George Soros and Our 'Superbubble'

Billionaire investor, philanthropist, and political player George Soros made his fortune riding the winds of high finance.

Now, he says, the global economy is blowing out of a tremendous bubble. Not a normal bubble, but a "superbubble" that's coming apart in a superbust.

Soros was there for the dawn of the hedge fund and the high-leverage finance that's now coming back to bite — in housing and oil and debt and a credit crunch. We're in for financial destruction and a breakdown of world order, he says. Oh, great.

This hour, On Point: As the economy shakes, a conversation with George Soros.Guests:

George Soros, chairman of Soros Fund Management and of the Open Society Institute. His new book is "The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means." (Read an excerpt here.)

Greg Ip, chief economics editor at The Wall Sreet Journal, soon to be U.S. economics editor for The Economist. His interview with George Soros appeared in The Journal on June 21.