the visible hand

it is the theory which decides what can be observed – einstein

Soros: Act II of the Crisis

Posted by ecoshift on June 10, 2010

Act II of the Crisis
By Zoe Schneeweiss and Andrew MacAskill

June 10 (Bloomberg) — Billionaire investor George Soros said “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

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

Soros, 79, said the current situation in the world economy is “eerily” reminiscent of the 1930s with governments under pressure to narrow their budget deficits at a time when the economic recovery is weak.

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