Rebirth of the Financial Overlord

Facing television cameras from around the world, Lamont called a news conference in the central courtyard of the Treasury to announce Britain's withdrawal from the exchange rate mechanism.

The market won, the speculators won, and the government finally realized it.

Everyone also realizes that England's defense of the British pound has failed. The Bank of England has continued to raise interest rates at unprecedented rates and invested at least 27 billion dollars in efforts, but the pound has been completely defeated.

It was a moment of humiliation and a moment of despair.

At least for those who were long sterling or firmly believed that the pound would not depreciate, the moment was almost crushing.

"how so?"

"Didn't you say that the British pound will definitely not withdraw from the exchange rate mechanism?"

"."

In the small town of Swindon, a middle-aged man in his fifties watched Lamont's speech on TV, talking to himself as if he had lost his soul.

The middle-aged man is called Banai, and he is a senior fitter in a factory in the town. He was born in Swindon, lived in Swindon, grew up here, married and had children here, and spent a full fifty years.

Although he only has a secondary school education, he loves Swindon and this country.

Therefore, he took out all his savings in one day and established a long position in the futures market for the British pound.

Doing more is patriotic, isn't it?

This is a war of financial invasion.

Great Britain is being plundered by international speculators. As a British, why not take up arms to resist plunder and destruction!

What's more, the Chancellor of the Exchequer also said that the government will never allow the pound to withdraw from the European Exchange Rate Mechanism, the plight of the pound is only temporary, and the pound will never depreciate.

But now, what is it?

ring ring ring——

The piercing phone rang unexpectedly in the living room, and Banai unconsciously walked to the phone and picked it up.

"Hello, is this Mr. Banai?"

"it's me."

Hearing Banai's answer, Sean Wood on the other end of the phone heaved a sigh of relief. Before that, he had made three calls, but all three were in a state of no answer.

The exchange rate of the British pound against the Mark plummeted by more than 40% in one day. Such a horrible drop has never been seen in the history of the British pound. As a professional risk controller in the futures market department of NatWest Bank, he knows exactly what this might mean.

Fortunately, this Mr. Banai is fine.

Heaving a sigh of relief, Sean Wood continued speaking in a calm tone as much as possible.

"Hello, Mr. Barney, I am Sean Wood, risk controller of the foreign exchange futures asset management department of National Westminster Bank, because you have a short position in the futures position of the British pound against the Mark, and the available funds are negative 34,000 Thousands of pounds, according to the investment agreement you signed, you need to make up the owed deposit within three trading days."

Security deposit owed?

The confused Banai was instantly angered by Sean Wood's words.

"Damn it, how could I owe money? What are you risk control guys doing? I read the agreement. If the loss reaches 70%, you will force liquidation. How can I owe you money?"

"I'm sorry, Mr. Banai. I understand your feelings, but we can't blame us. This is a market that has never happened before, so... you are really out of position. The delivery order will reach you tomorrow Address, but before that, according to the relevant laws and regulations, you need to make up the security deposit owed, if you don’t do this, we have the right to freeze all the property under your name.”

Sean Wood was telling the truth.

In the afternoon, a super sell order of 66666 suddenly appeared in the market, which directly dropped the exchange rate of British pound to Mark by thousands of basis points. With such a terrifying range, the risk control mechanism suddenly became a decoration. In an instant, countless clients under his name lost their positions because of this.

God can learn from it, it really can't blame their bank.

But for Banai, this is another matter. Losing all his belongings and incurring huge debts is unacceptable to anyone else.

"Damn it. You despicable bandits, you bloody liars, I'm going to sue you."

"Barney."

boom!

The phone was hung up.

Sean Wood looked at the phone in his hand and shrugged his shoulders helplessly. As a financial practitioner, he has long been used to being scolded. It doesn't matter anyway, if Banai can calm down.

Face?

That is something that only children care about. If you want to save face, there is no need to choose the financial industry.

Pressing down the phone, Wood raised his head and looked at the Reuters screen not far away.

Pound to Mark.

2.3035.

A meaningless number.

But Wood couldn't help showing a smile on his face. A week ago, he accidentally heard a news from his colleagues, and he established a sell position of 120,000 pounds in pounds. Now, the profit has increased by 300%.

It was simply wonderful.

"Sean. Do you want to go out for a drink later?"

A colleague not far away cleared the table and asked.

Wood grinned, revealing a mouthful of silvery white teeth.

"Of course. I know a bar with good cocktails and hot girls, you're sure to like it."

"."

Banai, who was sitting on the sofa in a daze, didn't know that the guy who just called him was going to get off work and go to the bar to hang out. .

sue the bank?

What a joke, the bank has always been a vulnerable group, and the court has always favored the vulnerable group in its judgments, how could it possibly win the case.

However, thirty-four thousand pounds, so much money, how to pay it back?

Three trading days.

Banai knew very well that if he did not pay the money within three trading days, the bank would really freeze all property under his name, including his current house.

So, where should the wife and children live?

Standing up from the sofa, Banai walked to the wine cabinet like a walking dead and picked up a bottle of white wine. The spicy white wine entered his throat violently, causing a large blush to appear on his face.

Feeling dizzy, Banai staggered to the bedroom with the bottle in hand, and leaned against the bed in a daze.

One minute

two minutes.

three minutes.

I don't know how much time has passed, Banai looked at the alarm clock next to the bed, and took out a pistol from under the bed.

The revolver has been loaded with bullets, and the black metal has a cold texture in the palm of the hand.

Looking at the pistol in his hand, Banai took a big gulp of spirits, and the strong alcohol of the whiskey made a hideous look appear on his face.

If you want to take my house away, go for it!

Bang—the gunshots rang out!

Under the dim light, Banai lay quietly on the bed without any movement, only the wine bottle in his hand that silently stained the red bed sheet, seemed to be witnessing everything.

In the first half of September, the Bank of England spent $27 billion of its foreign exchange reserves trying to defend the pound, much of which was wiped out on the last day of exiting the exchange rate mechanism.

However, since Great Britain withdrew from the exchange rate mechanism, the monetary policy was no longer subject to any constraints. The Bank of England canceled the two interest rate hikes, and the interest rate fell back to 10% once, and no longer bought the British pound. Sink and sink.

In just three days, the free-falling pound slumped 32 percent.