Chapter 372: For the glory of Great Britain

Although the British Empire has long since ceased to be as glorious as it was a century ago, for historical reasons, the British pound is still the world's most important currency after the US dollar, so any fluctuations in the pound are also easily become the focus of attention worldwide. So when George Soros and his Quantum Fund started selling pounds, the media around the world took notice. 

The first to notice was the London financial sector. As soon as the morning news rolled around in London, the London financial channel mentioned it: ever since the UK joined the European Exchange Rate Mechanism, the has been falling. No matter what the Bank of England does to adjust it, just an hour ago, the pound's exchange rate against the mark began a very strange decline.

Today the pound sterling opened at 3.o1, which means that one pound sterling could be exchanged for 3.o1 German marks. However, within the space of one hour, the exchange rate fell to 2.995, a drop of 500th of a percent.

This If this fall had occurred over the course of a day, it might still be considered a normal reaction of the European exchange rate system. However, it happened within an hour, which makes one wonder if someone is maliciously shorting the pound.

Now , if the Bank of England does not take this seriously and allow international hot money to short the pound, it could have devastating consequences for the pound.

As Britain's oldest financial channel, London Finance naturally has a keen sense of smell, and his report quickly came true; by 4 pm London time, the exchange rate of the British pound against the German mark had fallen to 2.97, a drop of more than 1.3. This was clearly outside the normal range of fluctuation, and the global media only began to react with hindsight.

Wall Street Finance is the benchmark financial channel in the United States, and naturally it was the first to lift the veil on the pound sniper attack: at 8am London time, 3am New York time, several major hedge funds, several major hedge funds entered the European market. They believed that the pound was very weak due to the current domestic economic situation in the UK, so shorting the pound could lead to huge profits.

According to Roger, the chairman of Quantum Fund, confirmed that Quantum Fund has sold more than 500 million US dollars of British pounds in today's British pound sniper attack, and this is just the beginning. In the next few days, Quantum Fund and other cooperative funds will sell more pounds. They believe that the pound will still have more room to fall, or it could fall to 2.14 or even lower.

After After Wall Street Finance, the French and German media also turned their attention to this British pound sniper attack. They said that the decline of the British pound was due to the economic downturn in the UK but at the same time they also expressed great confidence in the UK. They believe that as an old financial power, the UK has a strong foundation and can definitely overcome this difficulty on its own and maintain the exchange rate of the pound.

And as as reports from the media around the world came out one after the other, the Earl of Montbazon slammed his desk in his study and angrily exclaimed, 'Those damned speculators! They really should be tied to the stake and burned to death!'

The Earl of could not help but be angry, because the devaluation of the pound had a direct impact on him. The loans previously promised to the Daewoo Bank were denominated in US dollars. If the pound exchange rate fell, it meant that the bank would suffer losses due to the exchange rate decline. For example if the pound exchange rate falls by 1.3 today, it means that the bank will have to pay 200 million pounds more when the loan is repaid.

This is is a huge expense, and the Royal Bank of London is not in a position to bear such a loss. As the guarantor of this transaction, it is clear that this loss can only be calculated on him.

'If I should have stuck to my guns. Since it was a loan from London, it should have been denominated in British pounds.'

Monty couldn't help muttering, but he also understood that it was pointless to worry about it now. So he immediately picked up the phone on the table and said, 'Get me the Chancellor of the Exchequer's office, now!'

There was There was only one way to reverse this huge loss: to stop the pound's downward trend. And that's exactly what Montbaton did. So at 8pm London time that evening, drove to the famous 11 Notting Hill Gate, next to the Prime Minister's residence, the official residence of the Chancellor of the Exchequer, to attend this emergency meeting.

Montbatten was the first to arrive and was personally greeted by the Chancellor of the Exchequer, Philip.

Upon seeing Philip, Montbazon immediately said with great energy: 'Sir Philip, the current fall in the pound exchange rate is a provocation by all foreign speculators against Great Britain. We must respond forcefully to defend the dignity of Great Britain and Her Majesty the Queen!'

Facing Montagu, Philip felt a bit of a headache. Although he was the Chancellor of the Exchequer of the United Kingdom, the other party was a group of aristocrats with hereditary earl titles. Therefore, in terms of status, the other party was the master of the country, while he was just a housekeeper.

Putting aside his thoughts, Philip said to Montbarton: 'Honourable Earl, since I called this financial meeting, I am determined to defend the exchange rate of the pound However, there is now a fierce influx of foreign speculative hot money, and due to the economic downturn, there is also strong pressure domestically for the pound to depreciate. Therefore, it is necessary to consider how to balance...'

Before Philip's words had not finished, and Montbarton rudely interrupted him, saying, 'Let's talk about that later. Stabilising the pound is the priority!'

Montb said, 'Of course I understand Sir Philip's difficulties. Don't worry, at tonight's meeting, I will help convince the others, and you only need to ask the Bank of England to intervene and buy a large amount of pounds to stabilise the exchange rate.'

Half an hour later, all the invited guests had arrived. Those who could attend today's meeting were all important figures in the British financial sector, including not only the Chancellor of the Exchequer and the Governor of the Bank of England, but also the chairmen of the boards of directors of other major banks. They had gathered here for one purpose only: the sudden crisis in the pound sterling.

The meeting started, and as soon as the Chancellor of the Exchequer, Philip, had made an opening speech, Montbatten could not wait to stand up and say, 'Hello, dear gentlemen. I am very happy and sad to see you all gathered here today here. I am both happy and sad. I am sad because my dignity has been challenged by others, but I am happy because I see the unity of Great Britain in you all!'

Everyone listened listening to Montbazon's speech. After all, aristocrats are rare in any country, especially in the more arrogant UK. Aristocrats who rely on their status generally do not attend meetings of this level, so Montbazon, who has the status of a count, is very noble here.

Since this meeting was not a formal one, it was perfectly normal for Montbarton to speak on Philip's behalf.

'As you all know, the exchange rate of the British pound has fallen by more than one percent today. This is the conspiracy of foreign speculators. They are frantically selling the British selling it like crazy to suppress the exchange rate and make a profit. They want to take our wealth from our vaults.'

Montbaton paused for a moment and then continued: 'What kind of behaviour is this? It's robbery, but what do they take us for? Cowards? Weaklings? This is an insult to the glory of Great Britain, an affront to our dignity, and I will not allow it!

'Do you remember half century ago, Winston Churchill gave a speech to all the people of Great Britain, in which he called on the people to take up arms to defend the national dignity of the Anglo-Saxons. Now, we are faced with the same choice as then!'

Monty Montague gritted his teeth said Montbarton, 'Those damned speculators, they crept up behind us and attacked us viciously. According to incomplete statistics, someone has sold more than 500 million pounds in the foreign exchange market today. pounds. We can be sure that with their greed, these people will sell even more pounds in the next few days to create chaos in the exchange rate market.'

'They are all rogues who only benefit from chaos, and don't care how much trouble it causes us!' said Montbarton. So now, I don't know about you, but I, as the Earl of Montbazon of the House of York, knighted by Her Majesty the Queen, will fight to the bitter end for the glory of Great Britain! I support the Bank of England's counterattack by buying back pounds from the market!

With Montbazon's shout, the others in the room all chimed in: 'We support fighting back against the enemy too! We're not weak sheep. We should be the fiercest eagles circling the sea. We will not allow anyone to provoke our dignity. We will fight to the death with our enemies for glory! We also support the Bank of the Bank of England's counterattack!'

Faced with the excited shouts in the meeting room, Chancellor of the Exchequer Philip looked at Montagu and couldn't help but be amazed by Montagu's eloquence and demagoguery.

However, since having paved the way for himself, stood up and said tactfully: 'Very well, I have decided that the Treasury will buy back £1 billion worth of pounds sterling from the market through the Bank of England. At the same time, I will make it clear to the world that the pound will never be devalued!'

After Philip the Governor of the Bank of England followed suit: 'The Bank of England, once the most powerful central bank in the world, will never compromise with those damned speculators . We will fight to the bitter end against our enemies, and we will help the Treasury to buy back ten billion pounds!'

At this, Montbatten said 'This is a battle between Great Britain and foreign speculators, and no one is safe. So if the Treasury and the Bank of England need it, I will donate money to help Great Britain stabilise the pound!'

Montagu's lead once again became a role model, and after him, others also expressed their support for the Treasury and the Bank of England in their war to stabilise the pound.

Listening to the the firm shouts of support, Montbaton smiles: that damned Chinese Chau Ming and the loathsome George Soros and the Quantum Fund, although your attack was sudden, but that's all you've got. I'll show you the power of the British financial sector and show you that the pound isn't something you can just manipulate as you please.

In his heart, said Mountbatten with a sneer: 'I don't know how much money you've got, but it's definitely not enough to beat the mighty Britain! Your attack on the pound will only end in tears and bloodshed!'