The roots of the crisis stretched back to 1995 and 1996, when the Thais had refused to devalue their exchange rate gradually in the face of China’s rise; speculators had merely forced an adjustment that was ultimately inevitable. Besides, although Soros and Tiger were part of the trigger for the crisis, they were not quite the villains that critics imagined. In particular, Druckenmiller had refused to leverage to the max, rightly fearing a political backlash. As the endgame played out in June, he had actually reduced his position.
I'm not sure I buy the defense. Exploiting a weakness in a countries monetary policy that left millions in poverty helped them? Bull.
