Soros's successful attack on the Bank of England at 1992 was caused by the devaluation of the currency. The exchange rate of the pound against the mark kept falling, from 1 pound to DM 2.95 to the lowest point of 1 pound to DM 2.778. In this action to defend the pound, the British government spent $26.9 billion worth of foreign exchange reserves, but eventually suffered a fiasco and was forced to withdraw from the European exchange rate system. The British call1September 1992 15-the day when they left the European exchange rate system Black Wednesday.

According to Soros, he is punishing those immoral, irresponsible and indiscriminate governments! If you don't waste money, how can he sell so many of your own coins!

The financial turmoil in the United States in 2008 was caused by the subprime mortgage crisis. This financial storm is mainly affected by financial related industries, such as banking, insurance and investment banking. And industries that need more capital.

The financial turmoil has little effect on our people. Take the United States, the birthplace of the financial turmoil, as an example. The unemployment rate has not risen and has remained at around 6.5%. The price remains stable. Last month, the CPI was 0.00%, and there was no inflation, because the financial turmoil did not have much impact on the real economy.

The financial turmoil on Wall Street in 2008 greatly strengthened the status of the US dollar as the world economic currency. The subprime mortgage crisis, far from ending the hegemonic position of the dollar, even pushed the dollar to an unprecedented peak.

So there is an essential difference between the two. The former is caused by the indiscriminate issuance of paper money and the devaluation of the currency; The latter is caused by financial innovation and lack of supervision.