The US economy is probably already in recession, financier and speculator Mr George Soros asserted at the World Economic Forum in Davos in Switzerland today. Mr Soros based his analysis on an investment fall.
He told a press conference: "Most likely we are in recession right now and an important element in that recession is capital spending."
Mr Soros - who made his name through speculative currency hedge funds - also expressed concern about the state of the global financial system. He said: "It has been weakened by the crises of 1997 and 1999 and has not really recovered."
He said: "The banking systems in Korea, Thailand, Indonesia, not to mention Japan, are not in good shape."
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AFP