NYT Feature: George Soros Bet Big on Liberal Democracy, Now He Fear He's Losing.

Tuesday, July 17, 2018

NYT Feature: George Soros Bet Big on Liberal Democracy, Now He Fears He's Losing.

n a clammy Tuesday morning in Paris at the end of May, George Soros, the world’s second-most-vilified New York billionaire (but worth many billions more than the other one), addressed the European Council on Foreign Relations, an organization he helped found a decade ago. Described by the woman who introduced him as a “European at heart,” the Hungarian-born Soros, who made his fortune running a hedge fund and is now a full-time philanthropist, political activist and freelance statesman, was there to share his thoughts on salvaging the European Union.

Wearing a dark suit, tieless and with the collar of his blue shirt outside the lapel of his jacket, Soros took the stage with the determined stride of an 87-year-old who still plays tennis a few times a week. But there were some concessions to age. He gave his speech sitting down and used a desk lamp to illuminate the text. (In fairness, the hotel conference room hosting the event was morosely dark.) He turned the pages with his right hand while keeping his left hand on his left knee, as if propping himself up. There were moments when he seemed on the verge of losing his place, although he never did.

In person, Soros is quite charming, with a wry sense of humor. But his writings — he has published 14 books — and speeches can be a little wooden, and this occasion was no exception. He barely acknowledged the audience, which included the president of Serbia and the prime minister of Albania, except to say, “I think this is the right place to discuss how to save Europe.” But apart from urging the European Union to direct more aid to Africa, which he said would ameliorate the refugee crisis that has led to so much of the recent political upheaval in Europe, his remarks were more descriptive than prescriptive. The European Union, he said, faced an “existential crisis.”

Briefly touching on Europe’s economic outlook, he said, “We may be heading for another major financial crisis.” Partly in response to his warning, the Dow fell nearly 400 points that day. Soros is generally considered the greatest speculator Wall Street has known, and though he stopped managing other people’s money years ago, the reaction was a real-time display of his continued ability to move markets. The attention given to that comment also underscored, in a subtle way, an enduring frustration of his life: His financial thoughts still tend to carry more weight than his political reflections...

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