April 7, 2008
Soros bearish on US' economic clout
WASHINGTON - BILLIONAIRE George Soros said the United States' status as the world's economic superpower is no longer guaranteed, as the current financial crisis saps America's ability to compete with prospering China and India.
Sub-prime mortgage defaults and the resulting credit convulsions have accelerated the US' weakening position in global markets, he said in an interview on Conversations With Judy Woodruff, airing on Bloomberg Television over the weekend.
'I think that you will have to somehow reconstruct the global architecture,' said Mr Soros, 77.
'China has become much more important, India, and so on. What kind of system will evolve of this, I think, is a very open question.'
The market disruptions prompted him last year to resume a more active role in managing the US$17 billion (S$23.5 billion) Quantum Endowment Fund, which provides income for his philanthropic projects.
BLOOMBERG NEWS
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