George Soros – gonna be a bad recession

Soros thinks the pending economic woes are so bad he got off the bench and started doing his own trading for his hedge fund again.

“I consider this the biggest financial crisis of my lifetime.”

Well, that minces no words.

Of course, as the NYT article points out, Soros prophesied similar gloom and doom 10 years ago. Other than him making a killing by manipulating Asian currencies (and you have to wonder if that’s part of why the Chinese are leery about letting the yuan rise), nothing happened.

Soros was right about something when he got back at the trading helm last year, though. By adjusting positions on a lot of trades, he wound up raking in $4 billion.

Basically, Soros wants to be recognizes as the Keynes of today or similar, the story says, and he hasn’t gotten that recognition.

That may be starting to change. Nobelist Joseph Stiglitz said that with some differences in vocabulary and nuances, Soros might start getting more due.

I agree to some degree with the gloomy forecast, but not just because Soros made it.