Sunday February 22, 2009

George Soros : world financial system has effectively disintegrated, no bottom seen

news.yahoo.com :

Renowned investor George Soros said on Friday [20 Feb 2009] the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis. Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in Sep 2008 marked a turning point in the functioning of the market system. "We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."

- This was posted way back in Jan 2006, long before most people outside of the contrarian and peakoiler communities were talking about a recession :

If housing continues to cool while rates are slowing then it could turn into a hard landing," Soros said. "That's why I expect a recession to happen in 2007, not 2006."

- And now back in 2009, long before most people outside of the contrarian and peakoiler communities are talking about an economic collapse, George Soros has come out and talked about economic disintegration.

See also :

1. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
2. Happy New Year 2009 : The Year of Collapse
3. Japan exports plummet record 35% as recession deepens
4. Japan GDP shrinks 12.7% in biggest dive since 1974 as exports collapse
5. Not just another recession : Singapore NODX exports collapse 34.8% in Jan 2009 in largest fall ever

(2009-02-22 11:19:39 SGT) [Biz] Permalink

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