George soros (1930 August 12) was born in Budapest and was Jewish. His real name is Gyoumlrgy Schwartz, a Hungarian-born American Jewish businessman, a famous philanthropist, currency speculator, stock investor and political activist.

He is currently Chairman of Soros Fund Management Company and Open Society Institute, and was a member of the Board of Directors of the Foreign Affairs Committee. He is famous in the world for his role in Georgia's Rose Revolution and in the United States for raising a lot of money to try to prevent George Bush from being re-elected.

Take Thailand, the birthplace of the Asian financial crisis, as an example. Other countries have similar operations:

1. Banks such as Thailand borrow Thai baht, assuming that they borrow1100,000 baht.

Second, the borrowed Thai baht stock market was used to buy a large number of shares, which caused the market to follow suit, pushed up the stock price and threw out a large number of shares, turning one million baht into 1.5 million baht.

3. Throw1500,000 baht in the foreign exchange market and take out150,000 USD (assuming that the Thai baht is USD = 10: 1).

4. After throwing out1500,000 baht, the Thai baht in the international exchange market depreciated sharply against the US dollar, assuming that it changed from Thai baht: US dollar = 10: 1 to 100: 1.

5. At this time, only 1 10,000 USD is needed, which can be converted into110,000 baht and returned to the Bank of Thailand, with a net profit of about140,000 USD.

Here are some things to explain:

1. Soros used a huge amount of money to borrow money from the bank through financial leverage, that is, he could borrow ten baht with one baht as collateral. In this way, his capital has expanded several times, enough to compete with Thailand's foreign exchange reserves.

2. Before the crisis, Thailand implemented a fixed exchange rate system. If Thailand had enough foreign exchange reserves to maintain a fixed exchange rate system, this crisis would not have happened. However, due to Thailand's foreign exchange reserves of only $30 billion, when Soros threw out a large amount of Thai baht, there was not enough foreign exchange reserves to take over, and he was forced to abandon the fixed exchange rate and implement a floating exchange rate. The Thai baht depreciated sharply, and Soros and others benefited.