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"A
hard landing is practically unavoidable," Soros said on
Bloomberg from Davos. "I’m not expecting it, I’m observing it.
China can manage it. It has resources and greater latitude in
policies, with $3 trillion in reserves."
Soros said the slowdown in China stemming from over-indebtedness
is inflicting its problems on the rest of the world. China,
along with falling oil prices and raw materials, are the root
causes of deflation.
Soros, who founded Soros Fund Management and now is chairman of
the New York-based firm, said he shorted the S&P 500 and now is
not the time to buy.
In his comments to Bloomberg, Soros added that he is long U.S.
government bonds and said Russia is in a very, very weak
position. He believes Russia has enough reserves to last for
just "a couple of years."
(Reporting by Jennifer Ablan; editing by Bernard Orr and Tom
Brown)
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