This is not the first time billionaire investor, political activist, and worldwide philanthropist George Soros has profited from his worries over economic doom. He made well over a billion dollars in the 1980s, selling the British currency short. He saw the handwriting on the wall and invested accordingly. Now he is predicting a global recession, based on China’s economic downturn and expansion slowdown.
It has been several years since Soros did any major investing. Now he is guying gold mines and gold itself, the most bearish investment of all. It might be smart to heed his warning. Time will tell, but for now, analysts are sounding the alarm. He has made public comments, which having made their way into the Wall Street trade press, indicating his new stance as an investment bear. His significant sales of long-held equities and turning around and buying gold is quite telling. He is rumored to be worth in the neighborhood of $30 million.
A Bearish George Soros Is Trading Again
It is the fluctuations in China’s market that seems to have Soros for concerned. He has made statements to the effect that he believes their weakened political machinery, coupled with rampant corruption, will soon result in their financial picture being flushed down the toilet. George Soros likens the current situation, which he believes will result in worldwide depression or at least a very bad recession, to that of Europe when Greece defaulted on its loan to the European Union. But that problem only basically affected Europe in the West. The problems in China will certainly deeply disturb all of Asia, and probably also the rest of the world.
George Soros in a smart businessman who was once a very poor immigrant from Hungary, where he was born in the year 1930. He survived the Nazi atrocities in his home country during their occupation in World War II. He escaped to England during the Cold War and later, in the 1950s, graduated from London’s School of Economics. After that he immigrated to the United States and worked hard to build his fortunes from absolutely nothing. He has always held very strong views on social justice and human rights. to this end he founded the Open Society Foundations (OSF) to help spread democracy and pervasive human rights to all countries of the world. Most of this information came from this Wall Street Journal article.
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