{"id":7920,"date":"2019-05-01T07:28:55","date_gmt":"2019-05-01T06:28:55","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=7920"},"modified":"2019-09-06T21:15:39","modified_gmt":"2019-09-06T20:15:39","slug":"george-soros-the-man-who-broke-the-bank-of-england","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/","title":{"rendered":"George Soros &#8211; The Man Who Broke the Bank of England"},"content":{"rendered":"<h1><\/h1>\n<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">5 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7921\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england.jpg\" alt=\"George Soros - The Man Who Broke the Bank of England\" width=\"800\" height=\"449\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-300x168.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-768x431.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-370x208.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-760x427.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-424x238.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is a story about surviving, great success and philanthropy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">George Soros was born as Gyorgy Schwartz in Budapest, Hungary, on August 12, 1930. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">His parents were Tividar and Erzebat Schwartz. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With increasing anti-Semitism, the danger for Jewish arose. To avoid Nazi persecution, George&#8217;s father changed the family <\/span><\/p>\n<p><span style=\"font-weight: 400;\">name to Soros. George was just a teenage boy in 1944 when survived Nazi aggression and occupation of Hungary. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">History would never be the same if he didn&#8217;t.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The different danger shaped their lives after the end of WWII. Communist domination in Hungary managing by the Soviet Union (USSR). Having the fact that they were cruel with their own citizens, made Hungarians frightened for their lives.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#George_Soros_decided_to_emigrate\" >George Soros decided to emigrate.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#Soross_first_investment\" >Soros&#8217;s first investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#The_man_who_broke_the_bank_of_England\" >The man who broke the bank of England<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#And_what_Soros_did\" >And what Soros did?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#Taking_this_move_alone_brought_billions_of_dollars_to_Soros\" >Taking this move alone brought billions of dollars to Soros.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#The_president_of_Bundesbank_at_that_time_was_Helmut_Schlesinger\" >The president of Bundesbank at that time was Helmut Schlesinger.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#Then_the_Bank_of_England_made_new_mistakes\" >Then the Bank of England made new mistakes.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#George_Soros_and_Philanthropy\" >George Soros and Philanthropy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#%E2%80%9CWhen_I_had_made_more_money_than_I_needed_for_myself_and_my_family_I_set_up_a_foundation_to_promote_the_values_and_principles_of_a_free_and_open_society_%E2%80%9D\" >\u201cWhen I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society. \u201d<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england\/#George_Soros_established_the_Open_Society_Foundations_in_1984\" >George Soros established the Open Society Foundations in 1984.<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"George_Soros_decided_to_emigrate\"><\/span><strong>George Soros decided to emigrate.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In 1947 he went to England and began to study philosophy at the London School of Economics under <a href=\"https:\/\/en.wikipedia.org\/wiki\/Karl_Popper\">Karl Popper<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today we can say that Karl Popper&#8217;s &#8220;The Open Society and Its Enemies&#8221; had a great influence on him. In this philosophical masterpiece, Popper criticizes totalitarianism. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The basic idea is that no ideology controls the truth and society can grow only when it is free and open. The main lesson is that respect for individual rights can maintain such a society. Soros was attracted by Popper&#8217;s biography and the fact that this book was written during WWII. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Popper was not only a philosopher but also a journalist. While working as a war reporter he started thinking how could Adolf Hitler and national-socialism happen at all. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Popper started writing Open society in order to analyze the history of political ideas and to find an answer to the question above. The whole book was written before the end of WWII. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Soros never became a philosopher. Actually, he is the greatest philosopher among investors or the greatest investor among philosophers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, he entered the London merchant bank Singer &amp; Friedlander. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Soross_first_investment\"><\/span><b>Soros&#8217;s first investment<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Soros graduated in 1952. Four years later he bought a ticket and sailed to America. He got a job at Wall Street brokerage &#8220;F.M. Mayer&#8221;. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At first, he worked as an analyst of European securities. Soros, being <a href=\"https:\/\/traders-paradise.com\/recommends\/how-to-trade-options\">excellent<\/a> educated and intelligent, rapidly <a href=\"https:\/\/traders-paradise.com\/recommends\/monetizing-bitcoin\">made success<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7922\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2.jpg\" alt=\"George Soros - The Man Who Broke the Bank of England 1\" width=\"800\" height=\"345\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2-300x129.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2-768x331.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2-370x160.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2-760x328.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-2-424x183.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">He changed firms in the following years and finally decided to start his own business. In 1970 Soros founded his own hedge fund with $12 from investors. The first name was the Soros Fund Management but later he changed at Quantum Fund and the Quantum Fund Endowment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rest is history. George Soros became one of the most successful investors in the history of the US.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But we will give you more details because he is an extraordinary man.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He is one of the rare individuals whose example is worth to <a href=\"https:\/\/traders-paradise.com\/recommends\/working-from-home-35-ways-to-make-money-online\">follow<\/a>.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_man_who_broke_the_bank_of_England\"><\/span><b>The man who broke the bank of England<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">George Soros grew to one of the most recognized currency traders, thanks to his brilliant bet placed against the Bank of England in 1992. He entered history.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That event is well-known as Black Wednesday. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">His bet was that the British Pound price would fall in value. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But let&#8217;s start from the very beginning.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In that time, the early 1990s.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s essential to explain the political background of Europe at that time. Europe was in the middle of preparation for something today known as the European Union. Their first aim was to set a unique monetary system and monetary stability. They wanted to put Euro on the stage later. The money which will be unique to all member countries. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, at that time Europe has a combination of different currencies inside the ERM (European Exchange Rate Mechanism). The monetary union was one of <a href=\"https:\/\/traders-paradise.com\/recommends\/financial-markets-important-guide\">the first steps<\/a> which led to the European Union.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not all would like this. Some of the countries that geographically belongs to Europe never entered the Union because of domestic coins. They were assured that such a movement would have consequences for their countries economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There were a lot of debates inside their parliaments about that issue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The British government wasn&#8217;t an exception.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">George Soros was a big investor in that time. He had a lot of experience and success too.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, he was well informed about all the news in the market and politics.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"And_what_Soros_did\"><\/span><b>And what Soros did?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The economic conditions assure him that the best move on the market to build a short position on Pound Sterling. He was working on it up to September of 1992. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At that time the UK government noticed that the value of Pound Sterling is climbing down and they decided to reverse it from the ERM \u00a0in order to keep their national currency value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And that was a fantastic opportunity for investors like Soros. The great advantage. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to his short position in the currency trading Soros short sold more than $10 billion calculated in pounds. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Taking_this_move_alone_brought_billions_of_dollars_to_Soros\"><\/span><strong>Taking this move alone brought billions of dollars to Soros. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">More details<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UK agreed to connect the British Pound to German Deutschmark.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The value of 2.78-pound sterling was equal to 3.13 Deutschmarks. But the UK was kicked by the economic recession.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The normal reaction would be to lower interest rates in order to support the national economy. But there is the trick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lower interest rates have a negative influence on the currency value, so they wouldn&#8217;t be able to maintain pound&#8217;s value against the Deutschmark.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest dilemma was: should the UK government try to recover domestic economic growth or enter the ERM. They choose ERM.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of England made such a big mistake, it raised interest rates. At the same time, they started to use foreign currency reserves to buy the Pound.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That gesture opened the space for short selling. Investors, Soros first of all, recognized that the UK is in the middle of economic depression.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7923\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3.jpg\" alt=\"George Soros - The Man Who Broke the Bank of England 2\" width=\"800\" height=\"345\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3-300x129.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3-768x331.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3-370x160.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3-760x328.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-3-424x183.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Over two years period, the U.K. proceeded to defend its currency. Those cost billions. They were building a house of cards actually.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In August 1992 the German Bundesbank got the idea that currencies in the ERM could be revalued.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_president_of_Bundesbank_at_that_time_was_Helmut_Schlesinger\"><\/span><b>The president of Bundesbank at that time was Helmut Schlesinger.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">He was prepared to make a big move. He was ready for a devaluation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bundesbank explored the possibility to set a new lower fixed rate with respect to a foreign reference currency.<\/span><br \/>\n<span style=\"font-weight: 400;\">That totally changed the risk\/reward to a short Pound position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Pound would be weaker in any possible scenario. If pound didn&#8217;t devalue or if it did. Of course, if it declines it would be by large volume.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At that very moment, Soros told his top trader, &#8220;Go for the jugular.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soros&#8217;s fund, which was building several months, sold $10 billion <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soros&#8217; fund sold $10 billion value of Pounds short.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The pressure on the Bank of England came from other investors. Everyone wanted to sell the pound. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Then_the_Bank_of_England_made_new_mistakes\"><\/span><b>Then the Bank of England made new mistakes.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">First, they tried to raise interest rates by 2%. On first glance, it is a logical reaction that should lead to currencies appreciation. But this decision didn&#8217;t generate the Pound&#8217;s rally. Then they raised interest rates by 3% more on the same day. Well, they hit further selling Pounds. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nothing helped. At the evening of the same day, \u00a0about 7:30 the Bank of England stated that Britain would leave the ERM. That meant that the currency on the market. It was their last attempt to save the Pound.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Pound promptly fell 15% against the Deutschmark and 25% against USD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And the star was born. Soros become a trading legend. In the next five years, his net worth was $23 billion thanks a lot to this short selling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UK decision made Soros richer by more than a billion pounds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And won the name \u201cThe man who broke the Bank of England\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Black Wednesday is universally known as the day that George Soros broke the Bank of England and made over $1 billion. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"George_Soros_and_Philanthropy\"><\/span><b>George Soros and Philanthropy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">George Soros began his philanthropic activity in 1979, and he established the Open Society Foundations in 1984.<\/span><\/p>\n<blockquote>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9CWhen_I_had_made_more_money_than_I_needed_for_myself_and_my_family_I_set_up_a_foundation_to_promote_the_values_and_principles_of_a_free_and_open_society_%E2%80%9D\"><\/span><span style=\"color: #ff6600;\"><strong>\u201cWhen I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society. \u201d <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">The scholarships given to black South Africans under apartheid 1979, was the beginning of Soros philanthropy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the 1980s, he supported the development of the open exchange of ideas in Communist Hungary. Soros was financing <\/span><span style=\"font-weight: 400;\">educational visits to the West and supporting other actions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He founded the Central European University to encourage critical thinking after the Berlin Wall fell.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"George_Soros_established_the_Open_Society_Foundations_in_1984\"><\/span><strong>George Soros established the <a href=\"https:\/\/www.opensocietyfoundations.org\/\">Open Society Foundations<\/a> in 1984.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When the Cold War was over, he constantly spread his philanthropy to the United States, Africa, Latin America, and Asia. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cGeorge Soros is the only American who rivals the great philanthropists of the 1890s, John D. Rockefeller, Andrew Carnegie, and Julius Rosenwald,\u201d said Nelson Aldrich Jr., editor of The American Benefactor, in a 1996 New York Times profile of Soros. <\/span><br \/>\n<span style=\"font-weight: 400;\">He supported efforts to create more responsible, open, and democratic countries. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7924\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4.jpg\" alt=\"George Soros - The Man Who Broke the Bank of England 3\" width=\"800\" height=\"345\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4-300x129.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4-768x331.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4-370x160.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4-760x328.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/george-soros-the-man-who-broke-the-bank-of-england-4-424x183.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">He criticized the war on drugs as \u201carguably more harmful than the drug problem itself,\u201d and also, helped to start America\u2019s medical marijuana movement. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soros is a supporter of same-sex marriage efforts. The Open Society Foundations are against discrimination lesbian, gay, bisexual, transgender, and intersex communities. It promotes and defends human rights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soros supports autonomous groups and organizations such as Global Witness, the International Crisis Group, the Institute for New Economic Thinking, the European Council on Foreign Relations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since 1984 Soros gave to the different humanitarian organizations and through his foundations more than $30 billion of his fortune.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We have to say that thanks to Soros&#8217;s engagement, \u00a0personal and through his organizations, many very important issues on the field of human rights are not only opened, but they are also solved or close to be. Whenever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI&#8217;m not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. I&#8217;m doing it because I can afford to do it, and I believe in it. \u201d &#8211; said, George Soros.<\/span><\/p>\n<p><strong>Don&#8217;t waste your money!<\/strong><br \/>\n<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\"><b>risk disclosure<\/b><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>5 min read This is a story about surviving, great success and philanthropy. George Soros was born as Gyorgy Schwartz in Budapest, Hungary, on August 12, 1930. His parents were Tividar and Erzebat Schwartz. With increasing anti-Semitism, the danger for Jewish arose. To avoid Nazi persecution, George&#8217;s father changed the family name to Soros. George [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":7925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[938],"class_list":["post-7920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-george-soros"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>George Soros, biography. The Man Who Broke the Bank of England<\/title>\n<meta name=\"description\" content=\"George Soros became one of the most successful investors in the history of the US. 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