Soros sees end of US-led globalized market system

WASHINGTON, Oct 12 (Reuters) - Billionaire investor George Soros predicted on Sunday that the financial crisis would mean the end of a U.S.-led market system that has dominated the global economy with debt and deregulation since the 1980s. 'Globalization, America as the center of the globalized financial markets, was sucking up the savings of the world,' Soros said in a CNN interview. 'This is now over. The game is out. It does mean a very serious adjustment for America,' added Soros, a staunch backer of the Democratic Party. As world leaders rushed to help banks weather the crisis that has sent stocks into steep decline, Soros blamed the turmoil on the faith in market forces that began under President Ronald Reagan and British Prime Minister Margaret Thatcher a generation ago. The notion that markets are self-correcting led... [read full story]