George Soros is a billionaire investor and hedge fund manager who is best known for running his own hedge fund for the past few decades. Over the past fifty years, he has amassed a massive net worth in excess of $25 billion and is now one of the wealthiest people in the world.
While Soros is not as active in the management of his company as he once was, he is still very up to date as to what is going on in the world. George Soros is frequently interviewed and asked by Bloomberg for his opinion on social and economic issues that the world is facing. This was month he was interviewed and gave interesting opinions comparing the current global economy to what was faced in 2008.
Overall, Soros has stated that there are many comparisons to 2008 that make in concerned about the near-term economy. While the 2008 bubble was largely focused on what occurred in the United States, the current bubble is affecting countries such as China and other emerging markets. One of the biggest concerns he has is over the slowing of the Chinese economy. While China was considered a fast growing economy a few years ago, it has now slowed and the country has taken many steps to get the economy growing again. These changes, including devaluing its currency, have had ripple effects on stock markets across the globe. Overall, many markets across the world are down more than ten percent compared to where they were just a couple years ago.
Another economic concern is the continued decline in oil prices. Oil is down more than fifty percent compared to its highs in 2014 and it does not seem like a rebound is coming anytime soon. While this has been good for the average consumer, who is now able to save at the gas pump, it is having a devastating affect on some global economies in the Middle East and parts of Europe. These countries, which were once considered to be very wealthy, are now facing serious financial challenges and could be facing insolvency in the near future.