Britannia Radio

Investor George Soros: Germany Will Be in Recession by September Elections

Germany “went too far” on pushing Cyprus to impose losses on depositors as part of a rescue for the country as European banks rely on savings as a source of funding and that could undermine the banking industry, he said.

http://www.moneynews.com/StreetTalk/George-Soros-Germany-Recession-Elections/2013/04/10/id/498733?s=al&promo_code=13184-1

George Soros Gets It Right; Cyprus Follows Britain Down An Ugly Yellow Brick Road

Over the last few years of writing Notes From Underground, I have taken his eminence, George Soros (aka the palindrome) to task for advocating that the German polity surrender its sovereign authority to a federal EU entity as he pushed for a harmonization of fiscal authority and then an EU-wide EUROBOND. Previously, Mr. Soros has pushed that the Eurocrats not pursue this Eurobond through a nation-by-nation vote but rather just foist it upon the citizens of Euroland. In a paper released yesterday, Mr. Soros is again pushing a Eurobond backed by a union-wide banking structure and a Euroland harmonized tax system, in which all nations surrender some sovereign authority to a centralized power. There will be no BUNDS, OATS, SPANISH or ITALIAN bonds. It will just be a Eurobond backed by the full credit of the EU fiscal authority. This time around though, Soros does advocate the German government should seek the consent of the electorate.

It seems George believes that the enlightened German electors would see that the costs of financing a Eurobond would be less than enduring a collapse of the EURO and the entire EU financial system. Soros further maintains that if Germany can’t get behind a Eurobond then they should leave the EURO and let the Deutsche Mark appreciate and the Germanless euro devalue and the periphery regain its competitiveness. But at least Mr.Soros has come to accept that there can be “no taxation without representation.” It’s tough to be a philosopher king without a country. Oh wait, the world is his country … thank you Karl popper.
http://yragharris.com/2013/04/10/brick/