"The current crisis marks the end of an era of credit expansion based on the dollar as the international reserve currency. The periodic crises were part of a larger boom-bust process. The current crisis is the culmination of a super-boom that has lasted for more than 60 years." - George Soros
Thus legendary hedge fund trader George Soros suggested, in an article written for London's Financial Times on Tuesday, ahead of the annual World Economic Forum in Davos, Switzerland, that the world was now possibly facing the worst recession it has seen in 60 years. This has proven the hottest article on the net this week, picked up by newspapers and wire services from Sydney to Shanghai.
"I got it wrong", said Soros. "I have always felt fallible and I have always acted fallible. If I have a bit of an edge it is because I know what I know. I did make the mistake predicting a serious calamity. I got a bit carried away. I do not normally do that." - George Soros
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Thus legendary hedge fund trader George Soros suggested, in an article written for London's Financial Times on Tuesday, ahead of the annual World Economic Forum in Davos, Switzerland, that the world was now possibly facing the worst recession it has seen in 60 years. This has proven the hottest article on the net this week, picked up by newspapers and wire services from Sydney to Shanghai.
"I got it wrong", said Soros. "I have always felt fallible and I have always acted fallible. If I have a bit of an edge it is because I know what I know. I did make the mistake predicting a serious calamity. I got a bit carried away. I do not normally do that." - George Soros
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