The Hungarian-born billionaire George Soros had predicted and warned on the market downfall in 2008 and advised investors to pull away their investments and join others. Currently, Chinese Yuan is losing value and due to that problems are transferred to the rest of the world as their economy is enormous. According to Soros, it will be difficult for the country to regain the positive interest rates using their currency a situation that was similar to that of the market fall in 2008. A total of $2.5 trillion global equities had to be wiped, and that deepened the losses and halted the trade. The current situation in China reminds George Soros of the 2008 financial market crisis.
George Soros is the owner of the Open Society a network of partners, projects and foundations whose aim is to promote equity through an accountable government. He is also known for his philanthropy like in 1979 he helped apartheid-stricken black students with scholarships to study abroad. When the Berlin Wall fell, Soros also created the Central European University to promote critical thinking. He expanded to other countries in the world, and his biggest support has been to paralegals and lawyers. In the natural resource extraction industry, Soros came up with an international system that brought transparency kicking local tyrants out.
He has authored a number of articles and books. In his article published in The Bloomberg , “What Should Be Done”, Soros advocates that for the EU and Russia to solve the crises at hand, they need to give preferential treatment without neglecting any issue. In his case, Ukraine should be a top priority issue since it has been occupied and corrupted by a political class that runs everything. The only way that Ukraine can be saved according to him is through financial assistance in both large scale and giving incentives to the private sector, for instance, the state gas monopoly. Click here for more information.