The headline “Soros: The Recession Will Last Forever” (article) caught my attention. Soros is a smart guy. He has made a lot of money. Will his prediction shake out? I have no clue, but I really don’t think he can predict the future either. An excerpt:
If the G20 is nothing but a talking shop then he thinks we are heading for meltdown. “That could push the world into depression. It’s really a make-or-break occasion. That’s why it’s so important.” The chances of a depression are, he says, “quite high” – even if that is averted, the recession will last a long time. “Look, we are not going back to where we came from. In that sense it’s going to last for ever..”
You never want to hear one of the greatest traders, regardless whether you like his politics or not, talk like that.