Soros, known for netting big gains through currency speculation in the 1990s, said in an interview with Money magazine that investors are avoiding the US dollar, a trend that's contributing to a boom in commodities. It sounds like an institutional investment concern, but the combination has also taken a toll on average Americans, he said.

"A new bubble is developing in commodities — that is what creates the inflationary pressure," Soros said in the interview. "You have rising energy costs, you have rising food costs. So you're stuck in this bind. On one hand, recession is looming. On the other hand, the cost of living is going up."