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Soros says US recession is likely | Soros says US recession is likely |
(about 1 hour later) | |
The billionaire investor George Soros has said it will be "very difficult to avoid" recessions in the US and the UK. | The billionaire investor George Soros has said it will be "very difficult to avoid" recessions in the US and the UK. |
In an interview with BBC News, Mr Soros said he supported the US Federal Reserve's surprise interest rate cut, which bolstered global stock indexes. | In an interview with BBC News, Mr Soros said he supported the US Federal Reserve's surprise interest rate cut, which bolstered global stock indexes. |
"You do have to rescue markets otherwise you would go into a depression, as you did in the 1930s." | |
He also said that the current market turmoil is a sign of global influence shifting to the developing world. | He also said that the current market turmoil is a sign of global influence shifting to the developing world. |
'Shift of power' | |
"I'm not looking for a worldwide recession," he said. | |
"I'm looking for a significant shift of power and influence away from the US in particular and a shift in favour of the developing world, particularly China." | |
He added that authorities have trusted markets too much over the past 20 years. | |
"The authorities came to rely on the markets to right themselves," he said. | |
"But they ought to have known better because they have in the past come to the rescue." | |
Mr Soros was the man reported to have made $1bn profit in September 1992, betting correctly that the British currency would have to be devalued and leave the European Exchange Rate Mechanism. |
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