Billionaire George Soros spoke in front of an economic forum recently in Sri Lanka and what he had to say was not as positive as one might have hoped. Mr. Soros is a financial and economic entrepreneur who began his career in 1979. He earned his place in the investment market when, in 1992, he made one million dollars in a very risky venture. He has advanced and earned a brilliant reputation in the field of investments and finances.
Mr. Soros is an expert with immense knowledge concerning international economics on Politico. Bloomberg.com reports that at this seminar, Soros spoke about the present financial circumstances surrounding the globe and compared them to the conditions of the economy right before the crisis of 2008. He focused on global currency, stocks and bonds and the commodity market, saying they were way out of balance.
George Soros spoke about China being in the midst of a tremendous shift in their economy. “The entire country is shifting from investment and manufacturing to consumption and services,” says Mr. Soros.
Asian countries, including China, are experiencing changes with the decreasing value of the yen also contributing to the problems. China has lost $2.5 trillion as the country has been forced to close down trade exchange for two days.
More predictions from Mr. Soros are creating a worldwide economy structure that looks frighteningly like that of 2008. Here are five additional points that he made.
1) Gold is at all-time high prices that are soaring over $1,100 per ounce. American is no longer based on the gold standard.
2) There is an index that assesses the level of fear in society, and it is called the Chicago Board Options Exchange Volatility Index; it is now up 13 percent.
3) Treasury Bonds show projected price changes through a Merrill Lynch index, and this index has risen over six percent in 2015. Merrill Lynch is one of the largest and trusted investment firms in the country.
4) Interest rates through the People’s Bank of China have been cut to record lows in order to attempt to restore the Chinese market.
5) The authorities have already added billions of dollars to equalize their economy during the transition of their economy.
Mr. Soros considers himself an active liberal on theatlantic.com, and he participates in politics by contributing millions of dollars to the leaders he believes can effectively lead America. Recently, he contributed the largest amount on record, which was an $8 million donation for pro- Hillary campaigns. This is the largest amount Mr. Soros has ever contributed to a single candidate since 2000.
These economic predictions have stirred controversy in the financial community so that measures might be taken to turn the market around before another crash occurs.