US and China on "Threshold" of World War III, George Soros

Even as military spending soars in China, in which there is an attempt to shift to a "domestic-demand-led economy from exports", billionaire investor, George Soros says in the Bretton Woods conference at the World Bank that there may be another World War III with China, according to sputniknews.

Otherwise, it is likely that Chinese leaders would have an external conflict with a US ally in order to keep the country together and hold on to power.

"If there is conflict between China and a military ally of the United States, like Japan, then it is not an exaggeration to say that we are on the threshold of a third world war," Soros said, according to MarketWatch.

He asked the US to make a "major concession" so that it can permit China's currency to join the International Monetary Fund's basket of currencies, making the yuan a "potential rival" to the dollar as a global reserve currency.

China too needs to make major concessions so that its economy can be reformed, and accept the rule of law, says Soros. While letting the yuan to be a market currency would create "a binding connection" between the two systems, the agreement would be difficult. However, the alternative to this would be "global catastrophe."

"Without it, there is a real danger that China will align itself with Russia politically and militarily, and then the threat of third world war becomes real, so it is worth trying," he adds.

Ironically, Geroge Soros has always called on imposing greater taxes on the wealthy, but he has collected a huge fortune by not making his tax payments on time. The bill, though, may be due.

Meanwhile, there are other indications of World War III too. "Instability in Ukraine, chaos in Syria, conflict in the East China Sea-the trigger points for World War III are in place," according to theatlantic.