Drummer in the Dark

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In 1993, certain hedge funds and investment banks active in foreign exchange caused a run on the British pound. One hedge fund alone netted over three billion dollars profit from sixteen hours of trading.

In 1998, foreign exchange traders attacked the currencies of seven Asian nations. Five countries entered economic meltdown as a result. In a subsequent speech before the United Nations, the President of Malaysia condemned the world’s foreign exchange traders and the hedge fund operators. He called them “marauding pirates.”

In 2000, the new pan-European currency, the euro, came under attack. According to official reports, supporting the euro against foreign exchange traders has already cost American, European, and Japanese central banks and taxpayers over ninety billion dollars.

Recently the former director of Germany’s central bank said that a sustained assault on the American dollar was “only a matter of time.”

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