Soros: I was born poor, and I must not die poor.

Anyone who is interested in finance and economics must have heard of this name-Soros. Yes, it was george soros who defeated the Bank of England and set off the Asian financial crisis. His legendary experience is enough to write a book.

Soros has always been a controversial figure.

Some people call him an angel. Many people believe in his investment philosophy, and have made a lot of money from his quantum fund or received his support.

Some people call him the devil. He can bankrupt investors overnight, or even bring down a country's economy.

On August 12th, 193, Soros was born into a wealthy Jewish family in Hungary (or an ordinary family with no worries about food and clothing).

In 1944, when the Germans invaded, they massacred Jews on a large scale. Their family started their escape career with 14-year-old Soros.

Soros had a very hard childhood. In order to survive, he sold scrap gold in a small restaurant at the age of 15. These experiences made Soros have a strong desire to survive and get rich.

so much so that his later office kept hanging such a slogan, I was born poor, and I must never die poor.

After the end of World War II, he came to England penniless, and basically did all kinds of jobs. After earning money, he chose to change his destiny with knowledge.

Through self-study and two efforts, I was finally admitted to the London School of Political Economy.

He majored in philosophy and learned to think about life with philosophy. After graduation, Soros abandoned literature and went into business, and it took some twists and turns to finally embark on the road of finance.

in 1956, he broke into Wall Street, the world financial center, and started his career.

in 1992, Germany's economic development was in full swing, and its interest rate was high. However, Britain's economy is depressed, and it needs to stimulate economic growth through low interest rate policy.

Limited by the European exchange rate system, Britain must struggle to maintain the exchange rate of the pound against the mark.

Soros believes that Britain has made a decisive mistake, and the high interest rate in Germany will cause the foreign exchange market to sell pounds and snap up the mark.

this system is fragile and will inevitably lead to a crisis.

On September 15th, 1992, Soros appeared, and he made a massive short sale of pounds. He led his quantum fund, numerous international hot money that followed suit and local European residents to form a herd effect.

The pound fell sharply against the mark, and a large number of pounds were thrown out and a large number of German marks were bought. Although the Bank of England has bought about 3 billion pounds to turn the tide, it failed to stop the avalanche decline of the pound.

In the end, the British government had to declare that this 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 made huge profits of more than $1 billion.

February 1997. The fixed exchange rate of US dollar and Thai baht is 1:25, and one dollar can be exchanged for 25 Thai baht. Soros borrowed huge amounts of Thai baht from Thai banks by way of mortgage.

Because of Soros's reputation as a Quantum Fund, major banks are very willing to lend money to him. 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 appeared the illusion that major banks and markets were selling Thai baht in succession. It caused panic among the people, and retail investors followed suit and exchanged Thai baht for US dollars.

and Thailand's foreign exchange reserves have reached $3 billion. The crazy national exchange has made Thailand's foreign exchange reserves untenable.

in order to stabilize the market, the Thai government has to implement a floating exchange rate system to devalue the Thai baht. As a result, the Thai baht plunged out of control, and in less than half a year, it fell to 32.63 baht per dollar.

After that, Soros converted some of the previously converted dollars into devalued Thai baht, and paid off the bank loan. And he approached $4 billion from Thailand.

Thailand's real economy collapsed and prices soared. Thailand's economy has regressed for at least ten years. Later, he used the same method to almost divide the Southeast Asian countries one by one.

Although Soros was invincible, this battle in Hong Kong ended in failure.

Soros first led speculators to hoard Hong Kong dollars in large quantities. After a certain period of time, then sell Hong Kong dollars in the market, attack the exchange rate of Hong Kong, and make the Hong Kong dollar depreciate sharply.

The Hong Kong Government can't just sit idly by and adopt a tight monetary trend.

The tight monetary trend will increase the financing cost and inhibit the development of the real economy.

in the end, it will cause the stock market to fall sharply. In this case, Soros can profit from both the HSI futures short selling and the stock market short selling.

Moreover, Soros once clamored in The Wall Street Journal that the Hong Kong Government would fail.

Of course, Hong Kong must not let the people's wealth fall into the hands of speculators, and then Premier Zhu Rongji said that the central government would maintain Hong Kong's prosperity at all costs.

Two deputy governors, the People's Bank of China and the Bank of China, came to Hong Kong with HK$ 6 billion, ready to fight.

It can be said that without the support of the central authorities, it is very difficult for Hong Kong to tide over 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 sells a lot of dollars to keep the exchange rate stable.

On the other hand, they bought a lot of Hang Seng Index futures and stocks with huge amounts of Hong Kong dollars. Speculators' attempts to make profits in HSI futures and the stock market failed, losing at least $1 billion.

Although he lost the battle in Hong Kong, he is still a fearsome crocodile in the financial market.

There is also the attack on the Mexican peso, which makes the scenery of the ninth largest economy in the world no longer beautiful; Snipering southeast Asian countries, the four tigers in Asia recovered. Attacking the Japanese yen and the Korean won has greatly weakened Japan and South Korea ...

Malaysian Prime Minister Mahathir once lamented that the economic system we built in 4 years was suddenly destroyed by this idiot with a lot of money.

Therefore, some people exaggerate that it seems that when Soros sneezes, financial markets will shake three times.

Soros has caused market turmoil in many countries, which has made these countries bear huge losses from governments to enterprises to ordinary families. Many people are broke and their wives and children are separated. 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 benefits from other countries; on the other hand, he uses it to earn some money and devote himself to charity. He even said that he would spend all his wealth before his death.

At the same time, he is also a scholar. 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 countless.

Yang Lan's interview with him seems to give us more thoughts.

In the interview, he said modestly that I didn't beat the Bank of England alone, and my team contributed a lot. I was just treated as a representative.

it is impossible for me to change the direction of the market on my own. I just found the loopholes in supervision, and the responsibility actually lies with the regulators.

For such a person with mixed reputation, it is obviously too thin to simply label him with "good" or "rape". He is not written to pay tribute to him or criticize him.

It is his behavior that 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, it can stimulate the 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, the world economic history is a series based on illusions and lies. To get wealth, the way is to recognize the illusions, throw yourself into them, and then quit the game before the illusions are known to the public.