currency speculators - most notably Circle member George Soros who made $1 billion that day.

[dezboss]

@moroseo There is some truth in that, I agree.