” We are repeating 2008. The root cause of the crisis is different this time… In 2008, it was the subprime crisis in America. This time, it is China and the deflationary forces it is transmitting to the rest of the world. ” George Soros’ statement made at the World Economic Forum in Davos, Switzerland.
Additionally, Mr. Soros stated that the world was in a period of economic deflation and that governments do not know how to handle the problem since this has not happened since the 1930’s.