We tend to think that the large banks in today’s business world are the ones that have the global financial power. They have influence that span across many nations. However, they’re not as powerful to control world economics. The true captains of economic policies and world economies are the central and global banks such as the World Bank and the International Monetary Fund (IMF).
The Washington Consensus developed laws that granted these organizations the global influence they have today to control world economics. The consensus includes ten economic policy recommendations aimed at guiding economic development for developing countries. These institutions therefore interfere in affairs of developing nations and economic policies. Recently, China also attempted to redirect global trade domination with its own Beijing Consensus Initiative – One Belt, One Road.
Initially, central banks main task was issuing currency with no connections to governments. But since the 18th and 19th centuries, their roles have evolved after switching from currency exchanges to banknotes printing which granted them more monetary freedom for themselves and their governments. There have been debates to allow central banks to draft monetary policies away from politics and political pressure, and many are termed independent institutions. Still, their governments actively influence central bank’s policymaking. For instance, South Korea in 2014 had the government put enormous pressure on the Bank of Korea to reduce interest rates for an increase in economic growth. The initiative was indirect by the government, but it changed the monetary policies
George Soros was born in Hungary in 1930. He grew up at a time when the country was occupied by the Germans and suffered the horror of the Holocaust. Soros ran away to Britain made his way to the London school of economics. He would later become an investor and a very successful hedge fund owner. He made his big break in 1993 and then moved from the UK to the country. He has been operating his businesses from here in New York for the past close to three decades.
There is much more the George Soros than just the track record as an investor. He is one of the most generous philanthropists supporters of an open society. George Soros has given away more than $6 billion to support different charities in the past 30 years. What is even more inspiring is the fact that he has pledged $18 billion of his $25 billion empire to the open society foundations. George has released this money in the hope that it will go a long way in improving the lives of those that need their voices to be heard. It is believed that he will release, even more, money to the charities shortly. This is a man who is interested in leaving a legacy.
Soros, like all other wealthy people who have a keen interest in philanthropy, has always believed in putting his money where his ideas lie. He has supported the Liberals for the past three decades. He believes in the progressive agenda that the party pushes for, and their genuine interest in the welfare of marginalized groups in the society. Soros has always contributed to the campaigns that are put up by different Democratic candidates. He threw his weight behind John Kerry’s run for office because he was dismayed by the humanitarian crisis that Bush created in Afghanistan. He supported Clinton in 2007, and also Obama. Last year he gave more than $25 million to support Clinton’s bid for the White House.
The other causes that he has supported over the years include the Ferguson protests, the push to have a free and democratic environment in Eastern Europe, the push for reforms in the way that the LGBTQ is treated and many others. He has a University named after him in Hungary and has inspired many scholars with his ideas.
Soros believes that the country is not headed in the right direction. There has been a rise in retrogressive groups ideas which seemed to have been buried in the past. Soros believes all this is the effect of Trump being in office. He thinks that even though a Clinton win would have kept America on the right track regarding Democracy, it is still possible to keep the government in check. He hopes that the contributions he has made to the open society foundation will help create a situation where the country will not ultimately go back to the past inequalities and injustices. Soros is looking forward to leaving a legacy in great leadership and charity. and more information click here