George Soros: World Financial System Has Effectively Disintegrated ... Turbulence More Severe than Great Depression - More Like Demise of Soviet Union → Washingtons Blog
George Soros: World Financial System Has Effectively Disintegrated ... Turbulence More Severe than Great Depression - More Like Demise of Soviet Union - Washingtons Blog

Saturday, February 21, 2009

George Soros: World Financial System Has Effectively Disintegrated ... Turbulence More Severe than Great Depression - More Like Demise of Soviet Union

Reuters has the following bombshell:

Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

How could it be worse than the Great Depression?

Because the bigger the speculative bubble, the bigger the crash. And the bubble from 2001-2007 was the biggest speculative bubble in history.

Indeed, Paul Volcker, Nobel prize winning economist Joseph Stiglitz, former Federal Reserve Governor Frederic Mishkin, PhD economist Marc Faber, former Goldman Sachs chairman John Whitehead and many others have also said this could be worse than the Great Depression.

And if Soros is right that this is like the demise of the Soviet Union, then the question arises whether the financial crisis might lead to nations breaking up. The forecasters at Leap2020 certainly think so.

3 comments:

  1. MAXIMUS has selected one of your posts as one of the best online during the last week. Congratulations and thanks for helping educate the public during this most critical period.

    To see this recommendation go to

    http://4best4worst.wordpress.com/

    feel free to publicize this honor to your followers, there is no cost or benefit you need to offer in return.


    MAXIMUS will continue to search for post like yours (as well as posts that can be harmful to the public).

    Please contact us with links you feel can help our cause to educate the public at

    4best4worst@gmail.com


    thanks again for your great contributions....

    MAXIMUS

    ReplyDelete
  2. Does this mean we don't have to pay our federal taxes anymore?

    ReplyDelete
  3. There is a huge diffeerence between the Soviet Union and the United states however. Apparently Mr. Soros doesn't understand that the United States became united voluntarily not by force of arms like the Soviet Union.

    ReplyDelete

→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).

→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).

→ The following types of comments will be deleted if we happen to see them:

-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over

-- Comments that explicitly call for violence

→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.