George Soros predicts the 2008 economic meltdown is happening again

George Soros is the chairman and founder of the Open Society, and it form networks of partners, projects, and foundations in more than 100 countries. Soros commitment to the idea of an open society where the government is accountable, rights are respected, and believe that no one has the monopoly on the truths make the Open Society a unique philanthropic foundation. https://www.opensocietyfoundations.org/people/george-soros. He pointed out his success in financial markets give him a greater degree than most people, and this obliges him to take a stand on controversial issues, since often the affected population may not be able.

George Soros started his career in 1950, and he gained a reputation for his investment prowess in 1992 after netting $1billion with a bet that the U.K pound would be forced to be devalued. http://www.bloomberg.com/news/articles/2016-01-07/global-markets-at-the-beginning-of-a-crisis-george-soros-says. In addition, he has greatly helped in bringing accountability and transparency in natural resource extraction industries through international system. Over the past years, the practice of making secrets payoff to local tyrants in extraction industry fueled some of the most heinous violence and worst political unrest. https://www.opensocietyfoundations.org/people/george-soros

According to George Soros, the current economic environment is similar to that experienced in 2008. His prediction is that the 2008 financial meltdown is happening again. He has been quoted in The Economist saying that the current financial markets reflect and remind him of 2008. Soros believes China economy is having some serious problems, which are being transferred to rest of the world. He points out that even though many world news sources and China government say otherwise, concerning Chinese economy decline especially the manufacturing sector, China economy has problems. http://www.economist.com/blogs/buttonwood/2016/01/markets

The growth and geopolitics are major issues that make 2016 reflects 2008. The World Bank has already predicted 2.9% drop from 3.3% growth in 2016. Nevertheless, the crashing commodity prices indicate that we might be heading in the same position in 2016. http://www.economist.com/blogs/buttonwood/2016/01/markets

George Soros predictions have been welcomed around the world. Albert Edward, a strategist at the bank of Société Générale also concedes with Soros views. He stated that the Western countries are about to be hit by a wave of deflation from emerging market economies, yet the central banks are not aware. This can be reflected by turbulence in the market since the beginning of the year. http://www.theguardian.com/business/2016/jan/12/beware-great-2016-financial-crisis-warns-city-pessimist

As explained on Bloomberg Business http://www.bloomberg.com/news/articles/2016-01-07/global-markets-at-the-beginning-of-a-crisis-george-soros-says the measure of volatility is surging since the start of the year. The Chicago Board Options Exchange Volatility Index, commonly known as fear gauge has climbed 13 % up. The Nikkei Stock Average Volatility Index, which gives a cost of protection against Japanese shares, is about 43% up. Merrill Lynch index, which measures anticipation of price swing in Treasury bond, has already climbed 5.7%. It seems the stock markets are acting as if Soros is right.

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