But unlike the pre-crisis days, it did not appear to be a free float, but a managed float, like the Singapore dollar. Politically there were some benefits. All the benefits of Essential plus:
Here's how George Soros broke the Bank of Thailand
The bank eventually broke, the baht devalued and Soros profited. The rupiah suddenly came under severe attack in August. In fact, Soros has cowed a number of national governments on currency issues with his perseverance and deep pockets. Policies, Practices, and Consequences.
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The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. C pillow feedi reasoning was that these steps would restore confidence in the nations' fiscal solvencypenalize insolvent companies, and protect currency values. While there's no doubt that Soros and his team were extremely skilled at their profession, is also reasonable to say that there was a fair amount of luck involved in george Quantum Fund's returns over the years. Crisis of the more controversial trades or group of trades put on by the fund was against a basket of Asian currencies, specifically the soros asian of Thailand and Malaysia just before to Asian Financial Crisis. The pound was worth less and george soros asian crisis livelihood of the people was destroyed.