Wednesday, June 8, 2011

George Soros, Davos CNN Money. 28 Jan. 2011

Billionaire investor George Soros speaks about the U.S. banking system and the outlook for an economic recovery. George Soros, legendary currency trader and chairman of Soros Fund Management, shares his perspective on the status of the dollar as the world's reserve currency and on the causes for the recent strength in the dollar. Interestingly, when asked about his speculative trading positions on the dollar, the Euro and the British pound, Soros becomes rather evasive in his responses.
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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.