A 94-year-old billionaire, George Soros, came under the limelight due to his controversial statements regarding India and its current Prime Minister, Narendra Modi. He accused Modi of being anti-democratic a year ago. Since then, conspiracy theories have emerged about George Soros's alleged interference in the 2024 Indian election by targeting the ruling party, BJP/Bhartiya Janta Party, and accusing them of engaging in undemocratic activities while referring to the Prime Minister as a dictator. Many people suggest that George Soros, leveraging his power and wealth, has acquired media outlets, influencers, and even people from Parliament to spread this propaganda against India's current leaders. This isn't the first time he's been accused of such actions. The person we are talking about has allegedly destroyed economies and has been accused of initiating civil wars in various countries. He is one of the most controversial figures in the world. Who exactly is George Soros? What's his motive? Why is he targeting India? Let's delve into these questions with a brief introduction to George Soros himself.
WHO IS GEORGE SOROS?
George Soros is a Hungarian-American billionaire, hedge fund manager, and philanthropist. With a net worth of around 6.7 billion US dollars, Soros has been called "the most generous giver" by Forbes. He currently lives in New York. Born on August 12, 1930, in Budapest, Hungary, George Soros was originally a Jew named György Schwartz. His family escaped Nazi persecution of the Jews by securing false identity papers and concealing their backgrounds. The family moved to England, where he completed his studies at the London School of Economics and then joined a London merchant bank. Later in his life, after working in merchant banks in London and America, he started his own hedge fund called Double Eagle in 1969 (later renamed Quantum Fund), followed by a second hedge fund just one year later in 1970 named Soros Fund Management. Soros stayed in the market as an investor until something happened in 1992 that shocked the whole world. This is the event George Soros is most famous for.
THE MAN WHO BROKE THE BANK OF ENGLAND
During the 1990s, the economy of England was struggling, making the British Pound unstable. George Soros targeted England, the land that gave him a new life, by borrowing 10 billion worth of British Pounds and started short selling it while buying German Marks. Following him, his business partners contributed to the British Pound's devaluation, dropping its value by 15 percent compared to the German Mark. Soros then sold his German Marks and repurchased the British Pounds at 15% lower price to return it to the banks. The man made a billion dollars that day, leaving England with a loss of approximately 3 billion pounds.
THE 1997 ASIAN FINANCIAL CRISES
In 1997, George Soros was also implicated in the Asian financial crisis, which affected several countries including Thailand, Malaysia, South Korea, and Indonesia. The crisis began in Thailand with the collapse of the Thai baht after the Thai government was forced to float the currency, cutting its peg to the U.S. dollar after exhaustive efforts to support it in the face of a severe financial overextension As the crisis spread, Indonesia was significantly impacted.
The Indonesian rupiah lost over 80% of its value against the U.S. dollar in a short period. Speculators, including George Soros, were blamed for the sharp devaluation of the currencies. Soros’s Quantum Fund was accused of playing a role in the speculative attacks that led to the currency crisis. The rapid devaluation of the rupiah led to widespread economic disruption in Indonesia. Inflation soared, businesses went bankrupt, and millions of people fell into poverty. The crisis also led to significant political changes in Indonesia, including the resignation of President Suharto after 31 years in power.
While George Soros was not the only speculator involved, his actions were emblematic of the broader speculative attacks that exacerbated the crisis. Critics argue that his hedge fund's massive short positions against the affected currencies contributed to their rapid devaluation, while defenders claim that these currencies were already overvalued and that the speculators merely hastened an inevitable correction. During the same crisis, Malaysian Prime Minister Mahathir Mohamad accused Soros of contributing to the financial turmoil. Mahathir claimed that Soros's actions were part of a larger conspiracy to destroy the economies of Southeast Asia. Soros's influence in these financial markets, whether as a catalyst or a participant in the economic shifts, has led to significant scrutiny and controversy. His critics often point to these events as evidence of his disruptive impact on global economies.
SOROS'S OPEN SOCIETY FOUNDATION
George Soros, called "the most generous giver" by Forbes due to his huge donations of approximately 32 billion USD to the Open Society Foundations (OSF), has been the center of much controversy. Started and run by Soros himself, the OSF states on their website that they "work to build vibrant and inclusive democracies whose governments are accountable to their people." This mission statement has sparked significant debate: how can a U.S.-based organization decide what is good for a country and its people?
Critics argue that OSF's activities infringe on national sovereignty. They claim that decisions about governance, human rights, and social policies should be made by the citizens of the country in question, not influenced by external entities. OSF funds a wide range of civil society organizations, many of which work on sensitive issues like government accountability, anti-corruption, and human rights. In doing so, OSF is seen as supporting opposition groups and movements that challenge existing power structures.
While OSF promotes transparency and accountability in governance, critics argue that the foundation itself lacks sufficient transparency regarding its decision-making processes and the selection of grant recipients. Questions arise about who sets the agenda for OSF and how priorities are determined, fueling suspicions of hidden political motives. Conspiracy theories suggest CIA involvement, using OSF to promote U.S.-based narratives and acts that serve U.S. interests.
Hidden Motives?
The Asian financial crisis, which began in Thailand in July 1997 and quickly spread to other East Asian countries, had severe economic and political consequences. Countries such as Indonesia, South Korea, Thailand, Malaysia, and the Philippines were significantly affected.
Before the Crisis President Suharto had ruled Indonesia for over three decades with a highly centralized and authoritarian regime. After the Crisis The economic collapse led to widespread protests and eventually to Suharto’s resignation in May 1998. His successor, B.J. Habibie, initiated democratic reforms. Subsequent governments, including those of Presidents Abdurrahman Wahid, Megawati Sukarnoputri, and Susilo Bambang Yudhoyono, sought closer ties with the United States and implemented pro-market reforms to stabilize and grow the economy.
Before the Crisis South Korea was undergoing rapid economic growth but faced issues related to corporate governance and financial transparency. After the Crisis The crisis led to the election of President Kim Dae-jung in 1998, who embraced reforms recommended by the International Monetary Fund (IMF). These included restructuring chaebols (large family-owned business conglomerates) and opening up the economy to foreign investors, which aligned with the pro-market principles favored by the US.
Before the Crisis Thailand experienced rapid economic growth but with underlying weaknesses in the financial sector. After the Crisis The Thai government, under Prime Minister Chuan Leekpai, accepted a bailout from the IMF, which came with conditions that required significant economic reforms. These reforms led to closer economic ties with Western countries, including the US.
Malaysia was also affected, although it chose a different path than some of its neighbors. After the Crisis Prime Minister Mahathir Mohamad initially resisted IMF assistance and opted for capital controls instead of the typical IMF-prescribed austerity measures. However, Malaysia still implemented significant financial reforms and maintained economic ties with the US.
The Philippines was already undergoing economic reforms under President Fidel V. Ramos. After the Crisis President Joseph Estrada, who took office in 1998, continued these reforms, though his tenure was marred by corruption charges. His successor, Gloria Macapagal Arroyo, further strengthened economic reforms and maintained close relations with the US.
The trend speaks for itself. Numerous events, from the infamous Arab Spring to Europe's migrant crises, conflicts between Russia and Ukraine, and the ongoing Israel-Palestine war, all seem to have George Soros's name associated, benefiting the US. Recent allegations have even implicated Soros in funding anti-India propaganda, coinciding with a drastic increase in anti-India sentiment on social media platforms. As India asserts its dominance and makes assertive decisions, such as buying Russian oil despite European and American sanctions and investing in Iranian ports, it becomes a target of criticism. I'd like to conclude this blog by urging fellow Indians not to blindly believe everything fed to them by internet algorithms, not even this blog. Take the time to research, stay vigilant, and question the narratives presented to you. And ask yourself "Are we being influenced without realizing it?"
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