Soros sees “serious” economic correction

November 7, 2007 at 6:49 am | Posted in china, economy, USA | Leave a comment

We have borrowed an awful lot of money and now the bill is coming to us,” he said during a lecture at the New York University, also adding that the war on terror “has thrown America out of the rails.” Asked whether a recession was inevitable, Soros said: “I think we are definitely in for a slowdown that I think will be a bigger slowdown than (Fed Chairman Ben) Bernanke is seeing.”

Last week, investment guru Jim Rogers, who co-founded the Quantum Fund with Soros in the 1970s, recommended selling the dollar as well as U.S. investment banks and U.S. housing stocks.

Soros said that, for now, China is the ‘absolute winner” in economic terms, and will continue to see its economy soaring during the next few years.

“Now it is going through this fantastic transformation but in 10 years time I think you may well have a financial crisis in China,” he said.

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