George Soros, stock market speculator and billionaire, reflected on the state of the European Union and stated that speculators are not to blame for the economic crisis, in an interview published on the Project Syndicate portal.
– I am very concerned about Europe. The Euro is in the process of destroying the European Union. In a way, this has already happened since the EU was supposed to be a voluntary community of equal countries. The crisis has led to something entirely different – a relationship between creditors and debtors. In a financial crisis, creditors call the shots – said Soros in an interview at a press conference in Italy, as reported by Project Syndicate.
When asked how he comments on the good state of the stock markets despite the crisis, Soros replied that we are in a state that is far from equilibrium and that such a situation cannot last long, but also that he is not in a position to predict the future.
When asked if the economic crisis is the last step in the general crisis of capitalism, Soros said that for now global capitalism is surviving, but with great difficulties. He emphasized that he believes there are no alternatives to capitalism, but capitalism itself needs better institutions.
When asked how he comments on claims that speculators like him are to blame for the emergence of the economic crisis, Soros said:
– I am not surprised by such claims and I am ready to respond to specific criticisms. I have always been open when it comes to my ventures. Financial crises are not caused by the actions of speculators, but by authorities that create rules that allow speculators to do what they are accused of. In other words, speculators are messengers who bring bad news –
