George Soros is among the richest people in the United States of America. Not long ago, the billionaire said that the economy in China is full of debts, and it resembles what was happening in the United States in the year 2007 before the international financial crisis took place. The financial crisis was originating from the US, and it gradually spread to the rest of the world, bringing serious financial issues to the international community.
According to the billionaire, the credit figures from the country that show the growth of the economy are clearly showing a lot of bad signs, and he is warning investors to be extremely careful when making their investments. According to some recent reports from the country on Bloomberg, the government of China has been prioritizing the growth of the economy over the amount of debt it has accumulated.
The Hungarian born investor says that the current issues that are being experienced in China have all the resemblance to what took place in the United States before the financial crisis that affected the whole world in the year 2007 up to 2009. According to George Soros, the amount of money that is being supplied by the banks is required to keep the loss making and bad debts enterprises alive.
George Soros is very wealthy. He has made all his wealth in the United States after relocating from England where he went for his education. His fortune is estimated to be about twenty-four billion dollars. Immediately after making these remarks about China, The China government has been on his neck, exchanging words that he is wrong about the comments.
However, these remarks have not made the billionaire to change his mind. According to him, the banking system in the country at the moment has more loans that the deposits it is getting. He also believes that there are a lot of problems on the assets side and also in the liabilities side. For a developing country like China, getting a positive interest rate will be a huge challenge at the moment, and he asks investors to be careful this time around to avoid getting serious losses.
George Soros is the Founder of the Soros Foundation. This company deals with several investments, and it has given him a lot of wealth since it was started years ago. He is also the founder of Open Society, a charitable organization that has done a lot in different nations in the world. His organization plays a major role in over one hundred nations in the world. In South Africa, the Open Society helped the black young students to get quality education, and in other African nations, prisoners managed to get justice thanks to the organization. He is also active in the politics, giving massive amounts of donations to support candidates in the elections.
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