George Soros Betting & Hedging that America Will Fail

George Soros, no friend of the United States economy.

George Soros has been betting, hoping and hedging that the American economy would fail for quite some time. Mr. Move on.org and Democratic backer is in gleeful mode as he drools over his comments that US economic recovery is far off and banks are basically insolvent.

The U.S. economy is in for a “lasting slowdown” and could face a Japan-style period of relatively low growth coupled with high inflation, billionaire investor George Soros said on Monday.

Soros, speaking to Reuters Financial Television, also warned that rescuing U.S. banks could turn them into “zombies” that draw the lifeblood of the economy, prolonging the economic slowdown.

What does Soros ultimately dream of, the $US being replaced as a world reserve currency.

Soros also said the U.S. dollar is under selling pressure and may eventually be replaced as a world reserve currency, possibly by the IMF’s Special Drawing Rights, a synthetic currency basket comprised of dollars, euros, yen and sterling.