George Soros At Davos: Germany Relegating Weaker Euro Nations 'To The Status Of Third-World Countries'

DAVOS, Switzerland -- Philanthropist and former financier George Soros is urging European authorities to take more decisive action to protect the economies of Italy and Spain from financial strain.

He said at the World Economic Forum on Wednesday that the "half measures" adopted so far are insufficient to bring them back to growth.

Labeling Germany a task master imposing its strict anti-inflationary viewpoint on the rest of the continent, he said that weaker countries of the eurozone have been "relegated to the status of third world countries" having to pay back debts in a foreign currency.

He voiced fear that unrealistic demands placed on the weaker economies will exacerbate political tension within the European Union and proposed issuance of joint eurobonds.

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Comments

[TheGreatRenewal]

08:28 PM on 01/27/2012

George ... you know that Warren Buffet gave billions of $ to The Gates Foundation that is trying to eradicate 'diseases'. Why in goodness sake aren't those billions of $ being spent repairing, regenerating and healing our environment first?

Spend your money and hire millions of people worldwide to do these jobs. It's a start

1) Build  millions of miles of bike and horse paths
2) Replant diversified forests, grasslands and hedgerows
3) Tear down derelict buildings and parking lots and plant urban farms
4) Retrofit all buildings
5) Build light rail and trollies
6) Clean up every creek, stream, river, lake, beach
7) Put solar hot water and micro wind on all buildings
8) Develop clean energy
9) Put water catchment on all buildings
10) Modernize water, sewage systems
11) Put all power lines under ground

http://www.facebook.com/TheGreatRenewal

[LRN2WRK4IT]

03:13 PM on 01/26/2012

Germany hasn't gotten it's self in the trouble that Italy and Spain has, they live within their ability to pay. The others don't. He is a true lefty!

[gourgandine]

11:51 AM on 01/26/2012

Although we can all agree that this man is a success story and has proven his intelligence, I can't help but thinking that he and his "kind" have put us all in the big mess that the world economy is today ! I also have seen how he has managed to close his fund opened to non family members, not to retire as he said, but to avoid being checked to clossely by the authorities. To finish, his latest and pathetic love life with a women who could have been his grand daughter has make me very cautious about what he says ! It is time to tell these gready men that we would like another world for our children.

[splenetic]

03:07 AM on 01/26/2012

Germany! Germany! Germany! Aren't there some other prosperous countries in the Eurozone who share the same views as Germany on the debt crisis?

[Matt12]

02:38 PM on 01/25/2012

This greedy, terribly corrupt guy needs to be deported from the US, no other country would have him, except...????

[msbeal]

06:29 PM on 01/25/2012

He's a US citizen.

However, if you agree to ship Rupert Murdock back too maybe we can discuss it. :)

[Peanut Santiago]

08:23 PM on 01/25/2012

Throw in the Koch brothers and we can REALLY discuss it.

[cassie reinara]

12:38 PM on 01/25/2012

What the Germans attempted during WW II, the current day Europeans are allowing to happen and with the aid of Wall Street. And to think, there were rich people who also collaborated with the Nazis because they felt it was better alternative than communism. Those who don't learn from history are doomed to repeat its mistakes! Looks like we have a lot of slow learners on both continents.

[becky bradshaw]

03:38 PM on 01/25/2012

"Current day Europeans" is too general. A subset of European Elites, with help from Wall Street, especially Goldman Sachs, are the villains. Most Europeans are the victims.

Soros' proposal for Euro-Bonds has no chance. The German Leadership requires a fire-break between their economy and Southern Europe.

“As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”

Abraham Lincoln

Reference:
1. Goldman-Sachs: http://sgtreport.com/2011/11/goldman-sachs-adds-italy-and-greece-to-its-portfolio/
2.

[cassie reinara]

03:55 PM on 01/25/2012

Agree. Very good post. Again, you can trace a lot of the regions troubles to a few monied interests (international bankers) and the failed experiment of the EURO. A lot of the economies in trouble now rely heavily on tourism and exports to fuel their economies. How can you that effectively as a country if you have no control over the value of your own currency and have surrendered that function to central bankers (ECB)? You have in effect given up your sovereignty as a nation to determine your own nation's fiscal policy to foreign interests. Ultimately, this untenable situation, the European Union needs to end. The question is how ugly and uncontrollable the situation gets when countries starting with Greece start defaulting on sovereign debt obligations.

[makeck]

07:18 AM on 01/26/2012

Why do the politicians who entered into these agreements, and the people who voted for them, escape condemnation? I don't necessariyl disagree with your post, but if I am to accept it then I have to accept that people are sheep who need looking after and who bear little responsibility for the predicamenet they find themselves in. After all, we are talking about the most Democratic continent on the planet by a long shot. Most of these countries have parliamentary forms of government which are even more Democratic than ours is. Where is the personal/national responsibility?

[wishescometrue]

11:56 AM on 01/25/2012

Granted, this photo of Mr. Soros does not flatter his aging face but his message is understandable. The austerity has not succeeded in Europe. Hopefully our pols are listening to the EU and learning from their mistakes. Hopefully.

[Crystal water]

11:07 AM on 01/25/2012

ha ha ha .... it looks like Mr. O's buddy Georgie is heavily invested in euros so he is rightfully panicing his investments will be wiped out;I am no investor but as an European American even I know that Spain and Italy are BANCRUPT, caput, done with.........no wonder Germany has no desire to prop up failed socialist countries and failed speculators like Georgie that invested heavily in socialism.America, do you hear?Mr.O next.............

[wishescometrue]

11:52 AM on 01/25/2012

If you have nothing substantive to offer then please so not comment. This makes you look like a person who holds grudges. Your vent is fruitless.

[Ashok Hegde]

01:06 PM on 01/25/2012

The point is substantive.

The idea that Germany should keep funding these uncontrollable deficits is laughable. Spain, Greece, Italy, Portugal are out of control...and they shouldn't be given more funds via loans.

Let them deal with the political fallout internally, and recover via a more sustainable spending system. Social democracy can bankrupt a nation.

[Cavcop]

04:48 PM on 01/25/2012

It does appear valid to say that many of the countries in the Eurozone have dug themselves holes that they now cannot get out of. And the Germans, who as I recall had plenty of financial problems of their own following reunification, are not willing to be a constant source of rescue funds. Just as the US needs to reform both spending and taxation to achieve balance, so many of these European nations need to take actions to stem their own bleeding.

[msbeal]

06:32 PM on 01/25/2012

George Soros is the quintessential capitalist. Definitely not a socialist.

[MainStreetSaint]

05:20 PM on 01/27/2012

wrong