For the first time in his 60-year career, Soros, admits he is not sure what to do. "It's very hard to know how you can be right, given the damage that was done during the boom years."
"We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression ......"
"The tragedy of our current situation is the unintended consequence of imperfect understanding. A lot of people in the financial system did a lot of damage without intending to."
Europe is confronting a descent into chaos and conflict. In America he predicted riots .......
"The best-case scenario is a deflationary environment, the worst-case scenario is a collapse of the financial system."
He is now more concerned with surviving than staying rich, "At times like these, survival is the most important thing."
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If Greece defaulted but the Euro survived, the scenario will not be that pessimistic. A more optimistic wave count is as shown below. Dow could complete its major wave C at around its March 2009's low of 6,547 to complete the mega wave 6.
However, if there is a complete collapsed of the Global economic system, it is possible that the October 2007's peak is the end of mega wave 5 of super wave (III). Since the 2007's peak, Dow is in the process of completing its mega wave A of its super wave (IV). Looking at the possible 'head and Shoulders' formation, mega wave A could go much lower than the March 2009's low of 6,547. Very pessimistic indeed.
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