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This is part 2 of my article. You can read part 1 by clicking HERE or just check out my profile. Here’s where we left off our story last time. September 4th 1992 As Europe’s Crisis intensifies, Europe’s Finance Ministers and Central Bankers gather in London for a meeting. Norman Lamont’s job was to convince Helmut Schlesinger, the President of the Bundesbank, to lower German rates. On an awkward dinner meeting, Norman Lamont bluntly asked Helmut Schlesinger to cut interest rates the very next Monday. There was no introduction, it sounded more like a demand asking for a favour. The Bundesbank President wouldn’t agree to a cut in German interest rates. Four times Norman Lamont repeated his request.Helmut SchlesingerHelmut Schlesinger recalls how he felt in that moment: ‘’As a member of the Bundesbank one is an independent person, one cannot be treated as an employee. It’s not possible. I cannot accept it. And I thought he’s not my master. I must bring this exercise to an end’’.As a furious Schlesinger prepared to storm out, Germany’s finance minister intervened and asked Norman Lamont to end the discussion. Schlesinger made it clear to the British that they had to either increase int…
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AdrianWS avatar
AdrianWS 22 Cze

Incredible article you've written here, brings back so many interesting memories for me as I can remember those days so well. Shame I wasn't on an FX desk but merely fixed income but it was still super exciting.

geula4x avatar
geula4x 23 Cze

+1 Liked: A very interesting read! Happy trading this week :-)

nilsaedagar avatar

Really informative article))+1 Liked

deliriou5 avatar

Brilliant article! :)

fxsurprise8 avatar

Unfortunately I'm still encountering the issue with the pictures so half of my articles have the charts/pics missing. If anyone has any suggestions how to fix this please let me know. I've let Dukascopy know about the issue months ago but they haven't provided a fix yet.

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“It takes courage to be a pig,” is Stanley Druckenmiller’s motto. He has a yellow porcelain pig named Jerome sitting on his desk to remind him of this. Druckenmiller is one of the best currency traders of all time but a lot of people probably have no idea who he is. His net worth as of March 2013 is 2.8 billion dollars. Forbes has Stanley Druckenmiller listed as the 168th richest person in America. He has a fleet of over 12 different vehicles that are kept at his home at Southampton. He owns a multi-million dollar business jet, a Bombardier Global Express BD-700. From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for the Quantum Fund. His most infamous trade is his bet against the Pound in 1992. While most people credit the trade to Soros, the actual idea came from Druckenmiller, Soros only encouraged him to take a bigger position. Stanley Druckenmiller with Soros in the background George Soros encourages Stanley Druckenmiller to trade bigger Druckenmiller recalls how Soros pushed him to trade bigger: ‘’As an example, shortly after I had started working for Soros, I was very bearish on the dollar and put on a large short position against the Deuts…
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AlligatorEffect avatar

Great article! Really good reading

Likerty avatar
Likerty 21 Maj

thats a surprising approach:)))

Daytrader21 avatar

Nice presentation, first time I ever heard of Stanley Druckenmiller was when I've read Market Wizards, he is definitely one of the best FX traders. There are things one can learn from him, lets not forget that he had a great mentor George Soros

fxsurprise8 avatar

Thanks everyone for the kind words! Part 2 is ready and will be posted soon. I tried to post it in May but it says I got to wait for the June contest in 3 days?

I think I made a mistake by registering for the June contest, now I can't post articles in May's contest anymore.

driven avatar
driven 2 Maj

You don't have to be stupid to be a politician, but it helps.

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