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The baht was pegged at 25 to the U.S. dollar. On 14 and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht. However, Thailand lacked the foreign reserves to support the USD–Baht currency peg, and the Thai government was eventually ...
George Soros [a] (born György Schwartz; August 12, 1930) [1] [2] is an American [b] investor and philanthropist. [7] [8] As of October 2023, he had a net worth of US$6.7 billion, [9] [10] having donated more than $32 billion to the Open Society Foundations, [11] of which $15 billion has already been distributed, representing 64% of his original fortune.
By the beginning of 1997, it was clear to Soros Fund Management that the discrepancy between the trade account and the capital account was becoming untenable. We sold short the Thai baht and the Malaysian ringgit early in 1997 with maturities ranging from six months to a year.
Thailand has one of the region’s highest levels of household debt, at 16.4 trillion Thai baht ($484 billion), equal to 90% of its GDP. Thapanee expects a good October as well, but warns consumer ...
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George Soros, a hedge-fund billionaire who's backed progressive causes with millions in donations, is a Hungarian Jew who's frequently the subject of right-wing conspiracy theories.
This chapter outlines that sequence of events following the devaluation of the Thai Baht in 1997 which had a flow on effect on Malaysia's ringgit, Indonesia and even South Korea. Krugman highlights how the combination of poor investments, low interest rates and increasing deregulation, increased dependence on foreign currencies and lead to bank ...
18 ultra-wealthy Americans including Abigail Disney published an open letter asking presidential candidates to support a moderate wealth tax.