The Future George Soros Banks on for America:

[RMNIXON]

"I'm not looking for a worldwide recession. I'm looking for a significant shift of power and influence away from the US in particular and a shift in favour of the developing world, particularly China."





London (dpa) - The current turmoil on world markets indicates a "significant shift of power and influence" from the US to emerging economic giants such as China and India, international financier George Soros said Wednesday.

Soros, in a BBC interview at the World Economic Forum meeting in Davos, Switzerland, said it would be "very difficult to avoid recessions" in the US and in Britain.

However, backing the major US Federal Reserve interest rate cut, Soros said: "You have to rescue markets otherwise you would go into a depression, as you did in the 1930s."

I'm not looking for a worldwide recession. I'm looking for a significant shift of power and influence away from the US in particular and a shift in favour of the developing world, particularly China."

Soros, who made 1 billion US dollars betting on the devaluation of the British pound in 1992, said he expected a recession on both sides of the Atlantic.

"I think credit expansion can't go any further than it has done, when you could effectively borrow 100 per cent with no money down on a house whose value has been inflated by the willingness of the banks to lend so much credit," he said.

Since the 1980s, instead of of imposing regulations and restrictions, markets had been left to their own devices, Soros said.

"The authorities came to rely on the markets to right themselves. They ought to have known better, because they have in the past come to the rescue, so they ought to have known that the markets don't necessarily right themselves."

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Well?

What are we waiting for?

Lets turn this economy to shit so he can make another bankroll. Talk about somebody who knows how to work the left like puppets for his own gain.

[WickedLou9]

Well he's right. China will eventually be the world power. It's just a matter of time. How is he playing the left? I just don't see it.

[bheld]

wut?

[JaJae]

Our economy is stronger than Soros, but there is also the Soros effect. That man has ruined many a country by just making statements and bets. I never understood why liberals seem to like him so much. I guess his money talks, but seriously.. the man is horrible.

[RMNIXON]

Originally Posted by WickedLou9

Well he's right. China will eventually be the world power. It's just a matter of time. How is he playing the left? I just don't see it.

I did not see the world "eventually" in his remarks or anything close to that. He already seems to be betting on an unavoidable "recession" right in the here and now that will tilt world economic markets to the East. I cannot help think that is the horse he is betting on.

As for who is being played each can decide for themselves. But a lovable wealthy Liberal with our Countires best interests at heart he is not!

[thewise1]

I would think that you'd be a fool to not count on a recession in the US, and I'm hardly part of the left.

Of course his solution is more regulation, and mine is to remove it, but hey people have differing ideas on solutions, so that's to be expected.