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Main threat to world economy in 2014 is not the Euro-zone but China, says Soros

Tuesday, January 7th 2014 - 06:09 UTC
Full article 17 comments

George Soros says stop worrying about the Euro-zone and look at the slower growth in China. The hedge fund boss, who built his fortune betting on the world’s money markets, is concerned that twenty years of rapid growth is about to run out of steam. Read full article

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  • Anglotino

    Hmm what words am I looking for?

    TOLD YOU SO!

    Jan 07th, 2014 - 08:46 am - Link - Report abuse 0
  • BOTINHO

    Remember the British Pound Sterling devaluation, orchestrated by a man also named George Soros ?

    This man has his own agenda, and is not to be trusted.

    Jan 07th, 2014 - 09:27 am - Link - Report abuse 0
  • Andy65

    Argentina's new besty who would have thought it

    Jan 07th, 2014 - 09:33 am - Link - Report abuse 0
  • Captain Poppy

    Soros is a greedy asshole.....no doubt about that. However the real story here is that South America's Bolivarian Revolutionary group of countries are losing their savior as most expected. Wait until the soy drops 40%, and when oil demand drops for Venezuela, because the US demand on their crap crude already dropped. These next two years might turn hostile.

    Jan 07th, 2014 - 09:43 am - Link - Report abuse 0
  • CaptainSilver

    ...err, Soros is a threat to any countrys economy. Because he can move billions to short currencies and mutiply market forces to ruin decent peoples savings.

    Jan 07th, 2014 - 10:25 am - Link - Report abuse 0
  • Redrow

    True, though Britain went into the ERM too high. Soros merely took bets when we'd fall from the cliff and trod on our fingers to make sure. Having effectively devalued, we emerged from the early 90s recession much faster and robustly that any other nation in Europe. I agree savers therefore lost a chunk of spending power but the nation as a whole benefitted, on that occasion at least.

    Jan 07th, 2014 - 11:10 am - Link - Report abuse 0
  • Philippe

    I for one, believe that China is a model country in many, many ways- if only it discarded Communism, the opium of the people.
    Mr. Soros, on the other hand, is an excellent example of a do-nothing millionaire, and a member of an increasing idle class in the USA.

    Philippe

    Jan 07th, 2014 - 01:18 pm - Link - Report abuse 0
  • Condorito

    If I remember rightly, not so long ago Soros was saying the Euro would break up (in support of his own positions). I am not saying he is wrong about China, only his comments must be taken with a large pinch of salt.

    Does anyone know who the $3 trillion in local authority debt is owed to?
    Is it to the central bank or international banks?

    Jan 07th, 2014 - 01:57 pm - Link - Report abuse 0
  • Heisenbergcontext

    @2 BOTINHO

    Soros also made a mint out of the '97 Asian currency crisis thereby earning the undying enmity of Malaysia's Prime Minister Mahathir - a man famed for his ability to hold a grudge. Some believed that it was Soro's speculation that caused it.

    @7 Philippe

    I think that would be 'do-nothing' multi-billionaire. Strictly speaking.

    Perhaps the most frightening aspect of this debt is less the size of it than the speed with which it has grown. It is well and truly outpacing both G.D.P. and tax collection.

    Jan 07th, 2014 - 02:50 pm - Link - Report abuse 0
  • Pugol-H

    He does seem to make a fortune out of other peoples difficulties, even if he has to create the difficulty in the first place.

    However unsavoury he may be, if he is right about a re-balancing of China’s economy, this would have implications for commodity exporters in SA.

    Jan 07th, 2014 - 04:37 pm - Link - Report abuse 0
  • yankeeboy

    8. There are a number of significant problems in China. There's not enough space to go into them here.
    One of the biggest problems is the Shadow Banking that has been allowed to support/encourage fake growth. There are lots of bankrupt companies out there that right now appear solvent.
    The gov't can always step in and fix this since in the end it is all owned and managed by the Central Gov't
    But
    and its a big BUT
    Will they do it at the expense of increasing inflation, massive layoffs and lots of other sticky problems they'd have to deal with.

    I don't see China lasting in its current configuration for much longer.

    Jan 07th, 2014 - 05:57 pm - Link - Report abuse 0
  • ChrisR

    Don’t you just love the little gripers on her who detest a multi-billionaire because:

    1) “He’s a greedy arsehole” (who has far more money than me and I am very jealous);

    2) “Remember the British Pound Sterling devaluation, orchestrated by a man also named George Soros? This man has his own agenda, and is not to be trusted.”

    It was the British Government that fucked that up and THEY, not Soros, cost me a lot of money and grief.

    3) Captain Silver & Redrow: Spot on! And all the governments who think (like the British did) that they are sacrosanct and “Sovereign” soon find out they are not, but their own people pay for their incompetence, not them. It was ALWAYS thus;

    So who would you want YOUR money (if you have any of course) in the hands of?

    Obuma, CaMoron, The Frog, The Female Kraut, An Italian (who is the PM this week), Rajoy, TMBOA, Cow Pat, the latest Chinese Emperor or Pepe The Arselicker for example? There are many, many more to pick from.

    OR GEORGE SOROS?

    Ha, ha, ha.

    Jan 07th, 2014 - 06:59 pm - Link - Report abuse 0
  • Condorito

    @yankee
    “I don't see China lasting in its current configuration for much longer.”

    I agree.

    I was really wondering here if there are any major international bank exposed to all this Chinese debt..

    China is Chile's largest trading partner, so a slowing China is bad for Chile, but provided it is a gradual slow down we will be fine.

    Jan 07th, 2014 - 07:03 pm - Link - Report abuse 0
  • Briton

    Perhaps those countries that believe the bubble will burst,
    Should surely make sure they have no shares or interest in it,

    Pull out now, whilst its still a bubble and not a splat on the landscape..
    .

    Jan 07th, 2014 - 07:29 pm - Link - Report abuse 0
  • yankeeboy

    13. I don't think Int'l banks have much, if any, exposure. Chinese banks are owned by China for good and bad.

    Jan 07th, 2014 - 09:43 pm - Link - Report abuse 0
  • BOTINHO

    ChrisR-

    Your own BBC interviewed George Soros after the GBP devaluation, which I listened to.

    Soros was not a mere wagering observer. He admitted to BBC that he sent letters out to all of his clients stating the GBP would be devalued, wrote numerous news articles with the same propaganda slant, called every trader and broker he could with his slant, and even a few financial ministers he knew outside of the UK. All with the same message: His.

    All that Soros admitted, proudly, as an highly active participant. He was also chastised by the BBC interviewer if he felt guilty for all the savings of pensioners, etc. that he help ruin in his scheme. His answer was that “ I really feel nothing, but that I made money. ” Some of that was apparently yours too.

    The final question was more telling, as it described the fact that in many countries there all laws and penalties for doing just what he did. Mr. Soros replied that yes, he was aware of that fact, but was neither a citizen nor a “ current resident ” in those countries, at the time.

    My point is that the man does what he wants, and donates to whom he wants to, ultimately to achieve a financial gain for himself. This is not someone serving the greater good.

    PS Yanqui 15) -

    It used to be. China announced this week that they will be allowing private banks to operate in China.

    Jan 07th, 2014 - 10:12 pm - Link - Report abuse 0
  • ChrisR

    @ 16 BOTINHO

    I agree with everything you say apart from the fact I LOST money through the incompetence of my government.

    And if I could have been in concert with Soros, would I? Of course, in a heartbeat!

    Please tell me what the difference is between the government acting as they did and Soros in realising what these prats were up to and capitalizing on it? Please tell me!

    If I had done what he did then the prats in government would have jumped on me like a tonne weight, but the fact remains Soros looked after his investors and only told the truth as he saw it and he was not resident or a citizen of the UK.

    What a pity the UK Government did NEITHER of these things.

    Jan 08th, 2014 - 11:43 am - Link - Report abuse 0

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