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SOROS: WE ARE IN A DOUBLE DIP RECESSION

Few people have nailed the recurring credit crisis better than Soros.  Most importantly, his global perspective provides him with a unique outlook for the entire global economy. In an interview with CNBC yesterday Soros made some blunt comments:

  • The USA is already in a double dip recession.
  • The USA needs more fiscal stimulus.
  • Europe could experience TWO or THREE periphery defaults.  They would most likely remain in the EMU and default would be controlled.  Uncontrolled default could result in defection.
  • The Euro currency should remain fairly strong even in the case of defaults.
  • The European leaders are way behind the curve here.
  • A form of a central Treasury is required in Europe
  • This is a “more dangerous” situation than Lehman Bros.
  • The EMU will do what it takes to hold it all together.
The full interview is below:

Source: CNBC

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