Soros warns of debt-deflationary depression

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...."

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