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Wednesday, December 1, 2010

George Soros : The Euro and the EU at risk

George Soros :"The reunification of Germany was the great driving force that has pushed Europe forward. Germany was ready to pay any price just to have European support on this, then the Germans have always made the concessions that were used to advance the European Union, when attempting an agreement. No more. The Germans feel detached, self-centered and reluctant lovers of their old black-pier. This is why the European project has stalled. And like this it cannot go on. It is important to understand that if they do not move the next steps for the euro, the euro will go to pieces and the European Union can no longer inspire further progress. "
in an interview with the italian daily Corriere della Sera on the 15 April 2010

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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.