George Soros does not see the global financial environment as very good for business at the moment. If anything, he thinks it is very similar to the global financial crisis of 2008 and he warns and cautions all investing in either stock or in the financial world to tread with a lot of caution. He gave the remarks at a recent World Economic Forum in Sri Lanka. George is pretty concerned about the way China is struggling to identify a new growth model now that it is making a paradigm shift from manufacturing to offering services.
He pointed out on Bloomberg that before China regains its strength in positive rates, it will bring forth a lot of challenges to the developing world therefore, making the environment synonymous to the financial crisis of 2008.
In the debut trading week of 2016, a lot of losses were experienced in the financial markets with the Chinese Yuan making a very big nose dive south. More than $2.5 trillion was wept away in losses with the biggest impact being felt in Asia. Speaking at a past Washington economic conference in 2011, he had warned that the Greece-born European debt crunch would have bigger crisis than that of 2008.
Soros is the world’s richest hedge fund manager. Between 1969 and 2011, his hedge fund managed to make average annual gains of 20%. He has a net worth of not less than $27 billion and is well respected because of his ability to foresee and also to invest. In 1992, he made news headlines when he broke the Bank of England by netting a bet worth $1 billion and by that, forcing the United Kingdom to devalue the pound.
When he felt that he had made enough financial success in around 1979, he felt that it was important to become involved in philanthropic matters involving the community. He began by giving scholarships to black students in South Africa who were bright and had no money for fees. In the 1980’s, he was very instrumental in undermining communism in the Eastern bloc when he provided Xerox machines that played a very big role in supporting cultural changes.
When the Berlin wall fell, he was again involved in creating the Central European University so as to promote matters related to critical thinking. He was very instrumental in expanding his philanthropy to countries in the United States, Asia and Africa through his Open Society Foundations.
The foundations have played a very big role in supporting paralegals and lawyers to represent thousands who are unlawfully held. He is very passionate about providing a voice for the voiceless and especially from developing countries. He is an excellent example of an individual who has struggled to get where he is and after that, helping the world become a better place.