'We are heading into a storm and it's reminiscent of the 1930s', warns investment guru George Soros

Sophie Borland
UK Daily Mail
Wednesday, Sept 17, 2008

Last night George Soros, one of the world's most powerful financiers, warned that the world was 'heading into a storm'.

Mr Soros, the financial speculator best known for cashing-in on the pound's withdrawal from the European Rate Mechanism on Black Wednesday in the 1990s said that the worst was far from over.

Mr Soros even claimed that we are only at the beginning of a major financial crisis.

He compared the current situation with the Great Depression of 1930s which followed the Wall Street Crash of 1929.

Speaking on BBC's Newsnight, he said: 'We are not through it at all.

'We are heading into the storm rather than coming out of it. We are at a very precarious moment.'

When asked whether the US Government was wrong not to bail out the Lehman Brothers, he replied: 'Whether they should have been rescued depends on whether the financial system survives.

'If it survives then it was right to let them go bust. If there is a meltdown then it obviously wasn't.

Full article here


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