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Soros at WEF

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George Soros summarized the disastrous state of the world in a speech to the World Economic Forum, then tried to end on a high note. The high note didn’t succeed, at least for me. He got me too depressed with his list of problems: climate change first and foremost; authoritarian trends in many countries including the United States, China, Russia, and India; Brexit; and specter of nuclear war rising. His solution to all this is better education focused on system thinking and critical thinking. I can certainly support that – if we start now, it is a long term investment that may pay off in 40 years as babies born today start to move into positions of power. We may always want to consider some shorter-term measures to deal with the risks of war and climate change if we would like those babies to have a civilization to grow up in for the next 40 years.

George Soros

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George Soros is worried that the China stock market crash could trigger a new financial crisis, or the next phase of the ongoing financial crisis:

China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Soros said in Colombo. A return to positive interest rates is a challenge for the developing world, he said, adding that the current environment has similarities to 2008.

Global currency, stock and commodity markets are under fire in the first week of the new year, with a sinking yuan adding to concern about the strength of China’s economy as it shifts away from investment and manufacturing toward consumption and services. Almost $2.5 trillion was wiped from the value of global equities this year through Wednesday, and losses deepened in Asia on Thursday as a plunge in Chinese equities halted trade for the rest of the day.

“China has a major adjustment problem,” Soros said. “I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.”