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Friday, June 25, 2010

Soros: We Have Just Entered Act II of the Global Financial Crisis

"The collapse of the financial system as we know it is real, and the crisis is far from over," he told a conference in Vienna late last week. " Indeed, we have just entered Act II of the drama, when financial markets started losing confidence in the credibility of sovereign debt."

The world economy is "eerily reminiscent of the 1930s," Soros said, with governments under pressure to narrow their budget deficits at a time when the economic recovery is weak.
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.