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According to the billionaire financier, the crunch also proves that the markets are not self-regulating.
"This is a man-made crisis and it's made by this false belief that markets correct their own excesses,'' he commented.
"We have not yet seen the full effect of possible recession. It only relates to the decline in the value of the various financial instruments which are held by the banks and other institutions.''
Mr Soros made the comments during the promotion of his latest book, The New Paradigm for Financial Markets: The Credit Crisis and What It Means.
Globally, banks have so far declared around $232 billion in credit losses and bad debt writedowns due to the financial crisis, Bloomberg reports.
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