This interview with financier George Soros in Stern magazine makes depressing reading.

We are not only in the midst of the worst financial crisis in 30 years, says Soros. It's going to get a lot worse.

"I believe, that we have not even seen half of the price deterioration," says Soros. "Over the next year, more than 2 million households will become insolvent because they will not be able to pay back their loans. There is a huge destruction of wealth underway."

Soros says hedge funds should subject to higher minimum stakes, if they plan to invest in commodity markets, and pension funds shouldn't be allowed to go near there. That's one way to stop the prices skyrocketing but it's hard to see any Government bringing in rules to control this sort of investment. At least for the time being.

Soros also backs Barack Obama over John McCain who is, according to Soros, yesterday's man. Electing McCain, he says, would be like electing Herbert Hoover, the US president who saw in the great depression.