Just when you thought we’d avoided a European (world) financial fiasco, along comes Soros to remind us that the risk of a meltdown remains.
The Wall St Journal blog reports that the world financial system not only isn’t functioning, it’s on the brink of collapse, according to investor George Soros. The Hungarian-born philanthropist, who recently spent time in areas where his charities are active, such as Africa, said he sees a growing bifurcation between emerging and developed countries – and he’s more confident about prospects for the emerging ones.
Despite their assorted problems, including corruption, weak infrastructure and shaky government, developing countries are relatively unscathed by the “deflationary debt trap that the developed world is falling into,” Mr. Soros said at a New York gathering to mark the 10th anniversary of the International Senior Lawyers Project, a group that provides pro bono legal services around the world...
The current global financial system is in a “self-reinforcing process of disintegration,” Mr. Soros warned, and “the consequences could be quite disastrous. You have to do what you can to stop it developing in that direction…..”
Learn more at http://blogs.wsj.com/economics/2011/12/01/soros-world-financial-system-on-brink-of-collapse/?mod=wsj_share_twitter
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