George Soros exposes that the current economic situation resembles the 2008 crisis

George Soros, founder of Soros Fund Management and Open Society Foundation, applies his vast experience in the market to remark that the current economic environment may have a resemblance to the 2008 catastrophe and suggests investors to be alert.

Soros stated in an economic forum in Sri Lanka in January that China’s economy and its lack of adjustment may affect investment and manufacturing and may shift towards consumption and services. The currency devaluation on http://www.biography.com/people/george-soros-20926527 will affect the whole world and can lead to a crisis that will affect the financial market similar to the one in 2008. The economy of China remains unstable, even with the action by People’s Bank of China to cut interest rates and introduce millions into the economy.

George Soros was born in Budapest in 1930, and fled to London during the World War II Nazi occupation where he graduated from the London School of Economics. He later migrated to the United States and since then has acquired a large fortune from international investment fund. He is an active philanthropist and states that the world is imperfect, and what is imperfect can be improved; following this thought, George Soros founded the Open Society Foundation in 1979 which focuses on giving support on democracy and human rights in over 100 countries. This foundation focuses on worldwide programs to build tolerant societies with the help of governments and its citizens. George Soros is also a renowned writer, publishing several books and contributing with an economic point of view in prominent newspapers and magazines. His knowledge and success in the financial and investment fields has made his recommendations and insights widely followed.

Soros predicted in 2011 another catastrophe alike to the one in 2008 with the European crisis on http://www.investopedia.com/university/greatest/georgesoros.asp, stating that this crisis was more serious than the one that took place 16 years ago. Europe is facing several crises at a time; the euro devaluation, the crisis in Greece, British and its decision to remain part of the EU and also Russia’s confrontation against Ukraine. George Soros states in his article that the external threat of Russia against Ukraine should be the first one to attend and be treated as a “defense expendure”, since it might bring unification within the European Union.

Soros foresees that the actual global market echoes the one in 2008 this can lead to a change of action in investors around the world. Visit Open Society Foundations website to know more about George Soros.

Sources:
http://www.bloomberg.com/news/articles/2016-01-07/global-markets-at-the-beginning-of-a-crisis-george-soros-says

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http://www.georgesoros.com/

April 14, 2016