George Soros Warns Of Biggest Market Crash To Come, As "We Are Facing A Yet Larger Bubble" Than During Credit Crisis
George Soros, speaking at a meeting organized by The Economist, warns all those who are throwing their money into the equity pit, that "the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis."
It is a virtual impossibility that the money printer of even what may still be considered the reserve currency (although that distinction is rapidly shifting back to gold once again) can withhold a multi-trillion issuance onslaught and a multi-trillion corporate/CRE refi wave with 10 Years at under 4%. The next crisis will, as Soros points out, begin in the sovereign debt arena. In fact, it has already begun. Here is Reuters with an extended report on Greece's formal request for IMF aid. Net result - add another $560 billion in public leverage to the system.
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