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Wednesday, April 10, 2013

Germany to be in recession by September, Soros warns

George Soros : “Germany itself remains relatively unaffected by the deepening depression that is enveloping the eurozone,” Soros said in a speech at the Johann Wolfgang Goethe-University in Frankfurt Tuesday. “I expect, however, that by the time of the elections, Germany will also be in recession.”

Soros : How to save the European Union

 by George Soros :
The euro crisis has already transformed the European Union from a voluntary association of equal states into a creditor-debtor relationship from which there is no easy escape. The creditors stand to lose large sums should a member state exit the union, yet debtors are subjected to policies that deepen their depression, aggravate their debt bur

The causes of the crisis are so complicated that they boggle the mind. They cannot be properly understood without realising the crucial role that mistakes and misconceptions have played in creating them.The fatal flaw of the euro is that by creating an independent central bank, member countries have become indebted in a currency that they don't control. The risk of default relegates some member countries to the status of third world countries that became over-indebted in a foreign currency. This feature of the euro was ignored both by the authorities and market participants until the Greek crisis and it is still not properly understood today.
den and perpetuate their subordinate position. As a result, the crisis is now threatening to destroy the European Union. That would be a tragedy of historic proportions which can only be prevented with German leadership.
read more : http://www.guardian.co.uk/business/2013/apr/09/eurozone-crisis-germany-eurobonds
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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.