George Soros has seen signs of an upcoming economic fall that can be compared to the economic crisis of 2008. He has seen this coming since 2011 when the Greece crisis was mishandled. The way Germany handled the crisis has resulted in a group of crises that various parts of Europe are facing. Also, China is now falling apart in its economy due to the struggle with its growth model. It is trying to figure out a new growth model in order to lessen the blow. However, there are other factors that George Soros is seeing on Bloomberg that is making this whole thing a complete nightmare.
There are a lot of factors that is contributing to this current issue which started in Greece. The interesting thing is that the world was still reeling form the economic crisis that started in 2008 when the Greek crisis has started. George Soros has predicted back then that the crisis had the potential to become something that is as bad as the 2008 crisis if not worse. As of right now, this is looking to be the culmination of all of the crises that is affecting different parts of the world.
One major factor that is being dealt with as it relates to the crisis is the European Union crisis. There are a ton of different crises that are contributing to the fall of the EU. One major factor that has the potential to be an issue is what is called the “Brexit”. This is the exit of Britain from the EU. If Britain leaves the EU this can prove to be very hard on the EU. As of right now, the British government is considering exiting. George Soros sees this as a heavy issue.
A much larger issue in the EU is the aggression of Russia against the Ukraine. One cause of that is the reform that Russian president Vladimir is against. The new Ukraine is set to put an end to the exploitative style of rule that the culture is used to and put together a rule that is based on equality. According to George Soros, Russian aggression against Ukraine should have been something that brought the European Union together. In response to the attack, sanctions have been placed on Russia.
Another issue is in the way Angela Merkell, the Chancellor of Germany, handled the issue with the migrants. She has decided to take the migrants in. Even though George Soros agrees with her decision, he does note that it should have been handled in a much more orderly fashion so that the country could properly bring them in. The rushed way of handling the issue has actually harmed the EU.