[colinmhayes]

I really don't think intentions matter when contemplating moral questions, outcomes matter. Every economist was saying the peg would be broken, yet the bank of england was committed to throwing away money trying to save it. Every day they continued the british people were worse off. Soros was a hero in this story for being the person who convinced the bank of england to end their fools errand.

[psd1]

That's begging the question. Clearly someone thought that Britain would be better off in the ERM at that rate, and clearly some economists thought the rate could be maintained