Chapter 381: Defend Italy

The UK announced that it would abandon the maintenance of the pound exchange rate, cancel the previous two interest rate hikes and withdraw from the European exchange rate system.

This is world-shaking news. The Wall Street Financial Channel commented: 'This is a feat of genesis, because before this, people only thought that the so-called hedge funds were a trick to fool children. But when this trick to fool children defeated the Bank of England, people suddenly realised the huge profits that hedge funds can bring under long investments.

However, the irony is that hedge funds initially used long investments to reduce risk and stabilise returns, because when a person buys both when stocks rise and fall, then no matter how the stock market develops in the future, the investor's investment will make a profit. So now that George Soros has shown the world another way to play hedge funds, the future is likely to be a golden period for hedge funds.

Compared to the financial press, the New York Times commented from another perspective: 'It was still vivid in our minds when the UK joined the European Exchange Rate Mechanism last October, but now, just half a year later, they have been kick them out of the system. This is a great irony for the UK and Europe as a whole, and it also shows the major flaws in the European exchange rate system.

Very often, it only takes an anthill to destroy a seemingly sturdy dam. And George Soros and his Quantum Fund just happened to find this anthill and defeat the Bank of England.

However, they also opened a Pandora's box, because with his actions, George Soros proved to the world that it is entirely feasible to use financial means to destroy a country's economy . After the UK, who knows which country George Soros and his fellow speculators will attack next. More importantly, there is nothing any country can do to prevent it.

Finally, a financial commentator in London pointed the finger at Europe: 'This is a defeat for Britain, but it also shows the failure of the entire European exchange rate system, because the European exchange rate system is an alliance in which all European members gathering together in a union, but when the pound sterling faced a frenzied sell-off by speculators, the whole of Europe just lay in bed and slept. The pound sterling has paid the price for its foolish trust in Europe.

We have reason to believe that the failure of the pound is only the beginning of the collapse of the European exchange rate system. Subsequently, under the impact of international hot money, and without the protection of the pound, the European exchange rate system will only suffer an even greater impact!

It is not difficult to see from the reports of Wall Street and the London media the direction that the media around the world are taking. After all, the devaluation of the pound and the UK's withdrawal from the European exchange rate mechanism will have what kind of impact it will have on the situation around the world, or whether hedge funds, after completing their attack on the British pound, the media is also curious to know if they will gain confidence as a result and continue to attack which country.

However, only the media in the state of Michigan noticed the impact of the devaluation of the pound on the Greatwood Bank, and directly commented that without the support of the British bank, Greatwood Bank would face an even more difficult situation.

Fortunately, all the attention was on the international front, so the shares of Daewood Bank only fell by four percent. Of course, this result was also related to the fact that Martin and the others had already got what they wanted, so they did not continue to panic-buy Daewood Bank.

While the United States and the international community were in uproar over the pound, Etrile, the source of all this, was not so calm.

The day after the British pound left the European exchange rate system, Zhou Ming and George arrived at the Itely Conference Centre, a landmark building in the centre of Itely. It is a skyscraper with a skyscraper with a long history. Ming and George went straight to the small meeting room on the second floor. When they pushed open the door to the meeting room, someone was already sitting there.

They all stood up subconsciously when they saw Zhou Ming and George enter, but then Zhou Ming waved at them and took the lead in sitting down, so they all went back to their seats.

If there were any media here, they would be extremely surprised to see this scene, because sitting here are Mayor Martin of Etly and the heads of the three major automotive families, plus George of the Daewood family. It can be said that they represent all of Etly's GDP.

But now it was this group of people at the top of the Itley pyramid who had all made Zhou Ming the centre of attention. They didn't sit down until he did.

Everyone sat down. Zhou Ming immediately said, 'Everyone who should have come has already arrived, so I will say it. With the devaluation of the pound and the UK's withdrawal from the European Exchange Rate has directly led to the Greatwood family's predicament. The Greatwood family's investment industry spans various industries in Itely. The downfall of such a family will inevitably attract many hungry wolves.'

'As far as I know, Chicago in the west and Cleveland in the east are both eyeing the Greatwood family's industries. If it were a month ago, this would certainly not be a problem for the Greatwood family, but now it is a big headache.'

Zhou Ming said as he took out a document: 'Just yesterday, the Cleveland Consortium began takeover negotiations with Field Iron and Steel and has now acquired more than 20% of the shares. while the Chicago consortium has acquired more than 40% of the shares of Green Rubber; as for consortia such as Rockefeller and Morgan, they have already set their sights on the George Trust and the Leeson Insurance Company.'

'I don't know what you think about these things, but I see a word, 'mutually dependent'. Zhou Ming continued, 'Perhaps these companies don't sound like they have anything to do with you, but their steel, their rubber and their funds are what you have always needed. Now that you have lost these companies, there is no guarantee that these consortia will not use them to strangle you in the future.'

'You might as well think about it: in the future, you will have to produce cars, but they have raised the price of steel and rubber. Can you maintain your current profit? What if these consortia use this as leverage to make even more outrageous demands on you? Will you promise or can you only promise?' asked Zhou Ming.

Following Zhou Ming's words, these people all bowed their heads. They all understood every word of Zhou Ming's, and in fact, this was the most important reason why they had gathered here today.

Of course, they want to bring down the Wood family, but only if they can get the Wood family's assets. After all, killing people and raping women are the most authentic characteristics of robbers. On the contrary, if they manage to get rid of the Wood family only to let someone else reap the benefits, they will definitely not do it.

Martin and the three major automotive families looked at each other. In the end, Martin stepped forward and said, 'Mr. Zhou Ming, we can all understand what you are saying, and we also don't want those bastards to come and divide our wealth in Itely. But there is really nothing we can do now!'

With Martin taking the lead, Richard, the chairman of Tufo Motors and head of the Tufo family, also said: 'The mayor is right. Our Itely has always been weak in the financial sector. For a long time have to rely on the financial advantages of other eastern consortia. Now that the Great Wood Bank is in trouble, we simply cannot resist the impact of those foreign capitals, just like the British pound, not to mention the fact that those companies are simply colluding with foreign capital.'

The two other major automotive company families also said, 'Yes, we would like to take control of the situation before those foreign capitalists, but we simply don't have that kind of money. We also have no idea where those foreign capitalists will strike next or what companies they will acquire. There is simply no way to counteract them.'

'That's why I'm buying 35% of the shares in Daewoo Bank, in the hope of stabilising the bank's decline. As for why it's 35%, it's because that's all the money I can afford to spend at the moment.'

Zhou Ming opened a joke, and he continued, 'Since you all say that those foreign capitals are fierce and not only do they completely overwhelm you with their capital, but they also enter from tricky angles, leaving you can't defend against them. Then we might as well just give up, give them whatever they want, and withdraw from the Itely city area of our own accord. We don't have any obligation to defend Itely anyway.'

Hearing Martin and the three major car company families were shocked to hear Zhou Ming's words, because they never expected him to come up with such a solution.

At first Martin thought that Ming was joking at first, but then he repeated it very seriously, so they understood that he was serious. The problem was why Ming said this at this time? Did he want to leave them alone?

Thinking Martin became a little angry and reminded Zhou Ming, 'I feel I need to say something. Mr Zhou Ming, the reason you were able to obtain 35% of the shares in Da Wu Bank was because you received help from me and the three major car families. You cannot abandon us at this time.'

The three major automobile family also echoed, 'Mr. Ming Zhou, one must be a man of integrity! Since we helped you, you must help us. If you abandon us now, we definitely won't let you go!'

Zhou Ming laughed, 'Why do you think I'm crossing the bridge and demolishing the bridge? After getting my interests, I don't care about you? Then why don't you use your brains and think about it. If that's really the case, then I'm afraid I have no reason to appear here today. Wouldn't it be better to just leave Itely and go back to San Francisco?'

His words woke the dreamer. Only then did they suddenly realise that if Zhou Ming really wanted to wash his hands of it, he could just leave, so why bother coming to this meeting?

Zhou Ming looked around and saw that everyone still had a blank expression on their faces, so he shook his head helplessly and continued, 'With your IQs, I really can't imagine how you managed to take over the family business. I'm afraid this is the reason why the Edsel, despite sitting on the three three major automobile companies and the surrounding accessory car industry, becoming a large industrial cluster in the central United States, but never being able to develop a competitive conglomerate. Even Chicago, which sells corn and tractors, is ten times stronger than you all!'

Regardless Martin or the other three major car company families, of course, are not retarded to be in their position. There are many reasons why Etrily has not been able to produce a powerful consortium. However, today they are indeed worried about Etrily's situation, which is why their minds seem to be a bit inadequate.

Zhou Ming had no choice but to tell them directly, 'My solution is to defend in a different way, which is to let them in first.'