Tuesday, July 31, 2012

“We Will Do Whatever it Takes”

When I first heard Draghi’s quote “We Will Do Whatever it Takes,”  I immediately thought that I should dig through some other good quotes from similarly positioned officials in financial history.  Let’s start with Prime Minister John Major in England 1992.

I found this clip reminding us of the 1992 British Pound devaluation.

http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm “The move is a dramatic U-turn in government policy, as only last week Prime Minister John Major reaffirmed the government's commitment to remaining within the mechanism.” (see his strong words below at the 2:34 mark)

Another near real-time view of Black Wednesday, September 16, 1992.

I think the last lines from the Atlantic June 4, 2010 article “Go For the Jugular” sum it up very well

“That evening, Lamont called a press conference in the Treasury's central courtyard. At 7:30 p.m., facing a massive battery of TV cameras from all over the world, he announced Britain's exit from the exchange-rate mechanism.

The markets had won, and the government had at last recognized it.

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