George Soros is a foremost authority in matters of financial management and investment. Soros has gathered this expertise over five decades of practicing investment banking and entrepreneurship. He is known for his outspoken nature which makes him court controversy at times.
The most recent controversy courted by Soros came after he pointed to the resemblance of the Chinese economy to that of the US before the global crisis of 2008. The statement made at a World Economic Forum in Davos this January on http://www.nybooks.com/contributors/george-soros/ made Chinese authorities furious and were quick to dismiss Soros. Indeed, there has been a soaring demand for credit from many firms in China with most banks supplying the much-needed cash.
George Soros felt the Chinese economy could not avoid a terrible recession cycle and even went ahead to bet against Asian currencies where the crunch is already being felt. At this point, it’s important to remind the Chinese and other experts that this is the same Soros who made billions in dollars on http://www.forbes.com/profile/george-soros/ speculating against global currencies a few decades ago.
A resurgent credit market allowed the Chinese economy to jump-start its growth thanks to the real estate and property industries. The unsustainable borrowing habits also made other experts fearful of a looming crisis ad China’s debt burden piles up. Eventually, the Chinese economy will eventually collapse under its weight and when that happens it will have serious ramifications for the rest of the world economy.
Chinese authorities should be worried after the George Soros warning judging by his accuracy in predicting such market behaviors’. In 2007, Soros was on the forefront of calling for sanity in the credit and financial market. While the global economy took a hit in 2008 and took long to recover, George Soros saw yet another fatal European debt crisis brought about by Greece back in 2011, and it came to pass. The Greece case threatened to collapse the entire European Union as it even tried to bail out the country.
Read more about this: George Soros Points at the Chinese Economic Time Bomb
George Soros leads an exciting life. He grew up in the City of Budapest in Hungary at one of the worst times in European and World history. Caught up in war, Soros sought refuge in England where his life turned around thanks to education opportunities afforded to him. Upon completion of his studies at the London School of Economics, Soros set out on a career in investment banking. He achieved monumental success in three decades of practice and eventually retired with his legacy intact.
Today, George’s life is dedicated towards philanthropy through the Open Society Foundations located in over 100 states around the globe. These groups alleviate societal problems and promote education, justice, human rights and good governance.
Visit Open Society Foundations website to know more about George Soros.