An interesting interview with George Soros. He is putting alot of emphasis on the G20 meeting which I was sort of considering a non event. He is expecting that it is probable that nothing will come from it. Agree there.
The G20 summit in London next week is, he says, the last chance to avert disaster. “The odds would favour that it fails because there are such differences of opinion. It’s difficult enough to get it right in your own country let alone with 20 governments coming together, but if it’s a failure I think then the global financial and trading system falls apart.”
If the G20 is nothing but a talking shop then he thinks we are heading for meltdown. “That could push the world into depression. It’s really a make-or-break occasion. That’s why it’s so important.” The chances of a depression are, he says, “quite high” – even if that is averted, the recession will last a long time. “Look, we are not going back to where we came from. In that sense it’s going to last for ever.”
I fail to understand why the G20 is a make a break occasion because it seems so worthless (just a bunch of bureaucrats playing politics) but Soros would know better than I.