After the crash: Why we can’t go back to business as usual

Unfortunately, the recovery is liable to run out of steam, and may even be followed by a second economic downturn, though I am not sure whether it will occur this year or next.

My views are far from unique, but they are at variance with the prevailing mood. The longer the turnaround lasts, the more people will believe that it will continue. But in my judgment, this is characteristic of far-from-equilibrium situations when perceptions tend to lag behind reality.

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George Soros is chairman of Soros Fund Management and the Open Society Institute.

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