George Soros is a Forbes billionaire financier from Budapest, Hungary, who made billions of dollars in wise investments and worldwide currency trading. His net worth according to the Bloomberg Billionaires Index is 28.5 billion. He is the founder and president of Open Society which is a network of foundations,partners,and projects in more than 100 countries.
Present stock market values in the U.S. reminds him of the disaster we had in 2008 when the stock market took a 50% plunge which was not the largest downturn in history,but more brutal because it took 18 months in comparison to The Great Depression, when the stock market took a 90% drop and took over three years.
George Soros sees a major imminent dilemma in the universal financial markets worldwide, and he emphasizes that investors need to be very guarded and knowledgeable when investing.
A rebound to decisive interest rates is a crucial test for the evolving world.
Currency stock along with assets markets were on shaky ground during the first week of this year.
It is his opinion that China’s efforts to find a new expansion model and its currency decline is transmitting problems to the rest of the globe. The drowning “yuan” is definitely adding worry as it pertains to China’s economy, as it changes position from expenditures and manufacturing aiming towards consumption and services.
China has a grave alteration problem which is leading to the widespread plight.
When he looks at the overall picture of the financial market it does literally reminds him of the crash of 2008.
China’s Communist Party has affirmed to raise the “yuan’s” convertibility by 2020, and to steadily disassemble capital controls.
Wider attempts,marketintercessions,rule modifications offset and impact slowest growth rate in a quarter century.
China is the world’s second largest economy which is weakening even after Peoples Bank of China,sliced interest rates and fed hundreds of billions into the staggering economy.
Three years ago George Soros forecasted that China was steering towards hard economic times.
Jim Rogers is a former partner of George Soros, and stated that China is unjustly accused for the global dilemma,and that these problems did not begin in China, but rather these problems arose from the indebted U.S. Government and Japan and Europe..
Almost 2.5 trillion was rubbed away from the value of global equities this year along with losses in Asia, as a dive in Chinese equities froze trade for a day.
George Soros says that our country’s banking system in turmoil and the shift to consumer led economy will not be a simple task and slower growth could jolt confidence and ultimately, hasten the occurrence of a hard landing.
The present growth model can prolong for no more than two years.