Soros calls credit crisis the worst since ’29
George Soros claims that we are experiencing the most wrenching times in our financial system since the Great Depression. One has to be either appreciative of his advice or envious of his wealth. He made $3 billion in 2007 as a hedge fund manager while the debacle unfolded.
“We are in the midst of the worst financial crisis since the 1930s,” warns Mr Soros in his latest book, The New Paradigm for Financial Markets.
“The current crisis is the culmination of a superboom that has lasted for more than 25 years.”
Soros recently wrote a book on his theory of the ‘superboom’ called The New Paradigm for Financial Markets: The Credit Crash of 2008 and What It Means. He has been on a number of programs discussing his theory.
He is less even less bullish on the UK than he is on the US, saying:
“You are going to have a few years of very different conditions than the ones you’ve been used to over the last 25 years. We’ve had a pretty serious crunch but the acute phase is behind us and now we’ve yet to feel the effects. In the case of the UK we’ve had a housing bubble that in terms of price increases has been greater than in the United States.
“That’s also now going to be corrected – it is taking longer than in the States because you haven’t had overbuilding like in America.”
George Soros: Credit crisis is the worst since the Great Depression, The Telegraph, 21 May 2008
See also: Other posts under the label ‘UK.’