George Soros Equates the Economic Situation in China to that of the United States Prior the Global Crisis of 2007-2008

George Soros has managed to make a name for himself through his predictions. In the past, Soros managed to make $1 billion in terms of profit after betting that the United Kingdom would have to devalue its pound. Consequently, this led him to break the Bank of England in 1992.

Recent Prediction

Billionaire and philanthropist George Soros has yet again predicted global market crisis on similar to the one experienced in the US in 2007-2008.Unlike the 2007 global crisis, which was triggered by the United States sub-prime market, he predicts that the upcoming one will be precipitated by China’s exportation of deflation to other nations. Consequently, George Soros has indicated a resemblance of China’s current economic status with that of the United States prior the 2007-2008 global recession.

On Wednesday, Soros proclaimed at an Asia Society occasion held in New York that the growth in Chin’s credit ought to be viewed as an alert. Soros has continued to defend his betting against the Asian currency by proclaiming that the banking system in China on has fewer deposits than loans with major troubles on the liabilities side. However, Soros is positive about the foreign exchange policy made by China citing that linking the Yuan with many other currencies apart from just the dollar is a healthy move.

The Head of Asia-Pacific Sovereigns at Fitch Ratings, Andrew Colquhoun also asserted in an interview in New York that he was concerned about how China had gone back to borrowing heavily. He said this because China already has an unsustainable debt burden.
Read more: George Soros Equates the Economic Situation in China to that of the United States Prior the Global Crisis of 2007-2008

An In-depth Look at George Soros

Apart from being a top philanthropist and renowned billionaire, George Soros is widely known for strongly airing his views and opinions on diverse global matters including, European refugee crisis as well as political matters. George Soros is a native of Budapest, Hungary in 1930. However, he had to flee his home country due to its invasion by the Nazi during the World War II. He managed to settle in England and later enrolled at the London School of Economics. Soros fortune and glory began after moving to the United States where he founded the Soros Fund Management after working and resigning from several entities.

True to his character to air his opinions, George Soros is an author who has written several materials including books and essays such as his recent one, A Better Plan for Refugees. His books include the Tragedy of the European Union, which was published in 2014.Most of his essays or articles particularly on economics, politics, and society, are published in magazines and newspapers across the globe. In addition, Soros has strongly been advocating for transparency, open society, and human rights in the world through his Open Society Foundation.

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