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Sunday, October 10, 2010

George Soros : The Global Currency System is Controlled by China

Billionaire George Soros consider if the global currency system is “unbalanced” and “controlled” by China, which urged the Asian giant to let its currency appreciated.
Soros came as head of global finance at a meeting in Washington where he tried to prevent tensions from currency valuation, thus making a fragile economic recovery.
“One of the fundamental imbalances at the root of the financial crisis and the need to be corrected is the surplus (trade) infection in China and a large deficit in the United States,” Soros said, referring to the financial crash in 2008 on Sunday.
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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.