While this year’s now-concluded World Economic Forum conference in Davos was mostly a dud and increasingly a joke in financial circles, with Deutsche Bank’s Jim Reid going so far as admitting that “we had a DB drinks reception for our clients last night and one said to me that in 11 years of coming here the best advice would be to trade in the opposite direction to the main theme of the conference over the next 12 months“, there was one event that boondoggling billionaires were eagerly anticipating: George Soros’ annual remarks.
And, as we reported previously, one year after he famously slammed Google and Facebook at Davos 2018, calling them a “menace” and “monopolistic” and predicting it’s “only a matter of time before the global dominance of the US IT monopolies is broken,” this time Soros took aim at what he believes is an even greater adversary, one which even Donald Trump might agree with: China.
“China is not the only authoritarian regime in the world but it is the wealthiest, strongest and technologically most advanced,” Soros lashed out at Beijing, while taking particular aim at China’s president: “This makes Xi Jinping the most dangerous opponent of open societies.”
Soros, who also warned that China’s increasing use of AI and a social credit system to monitor its citizens (as if the US is any different) could result in the most ruthless yet technologically advanced authoritarian regime in history, proposed a “solution” to eliminating what he sees as China’s ills: crash China’s economy and market, an approach Soros’ critics say he applies to every nation which he finds disagreeable:
The unspoken social contract in China is built on steadily rising living standards. If the decline in the Chinese economy and stock market is severe enough, this social contract may be undermined and even the business community may turn against Xi Jinping. Such a downturn could also sound the death knell of the Belt and Road Initiative, because Xi may run out of resources to continue financing so many loss-making investments
But before the general public rushes to declare that Soros and Trump are now BFFs due to their shared common nemesis, the billionaire democrat donor made it clear that in addition to seeking the replacement of Xi,