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Tuesday, January 7, 2014

Soros Makes Predictions for World’s Top Economies

George Soros is heartened by current efforts to revive growth in the world’s major economies, the hapless eurozone being the one exception.

“All of the looming problems for the global economy are political in character,” he writes.

The U.S. is showing its muscle as the developed world’s strongest economy on several counts:

    Shale energy is an important competitive advantage in manufacturing in general and in petrochemicals in particular.
    The banking and household sectors are deleveraging.
    Quantitative easing has boosted asset values.
    The housing market has improved, with construction lowering unemployment.
    The fiscal drag exerted by sequestration is about to expire.


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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.