WHAT DOES SOROS KNOW? November 9, 2007
Posted by wmmbb in Category to be ascribed, Social Environment.trackback
And who is listening? Some weeks ago P Costello was warning about the financial tsunami that was going to be generated by the floating of the Yuan, and therefore it was necessary to have the experienced hands on the tiller of the 1.1 Trillion dollar economy – which I think may refer to the gross national product. Last Monday, George Soros gave a speech to New York University in which he said that the US economy is “on the verge of a very serious correction” caused by excessive borrowing and spending on the Iraq War.
Soros agrees with P Costello, except that he suggests the call on China is early. Reuters reports:
Soros said that, for now, China is the “absolute winner” in economic terms, and will continue to see its economy soaring during the next few years.
“Now it is going through this fantastic transformation but in 10 years time I think you may well have a financial crisis in China,” he said.
In the meantime, perhaps our trusted and tested national economic managers might be forewarning us of the consequences of a possible US economic meltdown, which might very well of far greater magnitude of than the Chinese one. Still, I suppose, Bush has over a year to go and that is time enough to launch the war against Iran, which will be a nice distraction if nothing else.
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