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Soros sees no bottom for world financial “collapse”

Posted By admin On February 21, 2009 @ 5:41 am In Money Watch | Comments Disabled

Reuters [1]
Saturday, Feb 21, 2009

Renowned investor George Soros said on Friday 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 September marked a turning point in the functioning of the market system.

Soros sees no bottom for world financial collapse obamadecept 340x169 [2]

“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.”

His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.

Full article here [1]

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URLs in this post:

[1] Reuters : http://www.cnbc.com/id/29308452/for/cnbc/

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Soros Says Financial Crisis Marks End of a Free-Market Model: http://www.prisonplanet.com/soros-says-financial-crisis-marks-end-of-a-free-market-model.html

[4] Soros Warns of Violent Riots In America, Financial Collapse, Government Clampdown: http://www.prisonplanet.com/soros-warns-of-violent-riots-in-america-financial-collapse-government-clampdown-%e2%80%9csurvival-is-the-most-important-thing%e2%80%9d.html

[5] Report: Soros Unloads All Investments in Major Financial Stocks; Invests Over $130 Million In Gold: http://www.prisonplanet.com/report-soros-unloads-all-investments-in-major-financial-stocks-invests-over-130-million-in-gold.html

[6] Financial Crisis Has ‘Only Entered Act II:’ Soros: http://www.prisonplanet.com/financial-crisis-has-only-entered-act-ii-soros.html

[7] Soros Says Germany Could Cause Euro Collapse: http://www.prisonplanet.com/soros-says-germany-could-cause-euro-collapse.html

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