Referring to China's growing credit numbers, George Soros says that the situation "eerily resembles what happened during the financial crisis in the U.S. in 2007-08, which was similarly fueled by credit growth."
Soros states that China's debt based growth is unsustainable and that it feeds on itself. The prolific investor did not provide any timeline but said that "It can reach a turning point later than everyone expects. Most of the damage occurred in later years. It's a parabolic cycle."
Soros is correct here, even worse, the debt has financed many government planned projects that are of near zero economic value, It's going to be a collapse on top of a collapse.
-RW
Soros always has a hidden agenda for anything he mentions publically. Diluting the sovereignty of the US and the countries of Europe is at the top of his agenda. Anything he says has to be taken in that light. Doesn't automatically mean he's wrong of course.
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