Posted on 04/01/2008 1:09:13 AM PDT by bruinbirdman
The world economy is at the end of a "super-boom" in asset prices and debt which has lasted since the end of the Second World War, billionaire investor George Soros has warned.
Speaking in a BBC documentary, Mr Soros said that at the heart of the financial crisis was the culmination of a 60-year-old boom in leverage, the result of which will be a far deeper downturn than many expect.
He also warned that the financial services industry now faces a painful crunch. "I think that the financial industry will have to shrink... and of course the indebtedness of the American consumer will have to shrink. The US currently consumes 6pc more than it produces. That will have to come down. So it's an adjustment but it will be a very painful adjustment.
"I think that there will be a big backlash and there is even a danger that the global financial markets will be disrupted by protectionism."
He said the UK is at particular risk, since house prices have risen sharply, and the City is an important part of the economy.
"I think that the UK is particularly vulnerable to the shrinking of the financial industry, because London as a financial centre weighs much more heavily in the UK economy than New York as a financial centre in the US economy."
He makes his comments in tonight's BBC2 documentary Super Rich: the Greed Game.
The master manipulator has already placed HIS bets, and is now spreading whatever “analysis” will help him cash in on them.
You took the words right out of my mouth. That's exactly what he is doing. He's playing a futures market with the world economies.
He’s saying no different than dozens of FReepers.
Because of the lagging effects of fiat currency not backed by gold or any other physical item, that would serve as a brake on government spending.
“He’s saying no different than dozens of FReepers.”
Why, it’s almost like he’s been lurking here.
I guess this turd has shorted just about everything he can at this point ... A very dangerous man and a serious threat to everything we believe in in this country.. Athiest PIG who hates America and hopes to live long enough to see a world governance.
I hate this guy. I have never heard him say a single positive thing. The only time I hear from him I think he is trying to scam everyone.
I’m waiting for his obituary.
I feel the same way about him. I am past ready to hear of his passing.
Here’s a good article on him:
http://www.americanthinker.com/2008/02/george_soros_and_the_alchemy_o.html
For some reason a list of April 1st, threads showed up on my computer and this one caught my eye, as fitting in with today’s news.
It is fitting, thanks.
I wonder how much Soros has to do with all this mess?
Just which part of this do you think is wrong?
I wonder how much Soros has to do with all this mess?
<<<<
I would think that he is deeply involved.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.