Poll: Do You Agree With George Soros and His ‘Super-Bubble’ Theory?

If you aren’t familiar with George Soros, he is one of the greatest financial speculators, and one of the richest men in the world. He amassed a fortune with his hedge fund that began in the 1970s. Since, he has gone on to become a very controversial, yet respected individual in the financial world. He has also written a number of books, and his latest was just released. In the book The New Paradigm for Financial Markets, he talks about a new economy and the major changes that have been, and are currently taking place.

The book argues the subprime crisis has triggered the bursting of a “super-bubble” that has been building for 25 years. Prior crises, from the 1987 stock market crash to the emerging markets crisis of 1997 were merely “testing events.” Of course, in 1998 he also predicted a global market collapse that never happened, but what about this super-bubble that he’s talking about now?

In recent remarks to the Council on Foreign Relations, Mr. Soros said:

I personally think we have the acute phase of the financial crisis largely behind us. The authorities have as their mission to stop the system from falling apart and providing liquidity at all costs. They’ve done it and have passed several thresholds. That is a source of reassurance that the system is not going to fall apart. But the damage that has been done to the financial system has to affect the real economy, and that is only starting to be felt.

What do you think? Is George Soros right, and are we just now beginning to feel the effects of a looming long-term financial meltdown? Or is this all just hogwash?

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