Extraordinary Genius Chapter 919
"Governor, what should we do? There are rumors about us having not enough funds."
Basong was worried as this time, the rumors are true. They dont now have enough funds.
Last year, the Thai Government still had 30 billion USD in its foreign reserves. But since the start of this year, Thailands trade had dropped, and they only have around 20 billion USD. Earlier this year, they had also used a portion of it against the Soros. Now, their foreign reserves are running low.
Basong realized he had underestimated Soros and the international speculators. This time, he is not only facing Soross Quantum Fund, and there must be another group of people involved in this.
Basong had thought he could hold those international speculators in a stalemate and then crush them in one go. But now, it seems that it will be the Thai Government who will be crushed.
Basong suddenly has an idea. I can also spread rumors against you all.
Huh? Is this possible?
Feng Yu was watching Thailands news and saw Basong standing in front of the reporters telling them the Thai Government had changed their Yen and Germanys Mark to USD. With their USD in their foreign reserves, they still have 30 billion, and they will win!
"Brother Feng, Thailand still has Yen and Mark in their reserves?" Fu Guangzheng asked worryingly.
"Yes. In their reserves, they have three types of foreign currencies. But their foreign currencies policy will not allow them to have more than 50% of Yen in their reserves. Their Mark will not be over 10%, and these figures are the maximum."
"That means they are lying?" Fu Guangzheng was relieved.
"Its all fake news. They should have finished spending their Yen and Mark a long time ago. Yesterday, they should have used their Yen to pull Thai Baht rates up and used their Mark this morning. They had changed all their foreign currencies to USD to buy Thai Baht. I wonder how did this Basong become the Governor of Thailands Central Bank."
Any currency can be used to buy Thai Baht to push the rates up. It does not have to be USD or Yen. The person who wrote this speech for Basong must be an idiot who is clueless about financial trading!
"Based on your estimations, how much do you think they have in their foreign reserves now?" Fu Guangzheng asked.
"It will not be more than 5 billion USD. By tomorrow, they will use up all their money!" After todays wave of attacks, Thailand will be using their last resort tomorrow.
"That means the winner will emerge tomorrow?" Fu Guangzheng was overjoyed. This is an easy victory, and does that mean his investments in Wind and Rain Consulting Firm will generate returns?
Feng Yu rolled his eyes. "Didnt I mention this to you before? What will you do if your business has cash flow issues?"
"You are saying that Thailand will get help or borrow money? Do you know which countries they will approach?" Fu Guangzheng remembered Feng Yu had mentioned about this before.
"Most likely it will be Singapore, followed by Japan and Indonesia. After that, they will approach Malaysia and Taiwan. But regardless of the countries, the amount they lend to Thailand will not be significant. Ten billion USD should be their maximum, as these countries also do not have enough foreign reserves themselves. Whichever country that lends Thailand, the money will be our next target!"
The foreign reserves of those countries are not high, and they still dare to lend money to Thailand? This is like seeking death. Lending money to Thailand will not change anything and will increase their countrys risk. The countries that lend Thailand money must be an idiot!
Anyway, Feng Yu had spoken to Iron-fist Zhu about this, and China will not lend a single cent to any Southeast Asian countries these two years.
"Can Soros predict these to happen?" Fu Guangzheng asked.
Feng Yu slapped his forehead. Please That Soros is the worlds best hedge fund manager. How can he miss something this obvious?
Even if Soros is drunk or had gone senile, the four fund managers under him will also know about this. The rest of the brokers under Soros are also elites.
With your knowledge in financial trading, you still dare to doubt Soros?!
"Dont think other people are at your level, ok? Do you think Professor Liang does not know about this? Do you think your eldest uncle cannot tell what is going on? You can ask any of the brokers in the main office. Which one of them does not know about this? If you discover any one of them who couldnt tell the Thai Government is lying, let me know. I will fire him immediately." Feng Yu replied.
Fu Guangzheng smiled embarrassedly. "I am only asking casually. Err I shall not bother you. I still have worked at the trading company."
Basong knew the Thai Government does not have enough funds and had wanted to scare Soros away with the fake news. But he realized that it is ineffective. It could only slow down the rate of their stock market falling.
The stock market falling slower is not enough to save their economy. Many foreign investors are still withdrawing their investments, and those international speculators are not stopping at all. They are still dumping Baht. If Thailand still does not find new funds within two days, they are finished.
Basong had no choice but to request the Prime Minister for help. He hopes the Prime Minister will get the rest of the countries in the region to help pull up Bahts rates or lend a sum of money to Thailand.
Chavalit was still feeling confident after watching the news, and it was only after Basong met him, he realized Thailand is broke!
Chavalit is an Army General and is not good in politics, let alone economics. The news report on TV had fool almost the whole nation, including Chavalit.
"You are saying that if we still cannot borrow a sum of money tomorrow, we will be finished?"
Chavalit almost took out his gun to execute this damn Basong on the spot! Damn! This situation is so bad, and you are only informing me now? With only one day, even if I can get a loan from other countries, we must pay a heavy price for it.
But Thailands losses will be significantly higher if Thailand did not borrow money. Basong told Chavalit that if Bahts rates plunged, Thailands economy would crash, and there will be severe inflation. Just Thailands external debt can bankrupt the nation!
"You must hold them off at all costs while I borrow money. If you tell me that it is too late before I can borrow money, I will execute you!" Chavalit was furious.
Basong returned to his office and immediately called for a meeting with economists and financial trading experts. They must find a solution as soon as possible.
Strategies are useful if both sides are on the same level. But if one side is overpowered, strategies can only slow down their defeat.
Soros was holding a glass of champagne. The Thai government does not have money?
Haha we still have money!