Renowned hedge fund billionaire George Soros fears for Europe’s future following the Brexit vote. According to a news report published in Forbes magazine on June 27 2016, Soros had predicted that a “Yes” vote to succeed from the EU would cause the UK pound to plunge, in a move that will spark a sell off on stock market across Europe and the rest of the world. A day after the referendum vote, the British currency dropped to levels last witnessed 30 years ago, global markets followed suite with panic selling gripping the major indices in Europe. Shares of some British banks dropped by as much as 20% as the troubled persisted.
The shares of leading blue chip lenders such as Lloyd’s and Barclays remained low on the first day of trading after the vote. Across the Atlantic, S&P 500 index closed 3.6% down on the aftermath. Soros made big fortune estimated at over $1 billion during the “Black Wednesday” event of September 16, 1992 when he correctly positioned the market for a pound selloff. His net worth is currently estimated by at $25 billion. Although Soros made money with his Brexit prediction and from a string of recent bearish trades, he has warned policy makers, investors and politicians to be weary of Brexit. He fears that the net effect of the Brexit vote could lead to the breakup of the European Union.
In the worst case scenario, the disintegration could lead to the breakup of the United Kingdom and cause a national economic calamity such as the one witnessed during the 2007-2008 economic crisis. Some of his warnings have been published in leading journals such as the Project Syndicate. The highly opinionated billionaire born in Hungary fled the country following the NAZI occupation to pursue education in the UK. Today, he is a fierce critic of President Donald Trump and is a longtime supporter of the Democratic Party and liberal causes. According to a Politico article published on July 2016, Soros made a huge comeback in the 2016 election cycle with an announcement of a huge donation.
He committed $25 million to support the Democratic presidential nominee for president, Hillary Clinton and other candidates downstream. Mr. Michael Vachon, Soros top advisor told the press that the decision taken by his boss was mainly as a result of the high political stakes, consistent support for the Democratic Party and affection with Clinton’s candidacy. On philanthropy, Soros is a vocal supporter of disability rights, international justice, counterterrorism and women. According to an excerpt on Inside Philanthropy, George Soros is a major donor to various civil and human rights organizations, among them the Human Rights Institute, UNICEF and the International Crisis Group.
Visit his profile on twitter.com.
End Citizens United, a Political Action Committee started on the 1st of March 2015, raises funds from donors at a grassroots level. They aim to undo the political system’s erosion of the financing of campaigns at the hands of ‘Citizens United.’ End Citizens United believes that if the people rally and protest in an organized manner at a grassroots level and the voters, candidates and elected officials see this, it will in itself play a prime role in building momentum toward change and will provide the necessary pressure for the makers of the law to do take the needed action against it.
The organization aims to fight the use of wealth in rigging the United States political system by the passing of state ballot measures and electing people who will further this reform. Such elected campaigners can work against Citizens United and help end the use of unlimited funds in politics as well as the use of black money. Among other measures that they will employ include the raising of wealth in politics as a matter of national importance needing to be prioritized and the use of grassroots level members to help wield the needed political clout for the same. End Citizens United does believe that Democrats will and are already leading the battle against Citizens United. They see Republican leaders as the one’s standing in the way of doing away with the illogical and unfair Supreme Court decision and endorse candidates based on their responses to a questionnaire.
Read more: https://www.opensecrets.org/pacs/lookup2.php?strID=C00573261
End Citizens United made a whopping $25 to $30 million during their cycle upon launch, according to their director of communication Richard Carbo. They’ve garnered over 325,000 signed petitions demanding that Congress do away with Supreme Court decision and is likely to grow even more due to the partnership with “Ready for Hillary.” They’re also willing to rent out the email list that they use to help reach out to liberal supporters. End Citizens United endorses people such as Senator Russ Feingold from Wisconsin and Senator Bennet from Colorado.
Caro considers End Citizens United different from the other players out there fighting for reform as he feels there is a void in the conversation regarding the political aspect of actually getting a person elected and into a position of power, and this information could encourage more informed public opinion on the same. End Citizens United will not only support candidates willing to stand up to Citizens United by also protect those being attacked by big money conservatives such as the Koch brothers and other like them. The organization has a plan of backing its endorsed candidates with the setting up of an independent arm of expenditure for activities such as direct mailer campaigns, television ads, and polling.
Visit their website on endcitizensunited.org