You are most likely familiar with anti-American billionaire George Soros, but you may not be as familiar with how he's made his money. Essentially, Soros collapses countries by destroying their currencies. He has turned entire economies upside down and since November, the man has made $1 billion betting against the Yen.
George Soros made almost $1 billion since November from bets that the yen would tumble, according to a person close to the billionaire’s $24 billion family office.
The Japanese wager helped the firm return about 10 percent last year and 5 percent so far this year, said the person, who asked not to be named because the firm is private. The yen has weakened 17 percent versus the dollar since about the start of the fourth quarter, the worst performance over a similar period since 1985.
Soros has been saying for years he has goals to destroy the dollar and has effectively damaged its value over the years. Not to mention, the Federal Reserve's continued printing of money is helping to put the odds in Soros' favor when it comes to betting against the dollar.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
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Author Photo credit: Jensen Sutta Photography