George Soros Predicts a Global Financial Crisis Similar to that of 2008

Market weakness negatively affects business in the aerospace, consumer products, technology, luxury product, and automobile industry. The energy sector has been a primary hint for looming crisis that might hit the global markets in the future. The reduction of oil prices may be of benefits to consumers, but not to millions of investors in the energy industry. During an economic forum held in Sri Lanka, George Soros advised investors to be cautious since the global markets will face an economic crisis.

George Soros opinions

According to Soros, China is under huge pressure to establish a new growth method and the continued devaluation of its currency has transferred problems across the globe. Upward growth and stabilization of interest rates on prove to be a difficult task for the developing countries. Soros believe that the current economic environment is similar to that of 2008 global crisis.

During the first week of 2016, the global currency, commodity, and stock market were under enormous pressure. The devaluation of Yuan has been a source of concern about the stability of China’s economy. The nation is transitioning from manufacturing and investment to services and consumption.

Soros believes that China is lacking an effective adjustment strategy, which could lead to economic instability and crisis. These similar events characterized the global financial crisis of 2008. George Soros has predicted a catastrophe similar to 2008 on several occasions. For instance, in September 2011, Soros rated the Greece debt crisis to be more severe than that of 2008.

Funds associated with George Soros began to increase by 20 percent since inception in 1969 to 2011. In 1950, Soros relocated to New York City and started his career. He was recognized as a terrific investor in 1992 on after correctly predicting that the UK will have to devalue the pound, and earned a record $1 billion.

Factual details on George Soros

George Soros is a self-established billionaire, prominent entrepreneur, and a human rights activist. He was born in 1930 in Budapest and relocated to England after fleeing from the Communist-dominated Hungary during the World War II. He pursued both bachelor’s and master’s degree in economics from the London School of Economics. After settling in the United States, Soros established a series of successful businesses and investment funds that gained global presence over time. His funds generated and continues to generate the high amount of incomes that has made George Soros a high net worth individual.

Philanthropic activities

George Soros became an active philanthropist in 1979 when he started to support youths who were under apartheid rule in South Africa to not only attend college, but also graduate and establish a successful professional career. He founded the Open Society Foundations that currently operate in over 100 countries, and its annual expenditure in 2011 was $835 million. The aim of the society is to promote human rights, transparency, and government accountability. Soros is an established author who has published several books like The Tragedy of the European Union in 2014. He is a columnist for popular magazines and newspaper. His essays and articles cover topics on society, economics, and politics.

George Soros Predicts a Global Financial Crisis Similar to that of 2008