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Saturday, April 28, 2012

Soros : Europe is similar to the Soviet Union

George Soros : “Europe is similar to the Soviet Union in the way that the euro crisis has the potential of destroying, undermining the European Union,”
“The euro is undermining the political cohesion of the European Union, and, if it continues like that, could even destroy the European Union,” said Soros in comments reported by the Wall Street Journal. “With the profound social, economic and moral crisis that Europe is in, we can see a similar process of disintegration.” “You can grow out of excessive debt , you cannot shrink out of excessive debt,” said Soros. - in cnbc

Soros: Next French President Unlikely To Stand Up To Merkel

The French president who will be elected after the runoff vote on May 6 is unlikely to stand up to German Chancellor Angela Merkel on European issues as the country's economic situation will remain weaker than Germany's, U.S. billionaire investor George Soros said Thursday in an interview with French weekly magazine L'Express. - in nasdaq.com

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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.