Opinion: (Billionaire investor George Soros, Ekathimerini.com): “We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread. The financial system remains extremely vulnerable.” Europe is in a crisis, centered around the euro and that the authorities are only engaged in buying time, but that time was working against them.
Europe faces a choice to look for solutions at a national or European level. The survival of the euro is “vital for all.” There must be a European solution.
Over the long term the euro was bound to fail unless a political union was also established. While the eurozone had a common central bank, it had failed to set up a central treasury and had no common fiscal policy. “The euro had created divergence, where it had been expected to create convergence,” he said comparing the levels of competitiveness in Spain and Germany.
My comment: The great financier continues to solve problems using the old methods, but they no longer work. Nothing can be rebuilt without changing social relations; adjustments are not going to work.
For some reason, financiers do not see people behind papers, do not realize that the economy is a copy of social relations and that an economic crisis erupts specifically because they need to be changed. Therefore, financial crisis can be solved by social changes only.