On January 6, 2016, the Bloomberg reported about George Soros prediction about an upcoming crisis for the global markets. He made his assertions during an economic forum, which was held in Sri Lanka. He also warned investors to be extra careful with their investment ventures in a bid to avert making a loss.
Soros, the outspoken billionaire and philanthropist, made a name for himself in the past by making a prediction about the devaluation of the pound by the United Kingdom on https://www.facebook.com/breakingpolitical/posts/1562000144097945, which saw him make a billion dollars. Away from that, he is well known for his wisdom in investment matters since he began his career back in the 1950’s. Currently, his net worth according to Forbes is estimated as $27.3 billion.
George Soros likened the current global market to the 2008 global financial crisis, which believed to have started in July 2007. The US investors lost their confidence in the worth of sub-prime mortgages, and this triggered a liquidity crisis. Consequently, this caused an injection of high capital into the economic markets by the US Federal Bank. The stock markets across the globe crashed as the crisis became worse by September 2008.
China’s Economic Situation
Soros proclaimed in Colombo that China on http://www.cnbc.com/2016/04/12/soros-european-union-in-mortal-danger.html had been experiencing tough times in its effort to acquire a new growth model. He blamed China’s currency devaluation for transmitting problems to other nations worldwide.
During the first week of 2016, the commodity markets, global currency, and stock were experiencing difficulties. In addition, the Yuan was raising eyebrows regarding the economic strength of China as it geared itself towards transitioning towards services and consumption from manufacturing and investment. George Soros was also reported saying that China’s adjustment problem would lead to a crisis such as that experienced in 2008.
An In-depth Focus on George Soros
George Soros is a top billionaire in the United States whose popularity extends in many spheres such as politics, finance and philanthropy. Natively from Budapest in Hungary, he managed to evade the Nazi occupation of Hungary in 1947, which was during the World War II. His escape landed him into England and later became an alumnus of the London School of Economics. It is in the London School of Economics that he developed a change in opinion and embraced the open society philosophy from his lecturer Karl Popper. After moving to the United States, he developed the Soros Fund Management, which became a great source of his wealth.
His philanthropic endeavors started after funding students in South Africa to study at Cape Town University. He later founded the Open Society Foundation, which currently operates in over 100 nations worldwide. Soros is also credited for establishing the Central European University in a bid to encourage critical thinking upon the collapse of the Berlin Wall. Through the Open Society Foundation, he has helped to fund lawyers and paralegals to offer their representation services to individuals held in captive without legitimate representation or false accusations. In addition, he has managed to publish various materials in form of books, articles, and essays that revolve around the society, politics and economics.
The information can be obtained from https://www.opensocietyfoundations.org/people/george-soros