George Soros: The Global Financial System is in a ‘Self-Reinforcing Process of Disintegration’

Simone Foxman
Business Insider
12/1/2011

Image: Wikimedia Commons

 

Investor George Soros foretold doom in a recent speech in front of the International Senior Lawyers Project, according to the WSJ.

The financial system is collapsing, and the developed world is fast falling into a “deflationary debt trap.”

“The consequences could be quite disastrous,” he said. “You have to do what you can to stop it developing in that direction.”

Soros has been an outspoken advocate of taking more radical action to stem the European debt crisis, endorsing intervention by the European Central Bank and even eurobonds. He doesn’t think too highly about the rest of the world either, speculating that global economic imbalances are continuing to destabilize the global economy.

But it’s not all bad. “A lot of positive things are happening,” Soros said. “I see Africa together with the Arab Spring as areas of progress. The Arab Spring was a revolutionary development.”

Related: Are George Soros’ Billions Compromising U.S. Foreign Policy?

George Soros is rich enough to buy his own foreign policy, but is it wise to let him have one?

Soros’ strange pattern of investments and gifts, especially in the former-Soviet states of Eastern Europe and Central Asia, amounts to a personal foreign policy.

While other rich men fund think tanks and charities abroad, the sheer scale of Soros’ spending sets him apart. Soros, through foundations and his Open Society Institutes, pours some $500 million per year into organizations in the former Soviet world, according to their own estimates. That, in many cash-starved countries, is enough capital to change who runs the capital.

And Soros gets results. Through strategic donations, Soros helped bring down the communist government in Poland, toppled Serbia’s bloodstained strongman Slobodan Milosevic, and fueled the “Rose Revolution” in Georgia. Soros has also funded opposition parties in Azerbaijan, Belarus, Croatia, Georgia, and Macedonia, helping them into either power or prominence. All of these countries were once Russian allies…

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