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Soros says: Grave crisis forebodes

The most serious crisis since World War II is hanging over the US, with the likely recession to affect Europe as well, stated Hungarian-born stock market guru György Soros in the Monday issue of the Austrian liberal daily Der Standard.

The economic policy of the past few years has been formed by wrong decisions originating from “market fundamentalism,” the belief that the common interest is best served by individual decision-making and that attempts to maintain the common interest by collective action distort the market mechanism. There is not much to be expected from the economic stimulus package of $130 billion to $140 billion that was presented by President George W. Bush, either, Soros said. Now that the US restricted its guiding position by placing emphasis on military interventions, Europe has to take up a more active role in global affairs, said Soros at a podium talk in Vienna. At the same time, Europe has to refrain from any anti-US attitude, he added. (Napi Gazdaság, Gazdasági Rádió)