George Soros was interviewed today by a Polish TV station. Reuters has a summary.
Soros made the following key points:
1. The worst of the global economic crisis is over. "Decidedly the worst (of the crisis) is already behind us," said Soros.
2. "This is not like previous crises but marks the end of an era. The system to date had been based on the false assumption that markets can independently regain their equilibrium and that the system is self-correcting," he explained.
3. He also said the regulation in the economy should be aimed at controlling market bubbles.
"We need international regulations to retain international markets. This won't be easy...If we won't be able to do this... than globalization, as we now know it, will fall apart," he said.
4. To deal with the current crisis he said "the state must step in, give guarantees to financial institutions and increase government spending," adding that he supported anti-crisis measures undertaken by the U.S. administration.
5. Since that could create a risk of hyperinflation he said the state must diminish its role once the credit system is restored.
6. Soros also said Poland would have been less affected by the crisis if it had been in the euro zone.
Soros made the following key points:
1. The worst of the global economic crisis is over. "Decidedly the worst (of the crisis) is already behind us," said Soros.
2. "This is not like previous crises but marks the end of an era. The system to date had been based on the false assumption that markets can independently regain their equilibrium and that the system is self-correcting," he explained.
3. He also said the regulation in the economy should be aimed at controlling market bubbles.
"We need international regulations to retain international markets. This won't be easy...If we won't be able to do this... than globalization, as we now know it, will fall apart," he said.
4. To deal with the current crisis he said "the state must step in, give guarantees to financial institutions and increase government spending," adding that he supported anti-crisis measures undertaken by the U.S. administration.
5. Since that could create a risk of hyperinflation he said the state must diminish its role once the credit system is restored.
6. Soros also said Poland would have been less affected by the crisis if it had been in the euro zone.
