Soros has always been a controversial figure.
Some people call him an angel, and many people believe in his investment philosophy, and have made a lot of money from his quantum fund, or have received his support.
Some people call him the devil. He can bankrupt investors overnight and even bring down a country's economy.
1930, 12 In August, Soros was born into a wealthy Jewish family in Hungary (some people say that he is an ordinary family with no worries about food and clothing).
1944 German invasion, they massacred Jews on a large scale. Their family started their escape career with Soros, who was 14 years old.
In his childhood, Soros had a very hard time. In order to survive, when he was 15 years old, he sold broken gold in a small restaurant. These experiences gave Soros a strong desire to survive and get rich.
So that his later office has been hung with such a slogan, I was born poor and must not die poor.
After World War II, he came to England penniless and basically did everything. After making money, he chose to change his destiny with knowledge.
Through self-study and two efforts, I was finally admitted to the London School of Economics and Political Science.
He majored in philosophy and learned to think about life with philosophy. After graduation, Soros abandoned literature and went into business, and finally embarked on the road of finance after several twists and turns.
1956 went to Wall Street, the world financial center, and started his career.
From 65438 to 0992, Germany's economic development was in full swing, and German interest rates were high. The British economy is in a downturn and needs to stimulate economic growth through low interest rate policies.
Limited by the European exchange rate system, Britain must strive to maintain the exchange rate of the pound against the mark.
Soros believes that Britain has made a decisive mistake. Too high interest rates in Germany will lead to selling pounds and snapping up marks in the foreign exchange market.
This system is fragile and will inevitably lead to crisis.
On September 5th, 1992, Soros appeared, and he emptied the pound massively. He led his quantum fund, many international hot money and European local residents who followed suit, and formed a herd effect.
The pound plunged against the mark, throwing a lot of pounds and buying a lot of German marks. Although the Bank of England has bought about 3 billion pounds to turn the tide, it has failed to stop the avalanche of the pound.
Finally, the British government had to announce that the currency defense war ended in failure, and announced that the pound had withdrawn from the European exchange rate system and began to float freely. Soros and his quantum fund earned more than $654.38 billion.
1Feb. 997. The fixed exchange rate between US dollar and Thai baht is 1:25, and 1 US dollar can be converted into 25 Thai baht. Soros borrowed a huge amount of Thai baht from the Bank of Thailand by way of mortgage.
Due to the fame of Soros Quantum Fund, major banks are very willing to lend him money. Soros used the borrowed Thai baht to exchange dollars with the Bank of Thailand in several batches and sold the Thai baht.
For a time, there was the illusion that major banks and markets were selling Thai baht in succession. Causing public panic, retail investors followed suit and exchanged Thai baht for US dollars.
Thailand's foreign exchange reserves have reached $30 billion. The crazy country's exchange of foreign exchange makes Thailand's foreign exchange reserves untenable.
In order to stabilize the market, the Thai government had to implement a floating exchange rate system to devalue the Thai baht. As a result, the Thai baht plunged out of control and fell to 32.63 baht 1 USD in less than half a year.
After that, Soros converted some of the previously exchanged dollars into devalued Thai baht and paid off the bank loan. He got $4 billion from Thailand.
Thailand's real economy collapsed and prices soared. Thailand's economy has regressed for at least ten years. Later, the same technology was used to almost divide and rule Southeast Asian countries.
Although Soros was invincible, in this battle of Hong Kong, Soros ended in failure.
Soros first led speculators to hoard a large amount of Hong Kong dollars. After a certain period of time, the Hong Kong dollar was sold in the market, and the exchange rate of Hong Kong was attacked, which greatly devalued the Hong Kong dollar.
The Hong Kong Government cannot sit idly by and adopt a tight monetary policy.
Tightening currency will increase financing costs and inhibit the development of the real economy.
It will eventually lead to a sharp drop in the stock market. In this case, Soros can profit from the short selling of Hang Seng Index futures and the air selling of the stock market.
In addition, Soros once clamored in the Wall Street Journal that the Hong Kong government would fail.
Of course, Hong Kong cannot let the wealth of its citizens fall into the hands of speculators., At that time, Premier Zhu Rongji said that the central government would maintain Hong Kong's prosperity at all costs.
Two vice presidents, the People's Bank of China and the Bank of China, came to Hong Kong with HK$ 60 billion to prepare for war.
It can be said that without the support of the central government, it is very difficult for Hong Kong to overcome this difficulty.
In the end, with the help of the central government, the Hong Kong government narrowly defeated Soros. On the one hand, the Hong Kong government sold a lot of dollars to keep the exchange rate stable.
On the other hand, they used huge Hong Kong dollars to buy Hang Seng Index futures and stocks. Speculators' attempts to make profits in HSI futures and the stock market failed, with losses of at least $654.38 billion.
Although he lost the battle in Hong Kong, he is still a formidable predator in the financial market.
There is also a sniper attack on the Mexican peso, which makes the scenery of the world's ninth largest economy no longer; Snipering southeast Asian countries, the four little dragons in Asia recovered. Hit the yen, won, so that Japan and South Korea greatly weakened. ...
Malaysian Prime Minister Mahathir once lamented that the economic system we built in 40 years was suddenly destroyed by this idiot with a lot of money.
So some people exaggerate that if Soros sneezes, the financial market will shake three times.
Soros has caused market turmoil in many countries, which have suffered huge losses from governments to enterprises to ordinary families. Many people are penniless, and their wives and children live apart. It seems that Soros is an ugly capitalist who is mercenary and unscrupulous.
However, Soros is a very contradictory person.
On the one hand, he keeps squeezing the interests of other countries, on the other hand, he makes some money from it and devotes himself to charity. He even said that he would spend all his wealth before he died.
At the same time, he is also a scholar, and he put forward the reflection theory: the market is not completely reliable, and the expectations of traders will affect the market price. He is also the president of the Open Society Institute.
Currency speculators, famous philanthropists, political activists, financial predators, people who short the world, saboteurs, founders of quantum funds and philosophers. His titles are numerous.
In Yang Lan's interview with him, it seems to give us more thoughts.
In the interview, he said modestly that I didn't beat the Bank of England alone, but my team contributed a lot. I was just treated as a representative.
It is impossible for me to change the direction of the market by myself. I just found a loophole in supervision, and the responsibility actually lies with the regulator.
For such a man with mixed reputation, it is obviously too thin to label him simply with "good" or "rape". He is not written to pay tribute to him or criticize him.
But his behavior deserves our reflection, whether there are loopholes in the economic system and whether there is a bubble in the financial market, and we should constantly reflect and make progress.
Thus stimulating regulators to create a more solid and advanced economic system and financial system, which is due to the more stable operation of the national economy.
As Soros said, world economic history is a series based on fantasy and lies. The way to get wealth is to recognize the illusion, invest in the illusion, and then quit the game before the illusion is known to the public.