George Soros is a well-known billionaire and founder of the Open Society network located in more than 100 countries around the world. The primary goal of coming with the Open Society networks was to have accountable government institutions, total respect and upholding of people’s rights together with having openness in the various public institutions. The billionaire rolled out his philanthropy back in 1979, where he began by offering scholarships to students attending to Cape Town University in South Africa. The philanthropist has expanded his projects to various countries including the United States, Africa, and Asia. The organization has also helped bring justice to those individuals that have been convicted for many years without getting any legal representation.
The latest announcement from George Soros was about the crises that are currently affecting the market. The philanthropist was cautioning investors present at an economic forum in Sri Lanka to be cautious. He also pinpointed the problem facing China’s economy and how the issue the devaluation of China’s currency is now growing to become a global issue. Soros also talked about the problems being faced by the developing world countries whereby they are not able to get back into the positive interest rates.
The beginning of the New Year has experienced the slow growth of the global currency, stock and commodity markets. The devaluation of the Yuan is now a major threat to the growth of China’s economy. The country is going through a change in a negative trend. The investment and manufacturing industries are being replaced by consumption and services. Soros states on Bloomberg that China is facing an adjustment problem, and it is now growing to become a crisis. The businessman and author state that the current situation in the world economy takes his memories back to 2008 when there was a crisis all over.
Back in September 2011, the Soros had a predicted that a 2008-like catastrophe would hit again. He labeled the Greece-born European debt crunch to be a major crisis compared to the 2008 crisis. According to data posted by the Bloomberg Billionaires Index, Soros net worth is estimated at 27.3 million US dollars. The billionaire earned his reputation back in 1992 when he netted one billion US dollars after he correctly predicted that the U.K would have to devalue the pound.
The measures of volatility are reported to be intensifying this year. The Chicago Board Options Exchange Volatility Index is reported to have grown by 13 percent. The Nikkei Stock Average Volatility Index is also said to have increased by 43 percent at the beginning of 2016. The organization is responsible for measuring the costs incurred in the protection of Japanese shares. Merrill Lynch index of anticipated price swings in Treasury bonds has also shot up by 5.7 percent. The Communist Party of China has promised its people to increase the convertibility rate of Yuan currency by 2020.