In the Global Financial Market, George Soros is a Prominent Voice to be Heard
George Soros has been behind the political and international scenes for several years, ever since Politico reported he spent over $25 million to remove President Bush in 2004. In 2015, he came back into the headlines when he donated a total of $8 million during this year to pro-Hillary PAC groups.
An organization is considered a political action committee or a PAC when it handles more than $2,600 to influence in a federal election. A PAC gives the funds in the campaign either for or against a candidate. George Soros is a political philanthropist who stands for his convictions.
Soros is an experienced hedge fund investor who is worth over $27.3 billion. He founded his firm in the 1950s, and in the 1960s, he made one million dollars on a long shot, which earned him the reputation of a financier with incredible prowess and a sense of the future. Recently, he made an announcement that that he has observed signs in the global market that resemble those surrounding the crisis of 2008.
Mr. Soros has been a philanthropist for over 50 years, but in 1979, he decided that he had made enough money, and he established the Open Society. The Open Society helps in an imperfect world, and one way he has done this is by giving scholarships to black students in Cape Town. Mr. Soros recognizes his success offers him a greater degree of independence than most people, and it allows him to stand on controversial issues. Mr. Soros is aware of his responsibility in the financial arena and lives up to it.
The financial crisis of 2008 was the worst financial downfall in the history of global finances. Here are five signs that Soros sees as similar to that time in the market.
1) Gold prices are rising and are at an all-time high of over $1,300 an ounce.
2) The yen is losing value quickly because of the shift in the Chinese economy and there is a $2.5 trillion loss in China since the beginning of 2016.
3) Chinese equities halted operations on two separate occasions.
4) The fear gauge or the Chicago Board Options Exchange Volatility Index is up 13 percent.
5) China’s losses have affected the economy of the rest of Asia.
On a panel in Washington, Soros said that these facts and others could amount to a crisis that is much more serious than that of 2008. With 2016 being an election year, Soros has made his voice known in donating a $6 million check directly to support Hillary Clinton. George has always been a liberal and is not quiet about his endorsements.