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Thursday, January 26, 2012

George Soros 2012 Market Outlook

George Soros Market Outlook for 2012.  Soros says there is the POTENTIAL for a total meltdown greater than the 2008 financial crisis.
"I am not here to cheer you up. The situation is about as serious and difficult as I've experienced in my career... The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system... At times like these, survival is the most important thing."
-George Soros January 25, 2012 on CNBC
From Davos Switzerland to Maria Bartiromo.

More quotes:

About the possible Greek default:
"It did not solve the problem of the heavily indebted countries that now are in a position of a Third World country that it is too heavily indebted in a foreign currency"
Without intervention, Soros continued
"It actually could eventually prepare the ground for a breakdown of the euro, if the financial system of each country becomes much more self-contained. But that's not really where they want to go...  Gradually it's bringing down the interest rates. However, I don't think it's a strong enough 'ring fence' if and when Greece defaulted. And there is a real danger of that happening, a possibility... You'll either have disintegration and the euro falling apart, which would have catastrophic consequences, and really a potential meltdown, worse than you had in 2008, a real disintegration. Or, you have more integration"
About the US, Soros said it is on the mend
"The economy actually is showing considerable strength... the glut of cheap natural gas, for shale gas, is making a big difference in making American manufacturing more competitive. You see strength in manufacturing, which is really a reversal of the trend of last 20 years."
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