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Thursday, October 3, 2013

George Soros: The Euro Crisis might be over, but Europe’s nightmare is getting worse

Billionaire financier and legendary speculator George Soros gave a speech Tuesday at the Global Economic Symposium in Kiel, Germany, titled “The Future of Europe.”

In the speech, Soros declared the euro crisis over:

The euro crisis is now over. This became official in the German elections where the rules governing the euro were not even discussed. Yet the system that emerged from the crisis is far from satisfactory. Mainstream economists would call it an inferior equilibrium; I call it a far-from equilibrium situation.

The euro crisis has already transformed the European Union into something radically different from what was originally intended. The EU was meant to be a voluntary association of sovereign and equal states that surrendered part of their sovereignty for the common good. It has turned into a relationship between creditors and debtors that is by its nature compulsory and unequal.
Read More : http://business.financialpost.com/2013/10/02/george-soros-the-euro-crisis-might-be-over-but-europes-nightmare-is-getting-worse/

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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.