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Malaysian Prime Minister Mahathir Mohamad accused George Soros and other currency traders of ruining Malaysia's economy with currency speculation. Soros claims to have been a buyer of the ringgit during its fall, having sold it short in 1997.
Jun 28, 2022 · At the combined annual meetings of the International Monetary Fund and World Bank in September 1997, a conflict raged over who was to blame for the nascent financial calamity, and what kind of economic model would emerge after it.
Jun 29, 2022 · At the combined annual meetings of the International Monetary Fund and World Bank in September 1997, a conflict raged over who was to blame for the nascent financial calamity, and what kind of economic model would emerge after it.
Jun 27, 2022 · George Soros, Mahathir and the Legacy of 1997. The conspicuous disdain between two high-profile figures became a symbol of colliding political and economic visions. The Asian financial crisis...
Apr 19, 2024 · The Asian financial crisis started in July 1997, when Thailand stopped defending the baht after months of downward market pressure, causing the currency to fall quickly. The contagion...
George Soros took out forward contracts to exchange Baht into dollars at the rate of 26 baht per dollar in January 1998. Soros advertised Thailand’s problems and sold all of his baht. Thailand defended the baht by buying up the surplus baht. When Thailand started to run out of dollars, the baht was floated on July 2, 1997.
This author does not know the actual amounts of money used in George Soros' speculative attack against the Thai baht in the spring of 1997; therefore, the numbers used in this paragraph to illustrate how a speculative attack is conducted are hypothetical. First, George Soros bought forward currency contracts on the baht in the spring of 1997.
