[Fwd: [Marxism] Soros and Volcker: Collapse surpassing Great Depression]

[Charles Cornell]

REPLY TO: D66 at nic.surfnet.nl

-------- Original Message --------
Subject: 	[Marxism] Soros and Volcker: Collapse surpassing Great Depression
Date: 	Sat, 21 Feb 2009 08:24:24 -0500
From: 	Marv Gandall <marvgandall at videotron.ca>
Reply-To: 	Activists and scholars in Marxist tradition
<marxism at lists.econ.utah.edu>
To: 	aorta <aorta at home.nl>



Soros sees no bottom for world financial "collapse"
Reuters
Feb 20, 2009

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.

He said the bankruptcy of Lehman Brothers in September marked a turning
point in the functioning of the market system.

"We witnessed the collapse of the financial system," Soros said at a
Columbia University dinner. "It was placed on life support, and it's still
on life support. There's no sign that we are anywhere near a bottom."

His comments echoed those made earlier at the same conference by Paul
Volcker, a former Federal Reserve chairman who is now a top adviser to
President Barack Obama.

Volcker said industrial production around the world was declining even more
rapidly than in the United States, which is itself under severe strain.

"I don't remember any time, maybe even in the Great Depression, when things
went down quite so fast, quite so uniformly around the world," Volcker said.

(Reporting by Pedro Nicolaci da Costa and Juan Lagorio; Editing by Gary
Hill)

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