In the world’s economic history, very few crises have ever reached the devastating extent of the 2007-2008 American instigated global economic crisis. The credit markets anomalies on http://www.investopedia.com/university/greatest/georgesoros.asp caused this crisis that at this widespread in the American economy. At this time, America was the world strongest economy. Thus, nearly all countries worldwide highly valued the dollar and had large reserves of this currency. In the wake of this crisis, the credit markets in America crushed and the dollar lost value. This effect was carried to all economies globally that had the American dollar in its markets. This devaluation on https://www.project-syndicate.org/columnist/george-soros brought forth a major crisis in the global markets.
Starting early 2015, China, the current world largest economy, initiated its economic revolution plan. In this plan, this country is moving its economic dependency from the manufacturing and production industries’ to the consumption and services sectors. George Soros, a billionaire businessman, says that this economic movement by China is causing bad effects on the global markets. He added that with time, these effects have the potential of resulting in a full blown global economic crisis. This global human rights and democracy philanthropist also added that there already signs in the market that indicates that this crisis may be as major as the 2007-2008 American instigated global economic crisis. George Soros shares an example of markets in third world countries which are know experiencing a major crisis with steadily rising interest rates.
George Soros also cited that the Asian markets situation in this markets things have been so bad. This market has so far experienced an over $2.5 trillion loss on its Chinese equities. On Thursday, the first week of the year 2016, the stock markets on https://www.opensocietyfoundations.org/people/george-soros in this region were forced to close down for the remainder of the day to prevent even greater losses. George Soros says that this Chinese crisis gets worse with time and if nothing is done to set things right, the 2007-2008 global crisis wouldn’t even be able to match up to this. He says that China should revisit its economic reformation policies and go for a less devastating method.
Read more: Billionaire Businessman And Philanthropist George Soros Analyzes The Resemblance Of The Current China Global Crisis To The 2008 American Global Crisis
George Soros has been a major player in the global economic analysis. With his longtime experience in this market where he boasts of great success, he is currently one of the most reliable economic analysts. George Soros started his philanthropic campaigns after he started recording major successes in the business market. He has so far been involved in several history shaping philanthropic campaigns all over the world. He was one of the major donors and crusaders for the fall of communism rule in Germany during the cold war. He was also among the donors who funded Africans in South Africa push for their independence. He also has strongly stood against human rights abuses by modern governments of nations like Russia.