'We face the most serious recession of our lifetime' - Soros
Daily Telegraph--George Soros, 'the man who broke the Bank of England', tells Edmund Conway of his fears for the economy. The conditions today are almost uniquely dismal, however.
Not pleasant reading
Soros also says that speculators are a key cause of the sharp rise in the price of crude oil. The price increase has a "parabolic shape," Soros says, noting that such a shape is "characteristic of bubbles," but that the oil bubble will not burst until the U.S. and Britain are both in recession, at which time oil prices may drop dramatically.
Not pleasant reading
Soros also says that speculators are a key cause of the sharp rise in the price of crude oil. The price increase has a "parabolic shape," Soros says, noting that such a shape is "characteristic of bubbles," but that the oil bubble will not burst until the U.S. and Britain are both in recession, at which time oil prices may drop dramatically.