George Soros is a man who stays very active in areas related to finance and philanthropy. Recently, he has made himself more available to the media than in the past. He is not appearing on international news channels for whimsical purposes. Soros has decided to address a very serious and dire situation. Soros, like many economists and analysts, feels the current financial landscape is shaping up to be much like 2008.
In the fall of 2008, the global markets nearly collapsed after a financial meltdown, a meltdown that led to the Great Recession. George Soros recently appeared on Bloomberg television to discuss the matter. His hopes are someone in power listens to his words and reacts in the right manner.
Soros has made a prediction before about a repeat of 2008 looming. A few short years ago, he noted the fiscal situation in Greece had the potential to drag the global economy down. The crisis was averted, but Soros points out the way the problem was circumvented was based on a short-term fix. He feels addressing the problem in a definitive manner is never done. As a result, the problem of Greece’s collapse always remains.
The tumult in China is, of course, fueling a lot of economic concerns as well. The currency in China has done poorly as of late. The value of the yuan is suffering immensely from the stock market disaster that has affected China. $2.5 trillion in global wealth disappeared as a direct result of the collapse of the Chinese stock market. Currently, it does not appear China is able to get itself back on the proper track. Since China’s economy is integrated with the rest of the world’s, troubles in the Chinese market have the potential to spread far beyond its borders.
The People’s Bank of China is working on cutting interest rates, and the government is looking to take various other measures. Whether these steps eventually work relies on a time will tell attitude.
In other interviews, Soros has noted the European Union could collapse due to a host of problems ranging from the migration crisis, Great Britain’s exit from the EU, and Russia’s incursions into the Ukraine.
George Soros’ personal biography shows he knows a lot about finances. He has been a successful hedge fund manager and currency trader for several decades. Soros is also involved in many philanthropic causes, and he is a fixture on the global political scene. His Open Society Foundations have a presence in numerous countries.