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Wednesday, April 11, 2012

Soros : The Euro is broken and needs to be fixed

George Soros : “The fiscal compact is going to push Europe into a deflationary debt trap with potentially catastrophic consequences,” . “This can be prevented if only it’s recognized there’s fundamentally something wrong with the rules of the euro.” Soros said today at a book party in Berlin He explained that Europe’s fiscal compact to promote budgetary discipline can’t work in its current format, while the euro is “broken and needs to be fixed.” - via Bloomberg

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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.