<div id="readability-page-1">In 1997, Thailand became the center of a major financial crisis when its currency, the baht, collapsed under pressure from debt, capital flight, and speculative trading. Large hedge funds, including George Soros’s Quantum Fund, reportedly profited by betting against overvalued currencies. However, economists emphasize that the crisis was driven by structural weaknesses, not a single actor.</div>

<p>In 1997, Thailand faced a financial crisis as the baht collapsed due to debt, capital flight, and speculative trading. Hedge funds, notably George Soros’s Quantum Fund, profited by betting against the currency. Economists argue that the crisis stemmed from structural weaknesses rather than the actions of any single entity.</p>

The Thai baht collapse and the hedge fund that bet against it