Friday, January 25, 2008

Soros: Worst Market Crisis in 60 years

George Soros had a piece in the FT a few days ago that painted a bleak picture for the global economy.


"Although a recession in the developed world is now more or less inevitable, China, India and some of the oil-producing countries are in a very strong countertrend. So, the current financial crisis is less likely to cause a global recession than a radical realignment of the global economy, with a relative decline of the US and the rise of China and other countries in the developing world.

The danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse."

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