Vol 5 Chapter 119: Mental to physical collapse

Faced with TV cameras from all over the world, Lamont held a press conference in the central courtyard of the Ministry of Finance to announce that the UK would withdraw from the exchange rate mechanism.
The market won, the speculators won, and the government finally realized this.
Everyone also realized that England’s defense of the British pound had failed. The Bank of England raised interest rates at an unprecedented rate and invested at least 27 billion U.S. dollars in efforts, but the pound was completely defeated.
This is a moment of shame and a moment of despair.
At least for those who are long on the pound or who firmly believe that the pound will not depreciate, this moment is almost a breakdown.
"How could this be?"
"Didn't you say that the pound will definitely not withdraw from the exchange rate mechanism?"
"..."
In the small town of Swindon, a middle-aged man of about fifty years old watched Lamont's speech on the TV and muttered to himself as if he had lost his soul.
The middle-aged man is called Banai. 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 fifty years.
Although he only has a high school degree, he loves Swinton and loves this country.
Therefore, he took out all his savings in one day and set up a long position in the futures market.
Doing more is patriotic, right?
This is a financial invasion war.
Great Britain is being plundered by international speculators. As a British, there is no reason not to 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 pound sterling is only temporary and the pound will never depreciate.
But now, what is it?
Bell Bell Bell
The harsh telephone ringing unexpectedly rang in the living room, and Banai unconsciously walked to the phone and picked up the phone.
"Hey, is it Mr. Banai?"
"it's me."
Hearing Banai's answer, Sean Wood on the other end of the phone breathed a sigh of relief. He had made three calls before that, but all three were unanswered.
The exchange rate of the pound to the mark plummeted by more than 40% in one day. This kind of horrific decline has never been seen in the history of the pound. As a professional risk control officer in the Futures Market Department of National Westminster Bank, he knows exactly what this might mean.
Fortunately, this Mr. Banai is fine.
With a sigh of relief, Sean Wood continued to speak as calmly as possible.
"Hello Mr. Barney, I am Sean Wood, the risk control officer of the Foreign Exchange and Futures Asset Management Department of the National Westminster Bank. Because you have a short position in the futures position of the British Pound to the Mark, the available funds are minus 34 thousand. Thousands of pounds, according to the investment agreement you signed, you need to make up the margin owed within three trading days."
Out of margin?
Barney, who was confused, was instantly irritated by Sean Wood's words.
"Damn it, why should I owe money? What are you guys doing risk control doing? I have read the agreement. If the loss reaches 70%, you will be forced to liquidate your position. How can I owe you money."
"I'm sorry, Mr. Barnay. I understand your feelings, but we can't blame us. This is a market that has never been seen before, so...you are really out of position. The settlement order will be in It will be delivered to your address tomorrow, but before that, in accordance with relevant laws and regulations, you need to make up the security deposit you owe. If you don’t do this, we have the right to freeze all the property in your name."
Sean Wood is telling the truth.
In the afternoon, a 66666 super sell order suddenly appeared on the market, directly smashing the pound to mark price comparison by thousands of basic points. With such a terrifying magnitude, the risk control mechanism suddenly became a decoration. For a split second, the clients under his name didn't know how many people had lost their positions.
God's lesson, this really can't blame their bank.
But for Banai, this is another matter. He has lost all his belongings and owed a huge debt, which is unacceptable to anyone.
"Fuck Nima. You despicable bandits, you crooks, I want to sue you."
"Bana..."
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 accustomed to being scolded. Anyway, it doesn't matter if Banai can calm down.
face?
That's something that children care about. If you want a face, you don't need to choose the financial industry.
Depressing the phone, Wood raised his head and looked at the Reuters screen, which was not far away.
Pound to mark.
2.3035.
A meaningless number.
But Wood couldn't help but smile. A week ago, he accidentally heard a news from a colleague that he had established a selling position of 120,000 in pounds sterling. Now, this profit has risen by 300%.
It is simply wonderful.
"Sean. Would you like to go out for a drink later?"
The colleague not far away cleared the table and asked.
Wood grinned, showing a mouthful of silver teeth.
"Of course. I know that the cocktails in a bar are very good, and the girls are also very hot, you will love it."
"..."
Banai sat on the sofa at a loss. He didn't know that the guy who just called him was going to go to the bar to fool around after get off work. He scolded him a lot. His reason made him feel like he was drained of blood, and he no longer had any energy. .
Sue the bank?
Are you kidding me? Banks have always been a disadvantaged group, and the courts have always favored the disadvantaged in its judgments. How can it be possible to win the case?
But, 340 million pounds, so much money, how can I pay it back?
Three trading days.
Banai knows very well that if he does not make the money within three trading days, the bank will really freeze all the property under his name, including his current house.
In that way, 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 liquor. The spicy white wine violently entered his throat, and a large flush appeared on his face.
A dizziness surged, Banai swayed to the bedroom holding the wine bottle, leaning against the bed and got up.
One minute......
Two minutes...
three minutes.
I don't know how long it has passed, Banai looked at the alarm clock on the bedside and took out a pistol from under the bedside.
The revolver has been loaded with bullets, and the black metal falls in the palm of the palm with a cold texture.
Looking at the pistol in his hand, Banai took a swig of strong alcohol~EbookFREE.me~ The violent vigor of whiskey made his face a hideous look.
Want to take my house, dream!
Bang-gunshots sounded!
Under the dim light, Banai lay quietly on the bed and there was no more movement, only the wine bottle with the red sheets wet in his hand silently, seemed to be witnessing everything.
In the first half of September, the Central Bank of the United Kingdom spent 27 billion U.S. dollars in foreign exchange reserves to defend the pound, a large part of which was depleted on the last day of withdrawing from the exchange rate mechanism.
However, due to the withdrawal of Great Britain from the exchange rate mechanism, monetary policy is no longer subject to any restrictions. The Bank of England cancelled two interest rate hikes, the interest rate fell to 10% at a time, and it no longer bought the pound. Shen then Shen.
In just three days, the pound in free fall plummeted by 32%.
This is a reasonable and unreasonable result, but for the British cabinet government, it is an unbearable result.
Within three days, crime incidents in Great Britain and Ireland increased exponentially, and at least three people were killed almost every hour.
Ironically, the liquor market has given new vitality.
In the Admiralty Building, Sister John May sat in the meeting room with a gloomy face, and his disheveled hair and dim eyes proved that he had recently had a very bad rest.
The free-falling British pound made many people go bankrupt because of this. The demonstrators on the streets have attacked the government several times, and Major himself has been questioned by the public and the media. Some media even directly named Major’s government to promote Britain’s policy of joining the European Community is simply a traitorous act.
"He is the biggest short in the market. I suggest you call him to talk. This will help the situation."