Society & Culture
American companies poured billions into Thailand in the mid-1990s to utilize the country’s young, educated workforce. Investors saw the developing country as an economic fountain of youth, and Thai companies took advantage of a fixed exchange rate to borrow funds in US dollars. In time, the economy slowed, investments fell, and money began to leave the country putting pressure on the baht - Thailand’s currency. A savvy investor named George Soros watched the story unfold and made an untold fortune by betting billions against the collapse.