George Soros delivered a lecture at an economic conference in Colombo, the capital of Sri Lanka. His statements were analyzed by Anusha Ondaatjie, with help from Adam Haigh, published in the January 6, 2016 edition of Bloomberg. Soros asked the question that is on the mind of many investors, should all investors be worried about the economic conditions in China.
The currency of China is being devalued as the Chinese economy moves away from a manufacturing-based economy on http://www.biography.com/people/george-soros-20926527 to a service based economy. Soros knows about currency markets. He was the investor who made more than $1 billion on a currency investment, by betting that the British Pound would loose a substantial amount of its value and he was right, very right.
George Soros was warning investors that the value of the currency of China, the yuan, was losing value and that devaluation would impact all financial markets in the world for the worse. He, of course, was right as the American stock markets plunged at the beginning of the year, losing a large percent of their value.
Soros contends that global markets are facing a crisis similar to the economic collapse of 2008, and investors need to be cautious as China’s economy switches on http://latino.foxnews.com/latino/politics/2016/03/10/billionaire-smackdown-george-soros-funds-effort-to-stop-trump-mobilize-latinos/ from an investing and manufacturing economy to a service and consumption economy. This is a similar progression faced by the economy of the United States of America, once the manufacturing center of the world. Now the U.S. economy is more service oriented while its manufacturing status has been greatly diminished.
George Soros remains an enigma in the United States of Americas. A right wing media campaign, angered because George Soros supported liberal causes and candidates, attempted to discredit him in the same way as they had discredited John Kerry when he ran for president. This attack on Kerry was so virulent and unfounded that it created its own term, “swift-boating”. This attack and others by the right wing were the reasons that Soros provided funding for the establishment of Snopes, the organization created to search for the truth from among the intentional lies, unfounded political rumors, misdirections and political misstatements.
Soros began his philanthropic career in 1979, after he had made enough money to never have to worry about making more. George Soros, then, dedicated his time and money to his Open Society Foundation, a vehicle to help open the way for struggling democracies and to fight the oppression of totalitarian regimes. His organization has been deemed by those in Putin’s Russian government as unwelcome in their country.
Soros has been a brilliant investor making $ billions, a prolific writer, a speaker at various economic conferences, a philanthropist opposed to authoritarian governance. A heroic figure of our times. When he speaks, lectures and writes, we should listen and read.
Read the full Bloomberg article here: Your text to link…