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George Soros Says Financial Crisis Entering Act Two
George Soros plays the bear much more often than the bull. In a dramatic statement at a conference in Vienna, he said: "We have just entered Act II" of the crisis Again in dramatic fashion he states: "The collapse of the financial system as we know it is real and the crisis is far from over." "Indeed we've just entered Act II of the drama."
What does Soros see that makes him so bearish? For one thing he believes that the financial crisis in Europe will worsen and attempts to cut budget deficits will push the global economy back into a recession.
According the Bank of America (BAC), Europe's debt ridden nations will need to raise 2 trillion euros within the next three years. Already the crisis has wiped out $4 trillion from global stock markets.
In the 1990's Soros bet heavily against the British Pound, making $1 billion on his trade. In 1989, he bet that the German mark would appreciate after the fall of the Berlin Wall. Again he was right. In that same year he bet against the Japanese stock market, making another big profit.
Soros calls Credit Default Swaps "a license to kill." and believes that they should only be allowed if there is an insurable interest.
http://www.bloggingstocks.com/2010/06/11/george-soros-act-ii/
You may not like his negative approach, nevertheless, when making investments its best to have a wide array of opinions. You should be able to balance his ideas with those who believe that we have entered a new bull market and this dip is just a brief pause.
Do you agree with Soros' views on world events?
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