George Soros is returning to the markets by betting big against a recovery – he’s betting on a crash.
George Soros is known for having made $1 billion by betting against the British pound in 1992 and for backing Democrats with his considerable fortune.
I’ve believed in Austrian Economics for a while. This article mentions that Carl Icahn, who used to be the richest man in New York state, as well as another billionaire, Stanley Drunckenmiller, are all betting strongly that there will be a collapse.
Let’s see… Let’s analyze U.S. fundamentals.
More debt than ever in the history of the U.S., not only in nominal terms, but absolutely, because the USA has roughly $222 trillion in entitlement obligations that are unfunded but nevertheless on the books.
The U.S. had enormous debt after WWII, but that couldn’t possibly have been greater than the enormous debt that we have now. The “Great Society” didn’t exist. “Social Security” existed, but people retired much later then than they do now. I don’t have proof for this, so eventually I’ll have to look it up. That’s what I’ve heard, though.