George Soros laid the foundation of his fortune back then. He bet against the pound: He took out pound sterling loans of an unknown amount and invested the amounts immediately at the fixed rate in German Deutschmarks. When the pound crashed because of the withdrawal from the EMS, he exchanged the amounts back into pounds. Projected over the year, he generated an unimaginably high return.
Asked why he had known that the pound would leave the EMS, he replied:
I trusted in the reliability of the Bundesbank.
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