World known hedge-fund billionaire George Soros is seeing the current trend in the global markets being very similar to the 2008 period when the world experienced a global financial crisis. Speaking a few days ago at the Global Economic Forum at Sri Lanka, he said that China is in a struggle to identify a brand new growth model and also that its currency is under a devaluation threat, therefore, transferring a lot of the threat to the rest of the world. He also hinted that developing nations have had a very hard time adjusting to the predicament which will pose very many difficulties when they try to return to their previous positive interest rates.

The commodity, growth as well as currency markets were under fire during the first week of the year with the sinking Yuan being a concern about the strength of the Chinese economy. According to Bloomberg, the situation is crucial especially now that the country is diversifying into other areas and not just manufacturing and investing. During the initial trading week of the year, more than $2.5 trillion worth of assets was wiped with the majority of the losses happening in China.

When a major global financial heavyweight like China gets in a crisis, then it means that the whole world will feel the effect. In 2011, he had warned of a similar situation in Washington. At that time, the European-Greece debt crunch was at its climax, and he had said that it would amount to a more serious crisis than that of 2008.

Soros’ hedge fund firm managed to make gains of not less than 20% on average per year between 1969 to 2011. He has a net worth of a staggering $27.3 billion and is one of the world’s most successful and respected hedge fund managers.

He made a debut in his trading career in the late 1950’s after successfully fleeing the Nazi Uprising and sneaking to England where he got a chance to study at university. He later on, moved to the United States where he started his trading career.

He never shies away from expressing himself and especially where the global financial, stocks and commodities markets are involved. Even though many take his political opinions to be overtaken by time, when it comes to the other side, they have to give him serious attention because regardless of the political, religion or ethnic affiliation, he is always right and it is a matter that affects across all divides.

At around 1979, he decided that he had become successful enough and took it upon himself to help the community through philanthropy. He started off by educating black students in apartheid South Africa and, later on, started the Open Society Foundation that is strongly involved in promoting human rights as well as open societies across the globe.