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Friday, February 8, 2013

George Soros Warns Of EU Collapse

Will gold break $2,000? US/Israel war with Iran? Unemployment below 7.5%? George Soros gives his forecast for 2013 and shares his price prediction for gold and silver. George is chairman of Soros Fund Management and founded the Quantum Fund with Jim Rogers. George Soros recently made pessimistic remarks about the fate of the European Union in a television interview. The Hungarian-American business man said the the euro may contribute to the breakup of the EU. He expressed dismay about Brussels’ attempts to preserve the euro, something that Soros warned may further exacerbate the EU’s political and social problems. He likened the possible collapse of the EU to that of the Soviet Union in 1991.


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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.