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Wednesday, June 23, 2010

Soros does not rule out The collapse of The Euro

German austerity policy may destroy The EU project says Soros

The economic policy of Germany based on austerity likely to split the monetary union, says the financier George Soros. In an interview with the weekly Die Zeit, Soros explains why a possible 'collapse' of the euro can not be 'excluded. Soros Has no doubts: 'If the Germans do not change their policy, their exit from the monetary union would be useful for the rest of Europe'. Soros also advocates a tax on financial transactions.
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.