By Becket Adams | From TheBlaze.com | On April 24th, 2012
Two weeks ago, billionaire currency speculator George Soros said that the financial crisis in Europe had “taken a turn for the worse” and warned of “a long period of economic stagnation or worse” for the EU.
Shortly after making those comments, the infamous market guru was back in the news for talking about betting against the euro.
This week, he says the EU financial crisis reminds him of the collapse of the Soviet Union.
“Europe is similar to the Soviet Union in the way that the euro crisis has the potential of destroying, undermining the European Union,” he said during a debate on public policy education Tuesday.
“With the profound social, economic and moral crisis that Europe is in, we can see a similar process of disintegration.”
His Soviet Union comparison is similar to remarks he made in Denmark last week, where he said the eurozone crisis is “not over yet, and it is going in the wrong direction.”
“The euro is undermining the political cohesion of the European Union, and, if it continues like that, could even destroy the European Union,” he said, according to Reuters. “You can grow out of excessive debt, you cannot shrink out of excessive debt.”
As mentioned before on The Blaze, Soros has embarked on something of a personal crusade “to save” the EU and has chosen to do this by railing against the Bundesbank (Germany’s federal bank) — a lot.
German banks and lawmakers are, according to Soros, “dead set” on enforcing the “status quo” by supporting laws that don’t work while the financial crisis threatens “still-incomplete political union.”
Soros says the EU can only be saved through bold and drastic action taken by eurozone authorities.
“The crisis can be stopped at any time. But this requires that the authorities realize that extraordinary situation requires extraordinary responses, ‘outside the box,’” Soros said in a Le Monde interview. “But the rules need to be changed to be sure the system does not emerge from its box.”
“Mr. Soros said other countries, such as Japan and Latin American nations, have come through similar experiences and survived, but the EU is not a country and is ‘unlikely to survive,’” according to the Wall Street Journal.
The article was originally posted at http://www.theblaze.com/stories/more-dire-predictions-soros-compares-eu-crisis-to-collapse-of-the-soviet-union/