2009-05-11 23:56:02
George Soros Proclaims That The Downward Trend in the Financial Crisis is Easing
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George Soros, famed trader and the 29th richest person in the world, believes that the downward trend in the financial crisis is "easing", and that economic stimulus packages are beginning to have a positive effect.
In an article with the Frankfurter Allgemeine Zeitung daily, Soros went on record as saying that the "economic freefall has stopped".
Soros also said that China is set to overtake the United States as the "engine of world growth", and that Asia will be the first region of the world to recover.
These comments from Soros were unexpectedly optimistic, especially given his ultra-bearish comments from just a few months ago.
At a dinner at Columbia University in late February, Soros opined that the financial system was "still on life support", and that there was "no sign that we are anywhere near bottom".
Soros seems to have now joined the growing chorus of people who believe that the crippling global recession is coming to an end.
Don't be mistaken though - Soros is far from being wildly bullish. He said that he believes that the recovery will make up for "about half" of the loss of output caused by the crisis, and then we will "move into stagflation".
Soros is typically pretty bearish, which is why his comments in the article caught many people off-guard.
Source: Soros Says Economic Downward Trend Easing - Report
Filed under: Hedge Fund News
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