A major financial crisis is about to hit European Union, says billionaire investor George Soros. Speaking at the European Council on Foreign Relations annual council, Soros said Europe was in “an existential crisis.” Soros, the founder of the pro-European Open Society Foundation, claimed there are basically three problems which had “hindered Europe’s economic development”.
In a speech titled “How to Save Europe”, Soros presented the 3 challenges – refugee crisis, territorial breakups (such as Brexit), and economic struggles due to austerity policy. He said – “The EU is in an existential crisis. Everything that could go wrong has gone wrong. We may be heading for another major financial crisis.”
Soros – the legendary currency speculator, investor, philanthropist, political activist and author – was the famous currency trader who broke the Bank of England and made US$1 billion in 1992. But he was also a strong supporter of Hillary Clinton, and lost US$1 billion when the stock market skyrocketed after Donald Trump’s stunning victory.
The currency speculator said the best place for Europe to fix the problem would be to address the refugee crisis and to remove regulation which dictates the number of refugees that each country should accept. Soros said – “Member states should not be forced to accept refugees they don’t want and refugees should not be forced to settle in countries where they don’t want to go.”
Amusingly, Soros has been a strong supporter of refugees or migrants flocking freely to the European Union before the Brexit. Now he wants the EU to protect its external borders but keep them open for lawful migrants. Prior to this, he wanted the EU to welcome all kind of refugees or migrants – regardless whether they were illegal or lawful.
Soros himself has donated £400,000 to an anti-Brexit group. He described the move by Britain to leave the EU as an “immensely damaging process harmful to both sides”. He was one of many who had predicted that Brexit would never succeeded simply because the poll numbers showed Britons would vote to stay with EU. Of course, the billionaire was humiliated after British voted to exit.
Therefore, in order to prevent “territorial disintegration”, Soros proposed that Brussels must rebrand the EU as an association that countries want to join. He said EU must accept the fact that the Euro as a currency has many unresolved problems and that the two-tier status of euro zone and non-euro zone countries should end.
Soros admitted that it was wrong that nations are forced to integrate obediently under the “multi-speed Europe” initiative. Instead, member of European Union must be given the choice over their political and economic direction under the idea of “multi-track Europe”. Otherwise, it would create hatred among its members to continue becoming part of the group.
He also said the “addiction to austerity” by the EU had harmed the Euro and was worsening the European crisis. Soros believed austerity policy had also led people feeling excluded, a mood caught upon by populist politicians in countries like Italy and Austria. Italy is currently in crisis when pro-EU President Sergio Mattarella refused to accept the nomination of anti-EU candidate Paolo Savona for economy minister.
“Everything that could go wrong has gone wrong. It is no longer a figure of speech to say that Europe is in existential danger; it is the harsh reality.” – says Soros. On top of the three internal problems EU is facing, a surging dollar and a capital flight from emerging markets may help to trigger another “major” financial crisis.
As Italian bond yields have jumped to multi-year highs thanks to its political crisis, Soros also pointed to the “termination” of the nuclear deal between the U.S. and Iran, as well as the “destruction” of the transatlantic alliance between the EU and the U.S. as the multiplier effect which are “bound to have a negative effect on the European economy”.
Clearly, George Soros admits that the arrogant EU must get rid of its “outdated” legislation which makes certain nations feel like second-class or inferior citizens of the group. Essentially, countries such as Germany and France must adopt a more humble position and not bulldoze their “superior” opinions upon others.
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May 30th, 2018 by financetwitter
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