Soros Says Double Dip Isn't Coming -- It's Already Here
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George Soros claims the U.S. is already in a double-dip recession and points to Republicans opposition toward President Obama’s fiscal stimulus plans as largely to blame for it.
Soros made the comments Wednesday. "We have a slowdown and basically a conflict about whether the rich ought to pay taxes to create jobs or not and there was a deal in the making which would have balanced the budget over the long term, but would have allowed short-term fiscal stimulus, which would have been the right policy," the money manager said.
He also claims the European Central Bank has created a problem which is "more dangerous" than the collapse of Lehman Brothers to the global economy. Soros said he expects authorities to "do whatever it takes" to make sure the problem doesn’t fully erupt.
Soros believes it is plausible that some of the smaller nations could exit from the Euro without major consequences to the global economy. "I think that you could have two or three of the small countries default or leave the euro provided it is prepared and done in an orderly way," Soros said.
Soros made the comments Wednesday. "We have a slowdown and basically a conflict about whether the rich ought to pay taxes to create jobs or not and there was a deal in the making which would have balanced the budget over the long term, but would have allowed short-term fiscal stimulus, which would have been the right policy," the money manager said.
He also claims the European Central Bank has created a problem which is "more dangerous" than the collapse of Lehman Brothers to the global economy. Soros said he expects authorities to "do whatever it takes" to make sure the problem doesn’t fully erupt.
Soros believes it is plausible that some of the smaller nations could exit from the Euro without major consequences to the global economy. "I think that you could have two or three of the small countries default or leave the euro provided it is prepared and done in an orderly way," Soros said.
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