George Soros success is one that is understood by many people based on the influence of the financial market, American politics, publications, donor and making controversial statements. First, Soros is Jewish-Hungarian ancestry who holds dual citizenship in the United States and Hungary.
Currently, Soros is the founder and chairperson of Open Society Foundation and Soros Fund Management LLC. He is also famous and widely known as the man who broke the Bank of England after making a short sale of $10 billion dollars’ worth of Britain pounds and made an enormous profit of $1 billion on a day remembered as Black Wednesday in 1992 during the UK currency crisis. His massive wealth on marketrealist.com has made him one of the 30 richest people in the world.
Soros is also known for making controversial statements that raise eyebrows from other financial analysts, government representatives, politicians, organizational representatives and market regulators. For instance, George Soros recently warned the global investors to be careful about the global market that is currently facing a crisis. He gave evidence with the current economic problems in China saying that the country is struggling to acquire a new growth model, and the devaluation of the currency is affecting the global market negatively.
Soros was the first to express worries about the China’s economy at a time the yuan is sinking and as the government makes a move to shift the economy from manufacturing and investment toward consumption and services. According to Soros, China had a significant adjustment problem which he called a financial crisis that resembles the one in 2008.
Soros has had a successful career in the financial world with his hedge fund gained 20 percent per year between 1969 and 2011 and now has a net worth of $27.3 billion according to Bloomberg. Soros has once again released another statement on China’s economy saying that the debt-fueled economy resembles U.S. back in 2007-08. He has given evidence of various factors such credit growth, banks holding more loans than assets and rising housing prices as some of the factors that are very alike.
Soros has referred to the current China’s economic problems as a crisis that he has already placed a bet for because he is sure China will not escape a hard landing. China’s has also responded bitterly to his claims saying that he has made similar claims before and this time is not an exception. Soros says the crisis will be exaggerated when the banks lend heavily to each other hence creating an additional source of instability and uncertainty. Soros is, however, expressing optimism on the steps taken to stabilize the currency through linking to a basket of international currencies because it would help to minimize the risk of competitive devaluation.
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