Forrest Jones
Moneynews.com
23 Jan 2012
As the U.S. economy worsens, protests such as those carried out by the Occupy Wall Street movement will turn ugly, breaking down into waves of violent unrest across the nation, says billionaire financier George Soros.
“It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States,” Soros tells Newsweek.
Unrest in the United States will serve as one of many symptoms of a worsening global economy, which makes wealth preservation a priority over getting rich.
“At times like these, survival is the most important thing,” Soros tells Newsweek.
“I am not here to cheer you up. The situation is about as serious and difficult as I’ve experienced in my career,” says Soros, made famous by betting against the pound in 1992 and pocketing $1 billion in the process, he said.
“We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse,” he said.
“The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.”…
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Related: Soros-funded pressure on Fox News worked: Glenn Beck out, Sally Kohn in
