George Soros, a Hungarian-American billionaire investor, claims that with President-elect Trump’s impending administration that “democracy is now in crisis” and eludes to his presidency as being a setback for worldwide freedom, according to his statement in a Project Syndicate op-ed.
He suggests that “targeted minorities will suffer” and that the U.S. will no longer be able to promote worldwide democracy. Soros even goes as far as to say the U.S. “elected a con artist and would-be dictator as its president.”
Soros also stated: “Although Trump has toned down his rhetoric since he was elected, he has changed neither his behavior nor his advisers,” and also added that “his Cabinet comprises incompetent extremists and retired generals.”
Soros also predicted that Trump will work to appease the interests of foreign dictators while compromising American principles, all to further his own administration’s agenda.
“On the contrary, Trump will have greater affinity with dictators,” he said. “That will allow some of them to reach an accommodation with the U.S., and others to carry on without interference. Trump will prefer making deals to defending principles. Unfortunately, that will be popular with his core constituency.”
As Trump often mentioned on his campaign trail, we are at a juncture where we have never had so much to gain or lose from understanding the international economy, and how the powers-that-be play a role in dispersing wealth among rich and poor countries.
George Soros, a major proponent of globalization, takes this stance on globalization, as it appears in the op-ed article:
Globalization has had far-reaching economic and political consequences. It has brought about some economic convergence between poor and rich countries; but it increased inequality within both poor and rich countries. In the developed world, the benefits accrued mainly to large owners of financial capital, who constitute less than 1% of the population. The lack of redistributive policies is the main source of the dissatisfaction that democracy’s opponents have exploited. But there were other contributing factors as well, particularly in Europe.
Soros goes on to say he is “an avid supporter of the European Union from its inception.” He even claims to have regarded the EU as the “embodiment of the idea of an open society: an association of democratic states willing to sacrifice part of their sovereignty for the common good.”
He describes the EU as one that began as a “bold experiment” and “leaders set an attainable objective and a fixed timeline and mobilized the political will needed to meet it, knowing full well that each step would necessitate a further step forward,” then he explains that this is how the European Coal and Steel Community developed into the EU.
In his next breath, he concedes that “something went woefully wrong” after the economic collapse of 2008, by what he considered “a voluntary association of equals was transformed into a relationship between creditors and debtors,” thus rendering the relationship “neither voluntary nor equal” when debtors could no longer meet their financial obligations and the creditors set conditions to comply.
Soros recently promised to pledge $10 million to stop hate crimes, which he also attributed to Trump’s “incendiary rhetoric.” At the time, he stated that he was “deeply troubled” by the spike in hate crimes since the election, claiming “dark forces … have been awakened” and that “we must do something to push back against what’s happening here.”
Soros claimed that his donation is not anti-Trump, but rather is an attempt to curb the rising hate crimes since Trump’s win on Election Day.
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