George Soros is the kind of guy that wants to give back. Soros has lived one of those incredible lives that is filled with pain, agony, and success. He is a holocaust survivor, a former restaurant server, an immigrant and a successful hedge fund investor. He has been so successful at investing that his $27 billion net worth keeps growing every year. But Soros seems to be more than the sum of his past experiences.
Mr. Soros is a social activist and humanitarian that has established foundations around the world to promote human dignity and rights. Soros likes to express his opinions about the state of the global economy. In a recent interview with Bloomberg.com, he showed the world that Soros is not afraid to say what other economists and politician know but don’t say.
The Bloomberg.com interview on George Soros revealed the fact that the world is sliding into a global recession that will be as devastating as the global crisis of 2008. The United States seems to plugging along at a modest GDP growth rate, but Soros thinks that will end during the second half of 2016. The U.S. is going into recession mode, and not one word about that recessions has been uttered by any candidate for president or members of Congress. No one is talking about the economic elephant in the room, and Soros thinks that’s insanity functioning at its best.
But there are some economist that backup Soros. The data doesn’t lie, according to those economic mavens. China’s issues are bringing the world down, and the European Union crisis is adding the finishing touches. The United States economic growth is based on technology growth for the most part, not across the board internal and export activity in all industrial sectors. The fact that emerging markets have stalled under the Chinese pressure, and European growth is trapped under a euro debt and migration debacle, adds credence to the Soros prediction.
No one thanks politicians for having enough backbone to announce a pending economic disaster. People want to hear about a dropping unemployment rate and mediocre export growth instead. Crude oil prices are destroying the earnings of large corporations, and when the stock market is acting like a drunken sailor on shore leave, there’s a distinct possibility that a recession is creeping into the United States. Worse than expected earnings, poor stock performance, weak oil prices, recessions in emerging markets, a Chinese meltdown, and the possible demise of the European Union all spell global recession, according to Soros.
Politicians aren’t talking about this new recession because they don’t know how to stop it. They would rather talk about it after the fact, and act like saviors when they do find a solution.