Free Republic

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...

The Sage of Omaha has real worries about the U.S. dollar. It is no surprise that billionaire stock investor Warren Buffett continues to flee the U.S. dollar as he pours billions into foreign currencies. Last year Berkshire Hathaway, Buffett’s holding company, reported it had placed some $12 billion in foreign currencies. Now Forbes reports that Buffett continues to exit dollar investments, and Berkshire Hathaway holds some $20 billion in foreign currencies. Buffett has used foreign currencies as a hedge against his weakly performing U.S. portfolio. According to the New York Times, the firm reversed a second quarter loss and gained...