Soros: Quite Serious Recession On The Way

Speaking to Dan Harris of ABC News, he pretty much said we’re screwed. But, hey, he is investing in our banks.

Financial Express: Billionaire investor and entrepreneur George Soros backed America’s plan to buy equity in banks but forecast a ‘quite serious recession’ on the way.

The real economy, he said, is now going to enter into quite serious recession, “But if you do the right things,

then you could see how you could come out of that recession. In an interview with ‘ABC News’, he agreed that the United States would have less power in the world and perhaps American citizens would have less money in the pocket as a result of the crisis.

In the last 25 years, Soros said Americans have basically consumed six to seven per cent a year more than they have produced.

As a result, he said, “Other people, the Chinese, the oil producing countries have built up a dollar reserve which they are now going to covert in real assets. So they become wealthier and we will have more debt,” he added.

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