1997, Soros, who is good at making bubbles and then puncturing them for speculation, took a fancy to the Thai baht. Soros thought that the Thai baht would soon depreciate, so he planned and organized a wave of actions to short the Thai baht. (1992, Soros and his international consortium successfully shorted the pound, making a profit of10 billion dollars).

1. In the first stage, Soros's quantum fund company and international hot money consortium borrowed money from the international foreign exchange market, and then borrowed a lot of Thai baht from Thai banks through mortgage bonds. According to their calculations, the foreign exchange reserves of the Bank of Thailand are not enough to maintain the Thai baht exchange rate.

2. In the second stage, at a specific time, Soros sold a large amount of Thai baht in the foreign exchange market and converted it into US dollars, which led to the devaluation of Thai baht and the appreciation of the US dollar. Put pressure on the Bank of Thailand in this way. In order to maintain the fixed exchange rate between the Thai baht and the US dollar, the Bank of Thailand has to sell a corresponding amount of US dollars from foreign exchange reserves and buy Thai baht to keep the Thai baht from depreciating.

3. In the third stage, the Thai baht plummeted. Soros and his consortium exchanged a small amount of dollars for a large amount of Thai baht that they started to borrow, and finally returned the Thai baht to the Bank of Thailand. By shorting the Thai baht, Soros arbitrage about $4 billion, the Thai stock market plummeted, and the wealth accumulated by the Thai people for many years was looted.