10/17/09 Billionaire investor George Soros has largely become famous and wealthy for making wise decisions when it comes to currency speculation… and he’s more concerned now than he seems to have been in a while.
His main problem is China’s renminbi peg to the US dollar. Even with an exceptionally weak dollar the Chinese currency is staying artificially undervalued, a situation that he sees as “fraught with danger.” He’s also concerned about the US being a drag on global economic growth and that China in the process of inflating its own asset bubble.
The global economy is stuck between a rock and a hard place. With manipulation of the currency markets, a pretty standard feature of fiat money, we’re not likely to get an outcome we want, but something more like what we deserve. It’s a nerve-wracking time to be heavy in dollars… its one bag that most people seem afraid to be left holding.
You can read more in Reuters coverage of Soros’ current currency perspective.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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