George Soros has gone to Berlin to tell the Germans that their policies are leading to the disintegration of not just the Euro, but Europe itself.
Yesterday in a panel on the "Future of Europe" at a conference organized by the Institute for New Economic Thinking, Soros said:
The Euro has really broken down. It has sprung defects, some of which could have been anticipated and some were anticipated. But some actually couldn't. Effectively, heavily indebted countries [in Europe] have ended up in the position of a third world country that is heavily indebted in a foreign currency. And that is only one of the unanticipated results of how things worked out [with the Euro].
Soros went on to say that Europe is simultaneously suffering from a Euro Crisis, a sovereign debt crisis, a balance of payments crisis, a banking crisis, a competitiveness crisis and suffering from other serious structural defects.
Bottom line. Soros thinks Europe is over unless Germany immediately changes course and develops a policy framework that is far more flexible and pragmatic than it is forcing now.
More on the INET meeting in Berlin soon.