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Saturday, 21 July 01:54 (GMT -05:00)

Business And Politics News

George Soros: New Global Crisis Is Coming


While analyzing the current geopolitical situation in the global arena, many experts warn us about serious threats. For example, famous billionaire and financier George Soros predicts another global crisis in the near future. Even though his predictions are controversial at best, many representatives of the international community take his words for granted.
During his speech in Paris, the entrepreneur said that “everything that could have gone wrong actually went wrong”. According to him, Europe will have to face an inevitable threat. In particular, he thinks that a stronger dollar (it has been strengthening for quite a while) coupled with a flight of capital from emerging markets may eventually lead to a new global crisis. On top of that, the disruption of the nuclear deal between the United States and Iran and the disintegration of the transatlantic alliance between the USA and the EU are also dangerous and may eventually undermine the vulnerable European economy and trigger national currency devaluation in emerging economies.
It’s interesting to note that the reputable investor mentioned these threats shortly after the Italian bond yields reached log-term highs. At the same time, Turkey, Argentina and some other emerging economies have been trying to curb the inflation that once went out of control.
Still, Mr. Soros addressed the gloomiest forecast to the EU. He thinks that a lot of mistakes has been made over the last few years, including the refugee crisis and austerity policies, which eventually resulted in populist politicians coming to power in many European countries. Mr. Soros also assumes that the Brexit and some other disintegration things in the EU have created extra threats to the very existence of the European Union.
Ways Out
Mr. Soros offers a number of ways out of the difficult situation. In particular, Europe has to come up with (and finance) some kind of a Marshall Plan for Africa. This will cost Europe around 30 billion euros. This solution will help to ease the migration pressure.
On top of that, Mr. Soros promotes the idea of making cardinal changes to the EU (like abandoning the requirement to going the Eurozone for the members). He assumes that the common European currency has a number of problems, which may destroy the EU if ignored and escalated. To be honest, many of the ideas put forward by Mr. Soros are criticized by international experts.




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