The penniless son of the penniless ...

Chapter 36 The financial sniper war begins!
At Goldman Sachs, Leon John, who was leisurely enjoying a cup of coffee in his office, received a call from Zhang Junfeng. What Zhang Junfeng said on the phone surprised Leon.

"Zhang, are you sure you are not kidding? The stock prices of these Internet companies are still rising. Selling them all off to cash out at this time is obviously not worth the loss!" Leon reminded the other party that the current Internet technology companies have received financial support from many Wall Street institutions. Although they have not come up with any epoch-making products, their stock prices are still rising steadily, and the growth is gratifying!

"If you're selling your stocks now, you must have other ways to make money~! As for what they are, you can contact Mato Walsh. If he's interested, I'll talk to him in detail!"

Hearing Zhang Junfeng say this, Leon John was immediately delighted. Wow! After waiting for almost half a year, is Zhang Junfeng, a young investor who likes to "take unconventional actions", finally going to make another move? !
"OK, I will help you sell the stocks of those Internet companies as soon as possible to recover the funds. As for the boss, I'm not sure..."

Zhang Junfeng was quite satisfied with the way Leon John handled the matter. After all, he was just a "lone man" and did not have his own personal financial manipulation team. It was obviously impossible for him to completely avoid the attention of Goldman Sachs at this stage!
Instead of doing this, it is better to explain your intentions to the other party directly. As for whether the other party dares to follow you and make a crazy bet, it depends on his own courage!

------Dividing line------

In 1996, Thailand seemed to be on the verge of becoming the "Fifth Dragon of Asia". With years of economic growth, Thailand created the longest boom since World War II! The booming economy made the Prime Minister of Thailand believe that their country was not far from the day when "everyone drove luxury cars and went to Hawaii for vacation".

Little did they know that a huge financial risk had been discovered by international speculators who were good at speculation and profiteering, and they were carefully preparing a financial sniper war!

(Note: At that time, Thailand implemented a fixed exchange rate system, that is, the Thai baht was tied to the US dollar. Because the US dollar is a recognized international currency, the stability of the Thai baht against the US dollar made the Thai baht a "stable currency" in a sense. However, the sharp depreciation of the US dollar has kept the exchange rate of the Thai baht against the US dollar high!)
Since February 1997, a group of international speculators led by Soros began to borrow money in the international market and buy large amounts of Thai baht with leverage. According to their calculations, the foreign exchange reserves of the Bank of Thailand were not enough to maintain the exchange rate of the Thai baht.

Their operation method and plan are also extremely simple. They first borrow Thai baht from the Thai National Bank, convert it into US dollars, and then throw it all out at once. After the Thai baht depreciates, they will convert the US dollars into Thai baht to repay the debt.

The goal is to force Thailand's central bank to abandon the fixed exchange rate system. When that happens, the entire Thai baht exchange rate will collapse. The huge difference in the middle will become their "unlimited money printing machine", and all the wealth accumulated by Thailand for decades will be plundered by them!

……

After learning that Zhang Junfeng had sold all the stocks he held and asked Goldman Sachs to contact the Central Bank of Thailand to borrow a large amount of Thai baht, Mato Walsh, who was originally on the sidelines, could no longer sit still!
Goldman Sachs is one of the top investment institutions on Wall Street, so it is naturally the first to get news about unusual movements of its peers.

It’s just that they are not like Soros and the “crazy guys” at Quantum Fund, who dare to bet all their chips on the correctness of their guesses based on some data and current situation analysis when the success rate is unknown!
The top management of Goldman Sachs Group did not approve of such a crazy investment method. Once such a speculative move failed, it would inevitably suffer huge losses. Such a result was not what Goldman Sachs Group expected. However, after seeing Zhang Junfeng's actions, Matto Walls, who was originally unwilling to give up, was also tempted! Compared with those older conservatives, he, a young and strong "rising star", wanted to seize such a high-risk investment opportunity!
After all, high risks are often accompanied by high returns. This is indeed a rare opportunity for Matto Walls, who is eager to prove his ability and is qualified to compete for a higher position!

Having made up his mind, he finally contacted Zhang Junfeng and reached a special cooperation with him!

Zhang Junfeng applied for a loan of 8 million US dollars from Goldman Sachs Securities. Mato Walsh would use his privilege as vice president to quickly approve the application and release the loan within a week. The price Zhang Junfeng had to pay was that the loan period was one year and the interest rate was as high as 28%!

Zhang Junfeng was originally somewhat resistant to such a cooperation proposal. After all, the interest on this loan was too high. If something went wrong, he would become the one who had to pay the money!
But Mato Wallace seemed to have seen through Zhang Junfeng's concerns and put forward a reason that he could not refuse. The funds raised by Soros, Quantum Fund and other speculators have exceeded tens of billions of US dollars!

In the face of such a huge amount of money, if you want to participate and get a share of it, the more chips you have, the better! But if you want to raise hundreds of millions of dollars in a short period of time, there should be no other company except Goldman Sachs!

After weighing the pros and cons, Zhang Junfeng gritted his teeth and agreed to cooperate with the other party. After all, such opportunities are not always available! The more chips he has, the more profit he can make in this financial sniping war. Even if the interest rate is much higher, the bulk of the profit still belongs to him!

As a result, Goldman Sachs Securities gathered a massive amount of funds totaling 22 billion US dollars and joined this massive financial sniping war!

……

As time went by, the Thai central bank, which had been able to resist easily before, soon realized that something was wrong. More and more institutions and funds were shorting the Thai baht. Even if they frantically repurchased the Thai baht, it was still a drop in the bucket!
It turned out that Soros and others mainly used the Quantum Fund to attract liquid capital speculators from all over the world to join in. At that time, the Kingdom of Thailand did not take any compulsory financial control measures (nor did it dare to do so).

This also led to crazy overnight lending by international speculators, like crazy! The Thai central bank could hope to use interest to make them lose money and dare not attack, but the effect was minimal.

By July, the Bank of Thailand, which had vowed that the Thai baht would never depreciate on a large scale, was forced to announce the implementation of a "floating exchange rate system"!
(End of this chapter)