With Thursday’s vote approaching on whether Great Britain should remain part of the European Union, billionaire investor George Soros is publically speaking out on the issue. Soros believes Great Britain should stay part of the European Union and that a “Brexit” (British exit from the European Union) would have negative economic ramifications, including a significant drop in the value of the pound, according to a recent article in USA Today.
George Soros even warns the Brexit would instantly lead to a major recession and reduction of household income across the country. In his op-ed piece written for The Guardian newspaper Soros described the idea of the Brexit having no impact on the personal financial positions of the British citizens as “wishful thinking.” In the same article Soros warned of a Black Friday not unlike the Black Wednesday recession just 24 years ago. He predicted that the difference is the Black Friday recession would be much worse.
George Soros | The New York Review of Books
In Forbes’ article about the world’s billionaires it is mentioned that in 1992, the year of the Black Wednesday crash, George Soros had the foresight to short the British pound and made such an astonishing profit that he gained a reputation as “the man who broke the bank of England.”
Soros is a self made man, making his billions through investing in Hedge Funds. Although he is a resident and citizen of the United States, he received his education in Great Britain at the London School of Economics, according to his profile on Forbes.
In addition to his success as an investor, Soros founded and is currently serving as the chairman of the Open Society Foundation. According to the Open Society Foundation’s webpage, they are a large private philanthropic effort to solidify an open society “where rights are respected, government is accountable, and no one has the monopoly on the truth.” Soros has used his foundation to give away more than $11 billion in his lifetime.
Learn more about George Soros: http://www.investopedia.com/university/greatest/georgesoros.asp