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Monday, November 2, 2009

Soros: China will emerge as winner from current economic turmoil

Investor and philanthropist George Soros forecast in Budapest on Friday that China would emerge as the big winner of the global financial crisis.

Soros called on Chinese leaders to "rise to the occasion" and take an active role in the creation of a new multilateral financial order urgently required to reinvent the "broken international financial system."

Soros also warned that "the worst financial crisis since WWII" may not be over. The Hungarian-born billionaire sounded a pessimistic note throughout the week and said that those who believe the global economy is stabilizing are wrong.

In the last of a week-long series of lectures on capitalism and the global financial crisis at the Central European University in the Hungarian capital, Soros spoke of disarray in the international financial system and confusion in the political arena

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.