It is unfortunate
Posted: 25 Oct 2023, 12:53
Billionaire-philanthropist George Soros, who is in the eye of the storm in India over his remarks on the Adani-Hindenburg row, is no stranger to controversy. Soros, who has spent billions to "tackle the spread of nationalism" and on strengthening democratic forces through his Open Society Foundations, has faced charges across the world for his alleged role in backing and funding regime changes.
From an alleged attempt at ousting Russian President Vladimir Putin to destabilizing the European Union through mass migration, to backing Arab Spring protest groups, George Soros and his Open Society Foundations has been branded as 'agents of chaos' by governments and rival groups.
Not only that, George Soros has also been singled out as the person who dealt the defining blow and caused the financial crisis in Asia in 1997. He is blamed for shorting the currencies of Thailand and Malaysia that triggered the crisis.
SHORT CIRCUIT
In fact, Soros accumulated most wealth by shorting the pound. He is known as the man who 'broke the Bank of England'. The celebrated hedge fund manager shorted the British currency (pound) and is said to have made a profit of $1 billion.
In 1997, the economies of Indonesia, Thailand and South Korea collapsed, and Malaysia suffered its worst recession.
George Soros had made bold bets against the currencies of Thailand and Malaysia in the run-up to the crisis, according to a Bloomberg report. The prime minister of Malaysia, Mahathir Mohamad, squarely blamed Soros for the crisis and called him “a moron”.
A Bloomberg opinion piece says the Asian financial crisis led to regime changes in several countries. An opposition candidate won the presidency in South Korea for the first time. In Indonesia, it "hastened the end of the Suharto era" after three decades of good economic growth. Malaysia's Mahathir clung onto power but "left a legacy of fragmentation in the Malay establishment", the Bloomberg opinion piece added.