{"id":4071,"date":"2011-12-01T15:12:02","date_gmt":"2011-12-01T22:12:02","guid":{"rendered":"http:\/\/www.crookedbough.com\/?p=4071"},"modified":"2012-03-30T07:28:00","modified_gmt":"2012-03-30T14:28:00","slug":"soros-world-financial-system-on-brink-of-collapse","status":"publish","type":"post","link":"https:\/\/www.crookedbough.com\/?p=4071","title":{"rendered":"Soros: World Financial System on Brink of Collapse"},"content":{"rendered":"<p><strong>Soros: World Financial System on Brink of Collapse<\/strong><br \/>\nBy Brenda Cronin &#8211; December 1, 2011 &#8211; Bloomberg News<\/p>\n<p>The world financial system not only isn\u2019t functioning, it\u2019s on the brink of collapse, according to investor George Soros.<\/p>\n<p>The Hungarian-born philanthropist, who recently spent time in countries where his charities are active, such as Africa, said he sees a growing bifurcation between emerging and developed countries \u2013 and he\u2019s more confident about prospects for the emerging ones.<\/p>\n<p>Despite their assorted problems, including corruption, weak infrastructure and shaky government, developing countries are relatively unscathed by the \u201cdeflationary debt trap that the developed world is falling into,\u201d Mr. Soros said at a New York gathering to mark the 10th anniversary of the International Senior Lawyers Project, a group that provides pro bono legal services around the world. Mr. Soros was among those honored by ISLP, for his work as founder and chairman of the Open Society Foundations, which supports democracy and human rights.<\/p>\n<p>The current global financial system is in a \u201cself-reinforcing process of disintegration,\u201d Mr. Soros warned, and \u201cthe consequences could be quite disastrous. You have to do what you can to stop it developing in that direction.\u201d<\/p>\n<p>While the economic and fiscal woes of the developed world remain critical, Mr. Soros said his recent travels gave him a sense of optimism about Africa and the Arab world.<\/p>\n<p>\u201cA lot of positive things are happening,\u201d he said. \u201cI see Africa together with the Arab Spring as areas of progress. The Arab Spring was a revolutionary development.\u201d<\/p>\n<p>However, he noted, Hungary\u2019s 1956 revolution changed the political atmosphere but didn\u2019t bear fruit until 1989.<\/p>\n<p>\u201cYou can\u2019t expect immediate success but what is happening will have a lasting impact,\u201d he said.   <a href=\"http:\/\/blogs.wsj.com\/economics\/2011\/12\/01\/soros-world-financial-system-on-brink-of-collapse\/?mod=wsj_share_twitter\"> &#8230;source<\/a><\/p>\n<div class=\"igit_tsb_button\" style=\"float: left; margin-right: 10px;\"><a href=\"http:\/\/twitter.com\/share?url=https%3A%2F%2Fwww.crookedbough.com%2F%3Fp%3D4071&amp;text=Soros%3A+World+Financial+System+on+Brink+of+Collapse&amp;count=horizontal&amp;via=\" style=\"\" class=\"twitter-share-button\">Tweet<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Soros: World Financial System on Brink of Collapse By Brenda Cronin &#8211; December 1, 2011 &#8211; Bloomberg News The world financial system not only isn\u2019t functioning, it\u2019s on the brink of collapse, according to investor George Soros. The Hungarian-born philanthropist, who recently spent time in countries where his charities are active, such as Africa, said <a href=\"https:\/\/www.crookedbough.com\/?p=4071#more-'\" class=\"more-link\">more \u00bb<\/a><\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[247],"tags":[2126],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/4071"}],"collection":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4071"}],"version-history":[{"count":1,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/4071\/revisions"}],"predecessor-version":[{"id":8077,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/4071\/revisions\/8077"}],"wp:attachment":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}