Coming Financial Collapse Moderated Message Board

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Strategies & Market Trends : Coming Financial Collapse Moderated

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To: Box-By-The-Riviera™ who started this subject	6/30/2002 8:28:17 PM
From: D.Austin	Read Replies (1) of 974

George Soros says dollar may lose a third of its value George Soros says he wouldn't be surprised if the dollar loses a third of its value over the next few years. The philanthropist and financier has told the Wall Street Journal that stock markets "could go much lower" too, if the US quickly slips back into recession - something he still hopes can be avoided. Mr Soros said that after years of rising against other major currencies, "it seems that the trend in the dollar has been reversed". The dollar has fallen by about 10% against the euro so far this year. Mr Soros said trends in currency markets tended to last for several years and involve major swings, so a drop of around a third in the dollar's value from recent levels "would not be unprecedented". He said investors outside the US had been rattled by news of corporate excesses and accounting scandals that led to the collapse of Enron and fraud charges against WorldCom. Mr Soros said things were being made worse by "the apparent unconcern" of George W Bush's administration, which he said had shown "no particular desire to do too much about" those excesses. He suggested the "savers of the world" had lost confidence in the Bush administration's management of the US economy, and were withdrawing their funds. According to Mr Soros, the dollar's fall has "some very negative implications" for the world economy - including the danger that it will frighten US consumers. But he said share prices should stabilise, or even make gains, if the US economy continued to recover. "Right now we are at a level of excessive pessimism, and we are liable to have a rebound in the near term," he added. Story filed: 08:23 Friday 28th June 2002 ananova.com ------------------- More on George the Manipulator---http://www.turtletrader.com/oig.html

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