View Full Version : Soros Weighs In: “It Is Necessary to Think the Unthinkable”

09-19-2011, 04:50 PM
George Soros, billionaire financier, chairman of a Cayman Islands based private hedge fund, and Grand Master of the world’s chess board, is weighing in on the European crisis and details some of the problems faced by Europe, as well as some proposed solutions. Love him or hate him, Mr. Soros is a major player and holds significant influence, therefore we stress that his comments should not be ignored.

By all accounts, the situation in Europe is very serious, though news coverage suggests (and has continued to suggest for nearly two years) that the crisis is just days from a final resolution.
To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable. So, to resolve Europe’s sovereign-debt crisis, it is now imperative to prepare for the possibility of default and defection from the eurozone by Greece, Portugal, and perhaps Ireland.

Source: Thinking the Unthinkable in Europe by George Soros
The catastrophe, unfortunately, cannot be avoided, and the consequences will be civil unrest across Europe and the real possibility of a complete collapse of the EU economic, monetary and political systems. Mr. Soros puts forth a solution, which he believes may be Europe’s only hope....... As you may have guessed, this would involve even more centralized control over the entire region, complete with a single monetary governing body and tax collection apparatus:

“There is no alternative but to give birth to the missing ingredient: a European treasury with the power to tax and therefore to borrow.”

“Once the principle of setting up a European Treasury is agreed upon, the European Council could authorize the ECB to step into the breach, indemnifying the ECB in advance against risks to its solvency,” he says.

“That is the only way to forestall a possible financial meltdown and another Great Depression.”

Greece, Portugal, Ireland are toast. They’re finished and there is nothing that can be done to save their economies. But they are not the only ones. Spain and Italy are in the same boat, with many smaller EU countries also facing serious debt problems:



Soro's is ready to cash in on The E.U.s collapse..Spain,Portugal and Ireland's banks are ripe for the pickings.....