April 2, 2009
If the G20 meeting of world leaders this week results in nothing but more hot air, billionaire George Soros says all bets are off — the global economy is heading for a huge 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 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 forever.”
While most investors are worried about the sorry state of the global markets, Soros finds the economic gloom-and-doom “exhilarating,” and reckons a full-blown depression is inevitable.
“I have to admit that actually I flourish, I’m more stimulated by the bust,” Soros said in an interview with the Times of London.
“On the one hand, there’s the tremendous human suffering, which is very distressing. On the other hand, to be able to handle the situation is exhilarating.”
This recession, Soros said, is a “once-in-a-lifetime event,” particularly in Britain and the United States.
“This is a crisis unlike any other. It’s a total collapse of the financial system with tremendous implications for everyday life. On previous occasions when you had a crisis that was threatening the system the authorities intervened and did whatever was necessary to protect the system,” said Soros.
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