Bill Gates: The fundamentals of the global economic system are sound; predicts four-year downturn

Apple Online Store“Microsoft founder Bill Gates has told the BBC that it could take as much as four years for economies in trouble to return to positive growth,” BBC News reports.

“The world’s richest philanthropist said the Bill and Melinda Gates Foundation has lost one fifth of its value in the current crisis,” The Beeb reports.

“He said the upturn would be driven by innovations in science and technology… Capitalism, he said, had led to incredible opportunity and innovation,” The Beeb reports.

“Despite his prediction that it could be as much as four years before many economies see growth again, he insisted the fundamentals of the global economic system were sound,” The Beeb reports.

Full article here.

MacDailyNews Take: Four years! That’s the length between meetings of the Summer Olympics. Winter olympics, too. And leap years. And, oh, yeah, also the length of a U.S. Presidential term which, hmmm… just started. Is that what Gates meant?

Anyway, hopefully, Kermit The Geek is having issues with his discontinued SPOT watch and, about the downturn’s duration, he turns out to be wrong yet again.

“Spam will be a thing of the past in two years’ time.” – Bill Gates, January 24, 2004

“You know that there’s been tremendous turmoil in our financial markets and Wall St. And it is — people are frightened by these events. Our economy, I think still — the fundamentals of our economy are strong. But these are very, very difficult times.” – John McCain, September 15, 2008

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