*[If billionaire George Soros is looking worried, what about the rest of
us? jd]*
George Soros listens to economists speaking at the "Emerging from the
Financial Crisis" annual conference at Columbia University, February 20,
2009. Photo:Reuters/
NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world
financial system has effectively disintegrated, adding that there is yet no
prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great
Depression, comparing the current situation to the demise of the Soviet
Union.
He said the bankruptcy of Lehman Brothers in September marked a turning
point in the functioning of the market system.
"We witnessed the collapse of the financial system," Soros said at a
Columbia University dinner. "It was placed on life support, and it's still
on life support. There's no sign that we are anywhere near a bottom."
His comments echoed those made earlier at the same conference by Paul
Volcker, a former Federal Reserve chairman who is now a top adviser to
President Barack Obama<http://www.reuters.
.
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