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NEW YORK - Billionaire investor George Soros forecast yesterday that the US economy is "on the verge of a very serious economic correction" after decades of overspending.
"We have borrowed an awful lot of money and now the bill is coming to us," he said at the New York University, adding that the war on terror "has thrown America out of the rails".
Asked whether a recession was inevitable, Soros said: "I think we are definitely in for a slowdown that I think will be a bigger slowdown than [Federal Reserve chairman Ben] Bernanke is seeing."
Famous for the speculative attack on the Bank of England that made him more than US$1 billion, Soros declined to nominate which currencies were now the most vulnerable.
"I know exactly where the currencies are going to. But I'm not going to tell that to you."
- Reuters
