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General News 4/7/2009 at 12:16 PM EDT

George Soros Warns 'Zombie' Banks Could Suck Lifeblood out of Economy

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He also cautioned that the recent rise in global stockmarkets is a "bear market rally because we have not yet turned the economy around". Soros' gloomy verdict weighed on Asian stockmarkets today, alongside a report that the International Monetary Fund now estimates that the toxic debts racked up by banks and insurers could spiral to $4tn ( �2.7tn).

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At www.guardian.co.uk

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Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.

Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.

Related Topic(s): Banks; Economy Recession; George Soros; National Debt Cost Per Citizen; Stockmarket; Taxpayers, Add Tags

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