George Soros: Global Financial System In 'Self-Reinforcing Process Of Disintegration'

Billionaire investor George Soros says that the global financial system is on the brink of collapse.

Developed countries are falling into a "deflationary debt trap," in which consumer spending falls, products become more expensive, tax revenues drop, and sovereign debt grows, Soros said last week, according to the Wall Street Journal. As a result, he said, the global financial system is in a "self-reinforcing process of disintegration."

"The consequences could be quite disastrous," Soros, who was born in Hungary, said at the tenth anniversary of the International Senior Lawyers Project.

via huffingtonpost.com

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