Born In 1930, George Soros is by far one of the most respected business gurus globally. This respect has not been achieved through sheer luck. George is a renowned investor, philanthropist and author of many great books; that he uses as tools to impart his acquired knowledge and vast experience. He is the founder and chairperson of Soros Fund Management and chairperson of open society foundations.
George Soros has developed a distinguished career of not being camera shy. He does not cower from addressing global or local looming issues. George has hit newsrooms in the recent past with a powerful message addressing the intention of Britain to leave the 28-nation European Union.
Soros is quoted saying that the British vote to leave the 28-nation European Union could have far-reaching effects. These effects extend to potentially damaging British citizens living standards as well as trigger a plunge in the British economy worse than that witnessed in Black Wednesday. Soros approximates that the pound could fall by 20%; worse than the 15% plunge witnessed when Britain crashed out of the European Exchange Rate Mechanism. This was said in an exclusive with the Guardian newspaper.
This marked George Soros entry in the ‘remain campaign’; joining celebrities like David Beckham, who have had their say on the looming leave campaign. Soros and Beckham are only a tip of the iceberg with many financial experts warning that the move by Britain could have serious detrimental effects on Britain’s economy.
It carries on to be seen if Britain will listen to the advice offered by renowned experts in global economies as well as renowned celebrities who have taken issue with the leave campaign.
The leave campaign believes that the vote to leave the EU will have no effect on their financial position, Soros terms this belief as wishful thinking. This is because numbers don’t lie and as far as George Soros is concerned; the British Economy and households are bound to hit this plunge in the event that the vote goes through. In the past, George has offered free advice to economies around the globe, and all his predictions have come to pass.
The leave campaign continues to mock the advice offered by economic experts and celebrities by taking steps to actualize their intention. The recent involvement of David Beckham as a strong oppose of the leave campaign is an additional loss to the leave campaign, this comes after a recent claim by the EU that Beckham’s wife Victoria backed Brexit; quoting MS Victoria in 1996: Euro-Bureaucrats are destroying every bit of National identity and individuality.’ Beckham said that this statements are a non-issue and were uttered before the couple spent long spells in Madrid, Milan, and Paris. Beckham’s family enjoyed living in these great European cities and was welcomed by fans.
Aaron Banks, who leads the leave campaign, remained shell-shocked with other Brexiters saying that celebrities like Beckham and Vicky are divorced from the reality of the EU.
Soros whose massive wealth emanated from betting against the pound in 1992; estimates that the average income loss set to hit British households in the event that the leave campaign succeeds between 3000 to 5000 pounds. These estimates are in line with the Bank of England and the International Monetary Fund.
While the 1992 economic crisis served as a blessing in disguise to the British economy. Having brought down interest rates and spark the economies recovery; Soros feels that a devaluation would not be healthy at all costs.
It continues to be seen if the Leave campaign will heed the advice of the experts.
Learn more about George Soros: http://topics.wsj.com/person/S/george-soros/209