George Soros was recently featured in an article by Bloomberg about his prediction that China’s current debt status is similar to that of the global economic crisis from 2007 through 2008. In the feature, Soros bases his analysis on the credit-growth figures for China from March of this year. Last month, the Chinese government poured $362 billion into the economy, which far exceeded the forecast. He explains that from the figures, it is evident that the Chinese government is currently prioritizing economic growth over keeping an eye on the country’s debt, which has been steadily on the rise. Because China is the second largest economy in the world on http://www.bloomberg.com/news/articles/2016-04-20/soros-says-china-s-debt-fueled-economy-resembles-u-s-in-2007-08, Soros said he is keeping a close watch over the Chinese government’s decision to keep pumping money into losing enterprises to keep them afloat, while the number of loans made by the Chinese government continues to mount without the requisite amount of deposits to offset them. George Soros warns that this is a recipe for ultimate disaster, especially in light of the fact that international investors are growing weary of the unsustainable financial policy of the Chinese government.
Read more about this: George Soros Predicts Disaster for China
Soros is widely consulted for his perspective on international markets and investment trends. His current fortune on http://www.biography.com/people/george-soros-20926527 stands at an estimated $24 billion, which he built up through taking risks on various international markets in part. Soros founded and serves as the current chair of Soros Fund Management and the Open Society Foundations. The Open Society Foundations are a major part of Soros’ philanthropic endeavors and currently operate in more than 100 countries around the world. In 2011, the Open Society Foundations reported annual expenditures that exceeded $835 million in efforts to promote open societies, human rights and transparency throughout the world.
George Soros‘ incredible personal life story provides some insight into his strong commitment to philanthropic causes all over the globe. He was born in Budapest, Hungary in 1930 and survived the Nazi occupation of the country during World War II. Soros was forced to flee to England, where he studied at the London School of Economics beginning in 1947. After that, George Soros moved to the U.S., where he began his career in investing and would eventually go on to make a massive fortune based on his insight into the trends of international financial markets. Given his experience as an immigrant and sensitivity to the impact of authoritarian rule, Soros has been unwavering in utilizing his wealth and resources to prevent similar situations that he experienced growing up from taking hold around the world. Soros has published over a dozen books on a variety of subjects, including politics, social issues, economics and international investing. He is also very active in liberal and progressive political issues and campaigns.