DAVOSKOMPAS.com – Russian invasion of Ukraine threatened to be the “beginning of” third world war“which could mean the end of civilization, veteran philanthropist and former financier George Soros warn.
In his scathing criticism of Russian President Vladimir Putin and his Chinese counterpart Xi Jinping at the World Economic Forum in DavosSoros warned that an autocratic regime was in power and global economy on the way to depression.
“The invasion may be the start of the third world war and our civilization may not survive it,” he said, raising the world’s gloomy rhetoric to a new level due to the war in Ukraine amid the world economic forum.
“The invasion of Ukraine did not come suddenly. The world is increasingly engaged in a struggle between two systems of government that are at odds with each other: open society and closed society.”
Former owner hedge fund The 91-year-old says the tide has started to turn against open society after the 9/11 terrorist attacks on the US in 2001.
Soros, who led the speculative financial offensive that pushed the pound out of the European Exchange Rate Mechanism 30 years ago, said Europe had responded well to the crisis sparked by the Russian invasion.
“It took a long time to work out the details, but Europe seems to be moving in the right direction. It has responded to the invasion of Ukraine with greater speed, unity and strength than ever before in its history.”
But he highlighted Europe’s continued dependence on Russia’s fossil fuels.
In large part, according to him, this happened because of the mercantilist (pursuit of trade) policies taken by former German Chancellor Angela Merkel.