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George Soros: Brexit Would Be So Much Worse Than That Time I Beat The British Economy Senseless

Really, it'd make that whole thing look like child's play.
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Remember that time, back in 1992, when George Soros put a pillow over the face of the British economy and held it down longer than some might find funny, making a £1 billion by shorting the pound sterling which was already in a pretty bad way? And the whole event was so dramatic and scary that it got its own dramatic and scary name, Black Wednesday? Well if you thought that was bad...

Soros, in an opinion piece in the Guardian newspaper, said that in the event of a British exit, or Brexit, the pound would fall by at least 15 percent, and possibly more than 20 percent, to below $1.15 from its current level of around $1.46. "The value of the pound would decline precipitously. It would also have an immediate and dramatic impact on financial markets, investment, prices and jobs," Soros, who is 85, said in the Guardian. "I would expect this devaluation to be bigger and also more disruptive than the 15 percent devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors."

Soros says pound fall after Brexit would be bigger, more disruptive than 'Black Wednesday' [Reuters]