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Econopocalypse: We're Already Worse Off Than the Great Depression

This is not good.
 
 
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Ok, now I'm officially freaked out. Jesus.

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.

[George Soros listens to economists speaking at the "Emerging from the Financial Crisis" annual conference at Columbia University, February 20, 2009. (Reuters/Chip East)]George Soros listens to economists speaking at the "Emerging from the Financial Crisis" annual conference at Columbia University, February 20, 2009. (Reuters/Chip East)
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."

Digby is the proprietor of Hullabaloo.

 
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