Gold In Euros Surges 1.8% After Draghi Warns; Soros Says EU May Collapse Like USSR
Friday, 8 February 2013
The EU may suffer the fate of the USSR and “collapse” according to billionaire investor George Soros.
Soros said that incorrent economic and monetary policies and the monetary union itself may lead to currency wars and the collapse of the European Union.
In saving the euro, the continent’s financial powers have damaged the economy of the euro zone and created dangerous new political imbalances. As a result, “we have quite a turbulent time ahead for 2013.”
“I am rather concerned that the euro is in danger of destroying the European Union”. There is a real threat when the possible resolution of financial difficulties of eurozone might cause a political issue,” Soros told Dutch TV in an interview.
The attempts of the European leadership to keep the common European currency are leading to the escalation of political and social issues in the EU which may eventually destroy it.
Recent SEC filings show that Soros’ hedge fund had again increased allocations to gold.