George Soros's thinking was influenced by Karl Popper, a prominent American thinker, particularly by his book *The Open Society and Its Enemies*. Soros's every action is influenced by this book, and many within the Quantum Foundation have also been inspired by its ideas.
In 1992, Drucken Miller raised a total of $15 billion in positions by selling $10 billion worth of pounds sterling during his attack on the pound.
This time, the Quantum Fund only established a little over two billion US dollars in Thailand, which is a drop in the ocean compared to Drucken Miller's previous operations.
The main reasons are that they have little interest in emerging markets, and there are also differing opinions within their organization regarding the Thai baht issue.
For example, Johnson once expressed skepticism about attacking the Thai baht, arguing that if the Thai currency collapsed, it would lead to the collapse of the entire economic system, and millions of civilians would face hunger, which contradicts the ideals advocated in "The Open Society and Its Enemies".
Skadiel was one of these people.
"One, sir, guaranteed ripe!" Skadiel was strolling outside a shop on the side of the road when a vendor tried to sell him his produce.
Scardirton paused, then turned and saw the stall owner. It was rush hour on the streets of Bangkok; the roar of rickshaws, the honking of cars, and the chatter of pedestrians made Scardirton momentarily stunned. Was someone talking to him?
"Watermelon!" Seeing Skadir looking at him, the shopkeeper immediately smiled obsequiously, held up a watermelon, and said "watermelon" in English, then repeated it in Thai.
Skadi suddenly realized, "Is your melon guaranteed to be ripe?"
"It's not expensive!" the vendor said.
Clearly, he didn't understand, but that didn't seem to stop him from answering.
"That's not bad, give me one!" Skadi thought the other party had given an affirmative answer.
He said something to the stall owner, but then realized the owner probably didn't understand, so he held up one finger and said, "One."
As he spoke, he took out a $10 bill and handed it to the other person.
Normally, Skadir uses checks, but he made preparations before coming to Thailand, where transactions are all conducted in cash, so he withdrew a large sum of money in advance.
Upon seeing the US dollars, the vendor was overjoyed and quickly handed over a bag of watermelons, taking the money from Skadiel's hand. He flicked his finger across it, then brought it to his nose to smell the banknotes!
Then he reached into his backpack and started rummaging for change.
"No need to look anymore." Skadiel picked up the large watermelon, weighed it a couple of times, and casually handed it to the man in the black suit behind him, then said to the busy boss.
The shopkeeper seemed not to understand Skadiel's words and continued to search for change.
He looked up and saw that the old man had already walked quite a distance away. He rushed over, grabbed him, and handed him a stack of Thai baht.
"..."
Skadi glanced at the handful of Thai baht in his hand, a deep sense of powerlessness rising within him.
This kind of thing will soon see a rapid drop in price; while it won't become worthless, it certainly won't be worth this much. And that honest, simple vendor from earlier was one of the victims.
Scardil was well aware of the extent to which Mexico's financial crisis had affected Latin American countries such as Brazil.
And now, history is about to repeat itself.
Skadi looked up; the sun was setting, and the sky was a blood-red hue.
He stood blankly on the streets of Bangkok, watching the crowds come and go, and for the first time he began to examine himself: Had he done something wrong?
...
Beautiful Country, New York.
In the heart of the financial district, on the top floor of a building, lies the headquarters of the Quantum Fund.
“No! We haven’t made any mistakes. To be more precise, we haven’t widened the wealth gap in America,” Soros said firmly. “On the contrary, we are putting America on the right track, instead of running headlong down the wrong path.”
Here, the hot dog vendors, shoe shiners, and hairdressers deal with well-dressed people all day long.
They never imagined that those well-dressed people who chatted and laughed with them would become the most terrifying demons in the world.
After returning to New York, Scardil and his research team reported the findings of their investigation to executives at the Quantum Foundation.
Besides their conversations with the head of the Bank of Thailand, they also observed the construction and conditions in Bangkok. Almost all the tower cranes were out of service, and the construction sites were deserted, indicating that Bangkok's real estate market was collapsing.
According to data from the Asian Infrastructure Investment Bank (AIIB), the country's total lending accounts for 140% of its GDP, and more than 50% of that has become bad debt for banks. Of Thailand's 100 banks, more than 90 are already struggling.
While this may sound exaggerated, executives at the Quantum Fund recognize that, for now, the only thing Thais can do is devalue their currency rather than continue to maintain its precarious baht exchange rate.
Despite the numerous advantages at stake, Drone Stein and Skadi's views resonated with some.
While everyone was arguing about whether or not to sell the Thai baht, Soros stepped up at the opportune moment.
“What we are doing is undoubtedly a form of speculation. However, the root cause of this matter is not our malicious short selling, but rather that Thailand’s economy is facing serious problems.”
“Our speculative behavior is a warning to governments that the most urgent task is to make changes. Take Thailand as an example; they must immediately make corresponding changes to the Thai baht.”
"For ordinary people, this change can save them from pain and at least allow them to retain some funds. However, the Thai government's delay has led to an increasingly significant impact on the currency collapse. At that point, not only will foreign investors go crazy, but their foreign exchange reserves will also be depleted."
"So... what I mean is, when attacking the Thai baht, we don't need to go all out. What we need to do is make the Thai people realize their problems and devalue their currency."
“George, do you know how big a position we need?” Soros asked.
Seeing this, everyone fell silent.
Although most of them agree with Soros's statement.
However, to distinguish between a hostile or "well-intentioned" warning, one must also consider the extent of the short selling.
Soros's words caused a brief silence in the room.
Finally, Drucken Miller spoke. As the most trusted person second only to the emperor, he naturally had to raise such a sensitive question.
"Stanley, how much have we invested so far?" Soros asked Drucken Miller after thinking for a moment.
Over the years, he has stopped handling specific investment matters and instead handed them over to Drucken Miller.
"Offer a smaller amount, two billion." Drucken Miller pondered for a moment before quoting a price that shocked everyone.
......
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