Soros sees chance of recession in 2007
(Reuters)
Updated: 2006-01-10 09:42

He suggested an International Monetary Fund proposal for richer countries to donate their Special Drawing Rights (SDR) to poorer countries would be a way to stimulate that demand.

GLOBAL RISKS

The 75-year-old investor turned philanthropist, said the world economy faced two other significant risks -- the U.S.-led war on terror and global warming.

He argued the war on terror that followed the September 11 attacks on the United States in 2001 and the war in Iraq had turned global opinion against the world's most powerful country.

"The biggest blunder was declaring war against terror. Today, most Americans realize that the Bush administration has led us astray," he said.

Soros said global warming threatened humankind and should be tackled by penalizing carbon emissions, instead of the current system of rewarding companies that reduce pollution.