Free Republic
Browse · Search
Topics · Post Article

Skip to comments.

George Soros Blasts Germany for Its Role in Europe Crisis ^ | March 1, 2013 | Camilla Louise Lyngsby

Posted on 03/04/2013 9:01:14 PM PST by Tailgunner Joe

Germany is by far the largest and one of the healthiest nations in the euro zone but billionaire investor George Soros said it shares some of the blame for the region's prolonged crisis.

"We have gone from crisis to crisis. Germany did the minimum that was necessary to preserve the euro but no more! And that is what maintained the crisis conditions which are now four-years old," Soros said at the World Leaders Forum this week.

He sees the underlying problems as twofold: First, Germany is in the driver's seat. It doesn't dictate policy, but effectively no European policy can be proposed without first gaining its approval.

The second problem is that Germany is pushing austerity on debtor nations, and Soros doesn't see forced budget cuts as an effective solution. He argues the situation is actually only going to get worse.

"I am afraid Europe is in an existential crisis," Soros said. "The debtor countries are subordinated to the dictates of the creditor countries and have effectively been relegated to second-class membership. I think this is politically not acceptable."

Austerity measures could trigger a debt-deflation spiral, Soros believes, which could lead to lower wages, layoffs and reduced consumer spending. That could create a long-lasting recession in which the debt burden keeps growing.

Nobel Laureate Joseph Stiglitz agrees with Soros on austerity being ineffective.

"Austerity won't bring back prosperity; it's not a growth solution," Stiglitz said. "The Europe Union needs more integration, more fiscal union, a banking union and policies that will enable countries to catch up," he said.

Ireland has made an economic recovery using austerity and as a result, is often held up as the poster child for the European recovery.

"We have gotten our competitiveness back in a really significant way, the competitive cost is down, our exports are doing very well, foreign investment is doing exceptionally well, we are back in growth. Very, very modest but it's real, it's growth," said Anne Anderson, Ireland's permanent representative to the United Nations.

However, she cautions that austerity comes at a price.

"I don't want for a moment to underestimate the difficulty and the hurting of Ireland – it's very real," Anderson said.

Soros believes it's not just the debtor countries that will suffer. Stable nations like Germany will suffer, too, and that could be the tipping point.

As the effects of quantitative easing by countries such as Japan and the United Kingdom start to kick in, that will in turn devalue those nations' currencies, which then makes German exports more expensive.

"I think after the German elections in September there will be a change in German attitude because by that time … I think Germany will also be in a recession," Soros said.

TOPICS: Germany

1 posted on 03/04/2013 9:01:23 PM PST by Tailgunner Joe
[ Post Reply | Private Reply | View Replies]

To: Tailgunner Joe

IOW, Germany is not doing their part to create a crisis that will destroy the world’s major currencies.

Get with it you Krauts! We need global tyranny.

2 posted on 03/04/2013 9:04:52 PM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe
Wait I thought George thought the sun rises and sets with Germany...

Oh my bad, that was "Nazi Germany" he was all agog over...

3 posted on 03/04/2013 9:05:47 PM PST by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

Soros wants a currency crisis and long term debt because he, as always, wants control over every dollar minted everywhere.

4 posted on 03/04/2013 9:09:16 PM PST by Bogey78O (We had a good run. Coulda been great still.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

“Snipers needed”
Why are we still sharing oxygen with
this snake.

5 posted on 03/04/2013 9:28:26 PM PST by right way right (What's it gonna take? (guillotines?))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

Funny, given Soros’ past history of being a Nazi collaborator in Budapest.

6 posted on 03/04/2013 9:57:27 PM PST by jimbo123
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe



Maybe we should all write a nice letter to Putin to “take care of business” since George Nazi Whore-os is a wanted man in Russia....

7 posted on 03/04/2013 10:35:21 PM PST by GraceG
[ Post Reply | Private Reply | To 1 | View Replies]

To: jimbo123

The POS liked hiswork..

8 posted on 03/05/2013 1:00:17 AM PST by sheik yerbouty ( Make America and the world a jihad free zone!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Tailgunner Joe

Darn that Germany for not redistributin its’ wealth!

9 posted on 03/05/2013 3:20:51 AM PST by freeangel ( (free speech is only good until someone else doesn't like it)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe
George Soros Blasts Germany

Somebody ought to blast George Soros. (feel free to pick your level of meaning. re: blast)

10 posted on 03/05/2013 3:34:31 AM PST by tbpiper
[ Post Reply | Private Reply | To 1 | View Replies]

To: right way right
Indeed, I'm surprised that nobody has helped Soros achieve room temperature. You'd think that Mossad would take it on, if only as a training exercise to stay sharp.

Oh, I know that George is only the biggest snake in that den of vipers (he's got sons waiting in the wings), but ya have to start somewhere.

11 posted on 03/05/2013 5:04:11 AM PST by Charles Martel (Endeavor to persevere...)
[ Post Reply | Private Reply | To 5 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson