Trump is a 'would-be dictator,' George Soros says
- Author: Tracy Klein Jan 22, 2017,
Jan 22, 2017, 0:49
Billionaire investor George Soros thinks Donald Trump's presidency will be a failure, and said markets will suffer due to the uncertainty surrounding his leadership. And he did not hold back when speaking with Bloomberg Television's Francine Lacqua at the World Economic Forum in Davos.
The 86-year-old also said he was an "imposter and con-man" who was "gearing up for a trade war" which would have far-reaching consequences on the rest of the world.
Trump's unexpected win in November hurt Soros beyond politics and ideology - he is believed to have lost more than $1 billion in trades he made that would have benefited if the market went down.
Economically, Soros said that Wall Street sees Trump dismantling regulations and reducing taxes, and "that has been their dream, so their dream has come true".
Describing the Britain's departure from the European Union (EU) as a "divorce", Soros said, "This is going to take some time, but when it does happen they'll realize that they are earning less than before because wages won't rise as fast as the cost of living".
At last year's Davos gathering, Soros said China's economy is facing a hard landing, a situation that will contribute to global deflationary pressures and prompted him to wager against USA stocks.
Trump on Thursday nominated former Governor of Georgia Sonny Perdue as Secretary of Agriculture, completing his entire cabinet selection before his inaugural ceremony.
During the 2016 campaign, Mr Soros donated around $10m to Trump rival Hillary Clinton.
Soros also predicted the failure of British Prime Minister Theresa May, who past year replaced David Cameron following a referendum on whether Britain should stay in the European Union.
"It's impossible to predict exactly how Trump is going to act", he said.
On the subject of Prime Minister Theresa May, Soros predicted her term as leader of the government would not last long.
"In my opinion it is unlikely that [British] Prime Minister [Theresa] May is actually going to remain in power".
So George Soros thinks that this will lead to a reversal of the Brexit saying, "The divorce is going to take a very long time".
"At the moment people in the United Kingdom are in denial".
"I think she will not last". "But as the currency depreciates, and inflation will be the driving force, this will lead to declining living standards", Soros added.