Global Farmers forecast for 2009.

GLOOMY OUTLOOK.

George Soros the Hungarian born billionaire investor and Argentina’s second largest farmer, has given a gloomy outlook in his assessment of the US and world economies.

Soros says, that while the acute phase of the credit crunch may be over, the effects have yet to be felt.

He went on to say, that the UK is going to be in trouble, as the housing sector there is even more inflated than in the US.

Soros claims, that central bankers are in part to blame for the financial problems, by allowing bubbles to create themselves, while not allowing the market to find its own corrections.

Soros is very critical of the Wall Street investors, he claims that the difference between them and himself, is, that he uses his own money.

The Soros consortium investments returned 34% last year, with vast farming interests in Argentina and Brazil.

He is best remembered, for the billions he made in 1992, betting correctly, that the British currency would have to be de-valued and single handed he brought about the devaluation of the Australian dollar.

Mr Soros has credibility, partly because he backs up his predictions with his own money coupled with his ruthless reading of market situations and cutting his losses when required