George Soros Says China To Become New Global Financial Empire
Echoing the views of his old partner in the legendary Quantum Fund, billionaire investor George Soros predicts that the People’s Republic of China is well on its way to replacing the United States as the world’s dominant economic power. Pravda Online (Russia) talked about his recent interview with Germany’s Die Welt, and posted the following on their website earlier today:
China will be the biggest winner of the current financial crisis, US billionaire and philanthropist George Soros said. The financier gave an interview to Germany’s Die Welt, in which he told of the roots of the crisis and said that the mortgage bubble only triggered the process, which entailed the economic collapse…
The United States and a part of Europe will have nationalized banks and huge debts. China will become the new global financial empire.
“The USA’s influence has already begun to decline. For the past 25 years, we have been running a constant current account deficit. The Chinese and the oil-producing countries have been running a surplus. We have consumed more than we produced. While we have run up debt, they have acquired wealth with their savings. Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and US government bonds into real assets. The power shift towards Asia will occur as a result of the sins which America committed during the recent 25 years,” Soros said.
Shanghai, China
The belief that China will become the next economic superpower is a view also held by legendary investor Jim Rogers, who co-founded the Quantum Fund with George Soros in 1970. Over the next 10 years, the fund gained 4,200% while the S&P advanced 47%.
Source:
“America pays for 25 years of sin, China becomes new financial empire, Soros
Says”
Pravda Online (Russia), October 16, 2008
