Jan. 28 (Bloomberg) -- News Corp. Chairman Rupert Murdoch said there’s no hiding from the worsening global economic crisis, and stressed the need for quick and “drastic action” to turn the tide.

People worldwide are “depressed and traumatized” to see their life savings, including homes and pension funds, disappearing, Murdoch said at a press briefing in Davos, Switzerland, today.

“It would be very foolish if we said here we are, we had a crisis, and how do we get out of it quickly,” he said. “The crisis is getting worse. When you get to the real economy, values are still going down.”

New York-based media company News Corp. in November reduced its fiscal 2009 profit forecast because of reduced ad sales at its newspapers and Fox television.

“You have world financial markets, it doesn’t really matter where you’re talking about in the world,” Murdoch said. “There’s no hiding place, the world financial markets are in a great state of disarray.”

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

Last Updated: January 28, 2009 07:17 EST