George Soros says Trump administration is ‘danger to the world’

George Soros said President Donald Trump is risking a nuclear war with North Korea and predicts that the groundswell of opposition he’s generated will be his downfall. “But I regard it as a purely temporary phenomenon that will disappear in 2020, or even sooner.” He expects a Democratic “landslide” in the 2018 elections.

The U.S. must accept North Korea as a nuclear power, and then cooperate and negotiate with China to establish an alliance that’s better equipped to confront the nation, he said. His comments come amid heightened trade tensions between the world’s two biggest economies.

Soros said social-media companies Facebook and Google “deliberately engineer addiction to the services they provide.” He said the “network effect” that has propelled these companies to dominance is “unsustainable” and predicted that Facebook will “run out of people to convert in less than three years.”

Cryptocurrencies are a bubble and aren’t stable stores of value, the legendary macro trader said in response to an audience question after his speech. But he doesn’t see them crashing because of their use by authoritarian regimes in the world.

“As long as you have dictatorships on the rise, you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad,” Soros said.

He was more positive about the blockchain technology behind Bitcoin, noting that his Open Society Foundations are using such technology to help migrants communicate with their families and keep their money safe.

Source: Bloomberg

Trader Bozhidar Arabadzhiev