'This is a period of wealth destruction. The people who make money will be few and far between. There will be a lot more money lost than made." When George Soros - the phenomenally successful hedge fund manager - says this, you know something is wrong, very wrong. And indeed it is.
George Soros
George Soros: ‘We face the most serious recession of our lifetime’
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George Soros: rocketing oil price is a bubble
Speculators are largely responsible for driving crude prices to their peaks in recent weeks and the record oil price now looks like a bubble, George Soros has warned.
High oil prices threatens a prolonged period of lethal global stagflation: “will Chinese demand drive oil prices to $50 or $100 or $1,000?”
The escalation of oil prices, which this week reached a previously unthinkable $130 a barrel (with predictions of $150 and $200 soon to come), threatens to do far more damage to the world economy than the credit crunch.
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