Soros sees no bottom for world financial “collapse” (Reuters)
NEW YORK (Reuters) – Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis. Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
Read MoreReflection: The Trouble with the Future
In the context of the tenth anniversary of the fall of the Berlin Wall on November 9, 1989, one journalist took the time to look back and see what the pundits said would happen next. No one, but no one, got it right. No one foresaw the rapid collapse of European communism and the demise of the Soviet Union. By 1991 The U.S.S.R. was no more, and no one saw this future with any degree of precision. Instead they got it wrong. The end of communism will be a long time coming. Wrong. If the Warsaw pact goes, so does NATO. Wrong. Germany will not be allowed to re-unite. Wrong. A united Germany will become a nuclear power before the end of the millennium. Wrong. Gorbachev will long continue. Wrong.
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