George Soros on the 'Blah' Economy and China's 'Phenomenal' Rise
By JEFF BERCOVICI Posted 11:30 AM 09/15/10
Will the fragile global economy continue its tepid recovery, or will it tip back into recession? In the view of famed investor George Soros, it doesn't make much difference.
Soros was asked about the state of the macroeconomy during a Q&A held at the Nasdaq Market Site Wednesday morning and hosted by Thomson Reuters. "If I had to sum it up in one word, I would say 'blah,'" he replied. "It may slip into a double dip or it may not, but it's going to slow down. There's no question in my mind."
He had lots to say about China. "China is the great winner. It's rising very rapidly because the West is sinking. The shift is phenomenal. I have never seen anything like it." He also said, "Until the crunch, the U.S. consumer was the motor of the world economy. Now it's the Chinese. It's smaller, so the world economy has a smaller motor. So it's not running very fast." Asked whether the U.S. should consider trade sanctions against China for manipulating its currency, Soros said, "These things might be destructive. Threatening them might be appropriate, but once you use it, both sides suffer."
See full article from DailyFinance: http://www.dailyfinance.com/story/george-soros-economy-china/19634793/?icid=sphere_copyright
By JEFF BERCOVICI Posted 11:30 AM 09/15/10
Will the fragile global economy continue its tepid recovery, or will it tip back into recession? In the view of famed investor George Soros, it doesn't make much difference.
Soros was asked about the state of the macroeconomy during a Q&A held at the Nasdaq Market Site Wednesday morning and hosted by Thomson Reuters. "If I had to sum it up in one word, I would say 'blah,'" he replied. "It may slip into a double dip or it may not, but it's going to slow down. There's no question in my mind."
He had lots to say about China. "China is the great winner. It's rising very rapidly because the West is sinking. The shift is phenomenal. I have never seen anything like it." He also said, "Until the crunch, the U.S. consumer was the motor of the world economy. Now it's the Chinese. It's smaller, so the world economy has a smaller motor. So it's not running very fast." Asked whether the U.S. should consider trade sanctions against China for manipulating its currency, Soros said, "These things might be destructive. Threatening them might be appropriate, but once you use it, both sides suffer."
See full article from DailyFinance: http://www.dailyfinance.com/story/george-soros-economy-china/19634793/?icid=sphere_copyright
