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History lessons

George Santayana once said that “those who cannot remember the past are condemned to repeat it”. Apparently, humans are not the remembering type. For example, every time we declare that a new economic crisis is impossible, it strikes us harder than ever. Then we are always wondering where did it came from. As Mark Twain put it “history does not repeat itself, but it often rhymes”. And that is why we have to learn from it.

Black Wednesday

The day when the British government was forced to withdraw the pound from the European Exchange Rate Mechanism. The date of the Black Wednesday crash was September 16, 1992, and five years later the UK Treasury estimated that the loss from that day was around £3.14 billion. The picture shows us how Bank of England […]