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Saturday, July 3, 2010

George Soros : We Have Just Entered Act II Of Crisis

News Update: Investor Soros Believes 'We Have Just Entered Act II' Of Crisis

6/10/2010- George Soros said "we have just entered Act II" of the crisis in Europe as fiscal issues worsen and governments are being pressured to curb budget deficits that could cause a double-dip recession, according to a Bloomberg report.

"The collapse of the financial system as we know it is real, and the crisis is far from over. Indeed, we have just entered Act II of the drama," Soros said at a conference in Vienna.

He added that the current situation is reminiscent of the 1930s with governments under pressure to reduce their budget deficits while 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.