(Source: NPR)
Billionaire investor, philanthropist, and political player George Soros made his fortune riding the winds of high finance.
Now, he says, the global economy is blowing out of a tremendous bubble. Not a normal bubble, but a "superbubble" that's coming apart in a superbust.
Soros was there for the dawn of the hedge fund and the high-leverage finance that's now coming back to bite -- in housing and oil and debt and a credit crunch. We're in for financial destruction and a breakdown of world order, he says. Oh, great.
Now, he says, the global economy is blowing out of a tremendous bubble. Not a normal bubble, but a "superbubble" that's coming apart in a superbust.
Soros was there for the dawn of the hedge fund and the high-leverage finance that's now coming back to bite -- in housing and oil and debt and a credit crunch. We're in for financial destruction and a breakdown of world order, he says. Oh, great.
1 comments:
I particularly like to quote George Soros on this:'It is an idle dream to think that you could have this kind of crisis without the real economy being affected.
'We are facing a recession and it is slow in coming but the slower it comes, the more powerful it is.'
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