Advice from George Soros

George Soros is one of the wealthiest people in the world. Ranked #23 by Forbes, his net worth is at least $24.9 Billion. His source of wealth is mainly from hedge funds and self-acquired. Soros is aged 85 and a married father of five.

With a Bachelor of Arts/ Science from the London School of Economics, Soros recently gave his opinion on Britain’s idea of exiting from the EU. His main worry is the impact this decision would have on the currency and stock market. George Soros’ warning is as a result of the significant vote scheduled for Thursday to determine this issue.

George stated that in an event of a ‘Brexit’- a name coined from the exit of Britain from the EU, the sterling pound would fall resulting in a disaster Black Friday. Black Friday is a term that tries to explain what would happen come Friday and the vote for Brexit had won. On 16th of September 1992, the British government withdrew its currency from the European Rate Mechanism (ERM), due to inability to keep it over the set limit. The withdrawal resulted in a financial disaster for some while others like Soros profited.

As a campaigner of a single currency, George Soros says that the outcome of this vote will have an impact on financial positions for most of the ordinary people. If the value of the sterling pound declines, at least every household good will is affected. The vote for Brexit would also make a significant and almost immediate impact on jobs, prices, financial markets, and investment.

Read more:
George Soros | The New York Review of Books

How Billionaire George Soros Profited From Brexit’s ‘Black Friday’

George is not the only one advocating for Britain to remain in the European Union. Public figures such as the British Prime Minister, David Cameron, made their opinions known. Cameron stated that ‘Brits don’t quit.’ Celebrities from Britain such as David Beckham and his wife Victoria were for the #remain.

The devaluation of the currency would be greater than many of the people imagine. Polls carried out in Britain show that the number of those for and against the idea is almost equal. The vote is, however, likely to swing on any side. In 1992, during the ‘Black Wednesday’, Soros was one of the greatest beneficiaries. He pocketed a cool $1.5 billion at the expense of the Bank of England.

Soros is a generous man who tries to give back to society in every possible way. He established Open Society in 1979 with the aim of improving lives of people around the world by recognizing that everyone is unique. The society has helped black students from South Africa to acquire scholarships to university. Students from Eastern Europe have also gotten chances to study in the States.

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