Comments Off on George Soros: You have to realize that the system has broken down
Read by 98 people
Â George Soros is interviewed on the Reuters Round Table and discusses the crisis, the stimulus, zombie banks, and realistic recovery expectations. (Video interview follows excerpts and comments)
What you have to realize is that the system actually has broken down…Following the Lehman Brothers default, that was a game changing event…In my book published last year I said that this is the most serious crisis of our lifetime.
But I did not actually expect the system to actually breakdown. And it had to be put on artificial life support. And, this life support doesn’t extend to the entire world.
George Soros, along with his old investment partner Jim Rogers and other trend forecasters like Gerald Celente and Peter Schiff, all believe that the crisis we are in the early stages of, will be unlike any other that we have seen in our lifetime.
I think that there’s a real danger that people don’t understand that the system was fundamentally flawed and there is no return to where we came from.
I do not expect the US economy to recover in the 3rd or 4th quarter, so I think we are in for a pretty lasting slowdown….I think that 2010 might be something. Whether we have a recovery depends on how deep we go.
While Mr. Soros was and is a big supporter of the Obama campaign and administration, he seems to be diverging from the ideas of Mr. Bernake and President Obama that there are ‘glimmers of hope’ in the economy and that ‘recovery may occur at the end of 2009.’
I think the dollar is now under question. I think the system will need to be reformed so that the United States will be subject to the same discipline as is imposed on other countries.
Watch George Soros on Reuters April 10, 2009:
Click here to subscribe: Join over one million monthly readers and receive breaking news, strategies, ideas and commentary.
Please Spread The Word And Share This Post
Mac Slavo Views:
Read by 98 people Date: April 11th, 2009 Website:www.SHTFplan.com
Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.
The content on this site is provided as general information only. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a financial interest in any company or advertiser referenced. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader.
SHTFplan is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.