George Soros warned of the imminent start of the global financial crisis

Investor and billionaire George Soros predicted the imminent onset of the next major global financial crisis.

He stated this during a speech in Paris, writes Bloomberg.

The cause of the collapse of the world economy, in his opinion, could be the excessive strengthening of the dollar and the outflow of capital from emerging markets.

The investor believes that the US withdrawal from a nuclear deal with Iran and the “destruction” of the transatlantic alliance between the EU and the US “will inevitably have a negative impact on the European economy and cause other problems,” including the devaluation of emerging market currencies.

“It looks like we are approaching another financial crisis... Everything that could go wrong has gone wrong,” Soros said.

He recalled the refugee crisis in Europe, as well as the austerity policies that brought populists to power. In addition, according to him, the EU is faced with territorial disintegration, an example of which was Brexit.

“The phrase that Europe is in existential danger is no longer a figure of speech, it is a harsh reality,” he emphasized.

Soros proposes to solve the problems that threaten the existence of the EU by implementing a program of economic assistance to Africa worth €30 billion ($35 billion) per year, which should reduce migration pressure on Europe through the development of African countries. In addition, the billionaire called for the abolition of the clause requiring EU member countries to switch to the community’s single currency, the euro.

“The euro has many unresolved problems, and they should not be allowed to destroy the European Union,” the investor said.

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