By the following Tuesday, Britain was facing the same fate.
Then, as now, Germany often seemed contemptuous of the less competitive economies on the periphery of Europe.
The 1992 crisis came to a head on Friday September 9, when currency speculators forced the devaluation of the Italian lira.
Already his public statements had triggered an assault on Italy's lira.
Now the German central banker was attacking Britain.
The devaluation of sterling was now all but inevitable.
Druckenmiller walked into Soros's office and told him it was time to move.
Under the rules of the exchange-rate mechanism, the Bank of England was obliged to accept offers to sell sterling, but this requirement only held during the trading day in London.
With the Bank of England closed for business, it was a scramble to find buyers, particularly once word got around that Soros and Druckenmiller were selling crazily."Really? He told Bacon to wait, and a few seconds later Soros joined the call."Where did you get the market? Around 2 the next morning, Druckenmiller returned to the office.
The collapse of Greece's economy, and its domino effect on Spain, Portugal, and other countries in the euro currency zone, is in many ways a replay of an earlier financial crisis--the break-up of the continent's Exchange Rate Mechanism in 1992.
Then, as now, Europe's policymakers showed little patience with--or understanding of--markets.
He was not going to adapt to a world of 24-hour trading.