Germany should leave the euro zone if it is not prepared to take a more decisive lead in helping the euro zone’s weaker nations escape a spiral of increasing indebtedness and economic decline, veteran financier George Soros said on Saturday.
Soros said Europe faced a prolonged depression and an acrimonious end to the European unification project if steps were not taken to help its southern nations grow their way out of the debt crisis by collectively assuming some of their debt and relaxing its German-led insistence on austerity.
“Germany should either lead in developing a growth policy, political union and burden-sharing, accept the cost of leadership, or leave through an amicable arrangement,” Soros said in an interview with Reuters television in Vienna.
It astounds me that someone like Soros, an unrepentant Jewish collaborator with the Nazis in Hungary, is given any credibility on moral or ethical issues.
I think what he’s saying is right, though — Euroland has to provide a means for the weak sisters to grow at some point, and Germany is the powerhouse for the region.
George Soros thinks Germany should leave the Euro – I am sure the Germans are falling over themselves to comply. They might even have given the story more than a millisecond’s attention.