Thursday, April 3, 2008

Soros out with a new book about the credit crises

Gorge Soros weighs in on the current crises in the financial markets with his new book: The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means.

"We are in the midst of the worst financial crisis since the 1930s.
...The world economy is at the end of a "super-boom" in asset prices and debt which has lasted since the end of the Second World War. ....At the heart of the financial crisis was the culmination of a 60-year-old boom in leverage, the result of which will be a far deeper downturn than many expect."

The billionaire investor is best known for his bet against the Bank of England. In 1992 he predicted a devaluation of the British pound and made the killing of a lifetime, earning 1bn pound over night. Soros was famous for his ability to read the events of his time and understand their consequences to international finance like nobody else. If he still has got his mojo than his word should have some weight and we are in for a wild ride.

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