Veteran philanthropist and former financier George Soros has warned that Russia’s invasion of Ukraine threatens “the beginning of a third world war” that could lead to the end of civilization.
in fierce attack At the World Economic Forum in Davos, Soros warned against Vladimir Putin and China’s Xi Jinping that a dictatorship is emerging and the world economy is heading towards a recession.
Soros, who has become a hater of the American hard-right, also criticized former German Chancellor Angela Merkel for being friendly to Moscow and Beijing.
With Davos already underdeveloped by the Ukrainian War, Soros takes the gloomy rhetoric to a new level.
“The invasion was the beginning of World War III and our civilization may not survive,” he said.
“The invasion of Ukraine did not happen suddenly. The world is increasingly drawn into the struggle between two diametrically opposed systems of governance: an open society and a closed society.”
The 91-year-old former hedge-fund owner said charters began to turn against the public domain in the aftermath of the 9/11 terrorist attacks on the United States in 2001. . Today, China and Russia are the biggest threats to an open society.”
Soros, who led the speculative finance attack that drove the pound out of the European Exchange Rate Mechanism 30 years ago, said Europe had responded well to the crisis sparked by the Russian invasion.
“It will take a long time to get the details, but it looks like Europe is going in the right direction. We responded to the invasion of Ukraine faster, more unitedly and more powerfully than at any other time in history.”
“But Europe’s dependence on Russian fossil fuels is still excessive. Mostly because of the mercantilism policy pursued by former Chancellor Angela Merkel. She made special deals with Russia for gas supply, making China Germany’s largest export market. As a result, Germany has achieved some of the best economic performance in Europe, but the price it has to pay is too high. The German economy must change direction. And it will take a long time.”
Soros said Putin obtained Xi Jinping’s consent to invade Russia at the opening ceremony of the Beijing Winter Olympics in early February. But he insisted that the Chinese leader was not as strong as he believed.
“Xi Jinping feels guilty. He never told the Chinese that he had vaccinated the Chinese with a vaccine originally designed for the Wuhan strain and had little protection against the new strain.”
Soros said Xi Jinping “couldn’t be clean” because he was at a delicate moment in his career. “His second term will expire in the fall of 2022 and he will be appointed to an unprecedented third term, which we hope to eventually make him ruler for life.”
He said China’s lockdown to fight the coronavirus has freed the economy, but Xi said he could not admit he had made a mistake.
“If we go through a real estate crisis, the damage will be so great that it will affect the global economy. A disruption in the supply chain could turn global inflation into a global recession.”
Contrary to popular expectations, Xi Jinping may not get the coveted third term because of the mistakes he made, Soros predicted.
“While the war is raging, the fight against climate change must be in second place. But experts say we are already far behind and climate change is on the verge of becoming irreversible. It could be the end of our civilization.
“So we must mobilize all our resources to end the war early. The best and probably the only way to preserve our civilization is to defeat Putin as soon as possible. That is the conclusion.”