George says

Billionaire investor George Soros today said that the US dollar as a world's reserve currency is coming to an end. Speaking at a debate held at World Economic Forum in Davos, Switzerland today Mr. Soros said the fallout from the U.S. subprime crisis will bring about the end of the greenback's global status. He also said that the current crisis in the world financial markets is the worst "in 60 years". ''The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency,'' Soros said. He said that it will be "very difficult to avoid" recessions in the US and UK. Soros said that while a global recession could be held off by strong growth rates in the developing world. But, the danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse, he said