The reports and posturing from Davos will largely be overlooked in the United States. As a country, we do not understand the impact that the collapse of the European Union will have on this country. The above video is important on two levels: Mr. Soros is warning about the collapse of the European Union and he is also laughing at this eventuality which will also collapse the United States. Why is he laughing? Not only will he make money, he will gain even more influence in the new world order. How much money will he make? With the world’s debt now at $1.5 quadrillion, the orders of magnitude of how money is measured is no longer relevant.
The euro fell sharply on the foreign exchanges today after the legendary speculator George Soros said that growing economic and political tensions could destroy the European Union.
A hard-hitting attack by the billionaire financier on the ineptitude of European policymakers was backed by warnings from other economists on the first day of the World Economic Forum in Davos about the fragility of the single currency.
“Unfortunately, the European authorities had little understanding of how financial markets really work, and did everything wrong.” Greece, Soros added, was on the edge of a default that could push it out of the euro. “The odds are in that direction.” Following his remarks, the euro lost a cent against the dollar, falling below $1.30.
Nouriel Roubini, one of the few economists to predict the global financial crisis, said: “The policy response is making the recession worse. WhatEurope needs is less austerity and more growth.”