George Soros Explains It All For You

By Michael Maiello on Mon, 06/04/2012 - 3:30pm |

The eurozone crisis, told in smart and readable fashion, by George Soros at the Festival of Economics on June 2nd.

URL:

http://www.georgesoros.com/interviews-speeches/entry/remarks_at_the_festival_of_economics_trento_italy/

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Europe's leaders appear to be edging towards an ambitious and controversial new blueprint for a federalised eurozone after Paris and Brussels threw their weight behind Spain's pleas for an EU rescue of its beleaguered banks.

At the start of three weeks likely to be crucial to the survival of the euro, the new French government and the European commission voiced strong backing for a new eurozone "banking union" to save the single currency.

by cmaukonen on Mon, 06/04/2012 - 8:12pm

Thanks for the link update. It was destor's link that did not work for me. I put my request at the wrong place.

Not sure why you do not like the idea of a federalized Europe. It was inevitable wasn't it? Their articles of confederation proved as insufficient for economic cooperation as our own. From something Soros wrote, that was the plan all along.

by EmmaZahn on Mon, 06/04/2012 - 9:42pm

Such things have historically become dictatorships and empires benefiting only a few of the very, very rich and powerful.. Humanity in my opinion has not grow nearly enough for this not to happen.

by cmaukonen on Mon, 06/04/2012 - 9:59pm

Except on Star Trek, right?

Seriously. I don't think the geography or demography is right or it would have federated a long time ago. Even or maybe especially when all of it was ruled by the same inbred bunch of aristocrats. BTW, they are still there and still influential.

by EmmaZahn on Mon, 06/04/2012 - 11:38pm

My bad. Sorry, seems I was a might hasty here.

Nein! Nein! Nein! Again

No, Germany has not agreed to a "banking union".

It has not agreed to mutualise the costs of bank bail-outs, knowing perfectly well that this means 'Eurobonds lite' and the start of a slippery slope towards debt pooling.

It has not cleared the way for use of the EU rescue machinery (EFSF and ESM) for direct recapitalisation of banks – which is what Spain wants to avoid having to bear the contingent liabilities of its crumbling lenders on sovereign shoulders.

Germany has not moved one inch towards fiscal union of any kind. It may do so (I make no prediction). It has not done so yet. Europe faces exactly the same problem it has had since the start of the crisis.

There is no breakthrough on the Spanish banking crisis. Quite why the Madrid and Milan bourses have been rallying is beyond me.

Germany has agreed to explore extra supervisory powers for a European banking authority, in the "medium-term" once umpteen other conditions have been fulfilled.

This has no relevance to today's crisis.

by cmaukonen on Tue, 06/05/2012 - 1:53pm

Link does not work for me. Tried unsuccessfully to find another. You got one? Anyone?

by EmmaZahn on Mon, 06/04/2012 - 8:21pm

http://www.guardian.co.uk/world/2012/jun/04/eu-weighs-federal-europe-plan

by cmaukonen on Mon, 06/04/2012 - 8:56pm

http://www.georgesoros.com/interviews-speeches/entry/george_soros_remark...

by Michael Maiello on Mon, 06/04/2012 - 9:00pm

Thanks.

Interesting read. Really more econometric and financial than economic but then it is George Soros.

by EmmaZahn on Mon, 06/04/2012 - 9:36pm

This interview is interesting as well:

http://www.georgesoros.com/articles-essays/entry/interview_with_george_soros_angela_merkel_is_leading_europe_in_the_wrong_di/

by PeraclesPlease on Tue, 06/05/2012 - 3:15am

George Soros Explains It All For You

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Nein! Nein! Nein! Again

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