PBS: Interview w/George Soros
Set aside about 25 minutes for this one.
A few of Soros comments which stuck with me:
Which is this 25 years of constant credit expansion using greater and greater leverage. The amount of credit in the economy has been growing at, I don't know, I don't know the exact figure, but maybe at least twice as fast as the economy itself. I think it's more like three.
And now, suddenly, you have a contraction of credit. And it's a sudden thing. And it's a period of great wealth destruction.
And this one:
And finally, this little exchange:
GEORGE SOROS: Hopefully not. But we are heading for undoubtedly very difficult times. This is the end of an era. And this is a fact.
BILL MOYERS: End of an era?
GEORGE SOROS: At the end of an era.
BILL MOYERS: Capitalism as we have known it?
GEORGE SOROS: No. No, no, no. Hopefully, capitalism will survive. But the sort of period where America could actually, for instance, run ever increasing current account deficits. We could consume, at the end, six and a half percent more than we are producing. That has come to an end.