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If the G20 meeting of world leaders this week results in nothing but more hot air, billionaire George Soros says all bets are off — the global economy is heading for a huge 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 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 forever.”
While most investors are worried about the sorry state of the global markets, Soros finds the economic gloom-and-doom "exhilarating," and reckons a full-blown depression is inevitable.
“I have to admit that actually I flourish, I’m more stimulated by the bust,” Soros said in an interview with the Times of London.
"On the one hand, there's the tremendous human suffering, which is very distressing. On the other hand, to be able to handle the situation is exhilarating
A financial mystic — Soros believes his body aches and pains give him signals as to when to invest, or when to short — he does not know how long the current climate will continue.