George Soros was right about the Global Economic Collapse

George Soros predicted global economic collapse , George Soros is predicting Global Economic Collapse... We've been talking about it for nearly 18 months ~ He also stated that Gold is the Next Bubble to Burst... Which is True The protests in the Middle East ("Arab Spring") was about economics as much as about justice. Food prices have risen and many of the poorest members of society are feeling the pressure. ---------- The Slovaks made the right choice for their people. Greece should default. The actions of the bankers and Eurocrats will only prolong the agony. Better to let the bankers take the hit why is obama not addressing our nation about any of this>?

Leaving the eurozone would make it easier for the most distressed countries to regain competitiveness

George Soros : Preparing for the possible default or defection of three small countries from the euro does not mean that those countries would necessarily be abandoned. On the contrary, the possibility of an orderly default – financed by the other eurozone countries and the International Monetary Fund – would offer Greece and Portugal policy choices. Moreover, it would end the vicious cycle – now threatening all of the eurozone’s deficit countries – whereby austerity weakens their growth prospects, leading investors to demand prohibitively high interest rates and thus forcing their governments to cut spending further. Leaving the eurozone would make it easier for the most distressed countries to regain competitiveness. But, if they are willing to make the necessary sacrifices, they could also remain: the EFSF would protect their domestic bank deposits, and the IMF would help to recapitalize their banking systems, which would help these countries escape from their current trap. Either way, it is not in the European Union’s interest to allow these countries to collapse and drag down the entire global banking system with them.- in www.project-syndicate.org

The European banking system would have to be recapitalized

George Soros : Moreover, some banks in the defaulting countries would have to be kept functioning in order to prevent economic collapse. At the same time, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision. Finally, government bonds issued by the eurozone’s other deficit countries would have to be protected from contagion. (The last two requirements would apply even if no country defaulted.) - in www.project-syndicate.org

The Financial markets are driving the world towards another Great Depression

George Soros : “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”