Soros: Crisis is not over

[CHIMO]

The current crisis in Europe is a continuation of the 2008 U.S. crisis rather than a separate event and it is far from over, according to billionaire investor George Soros.

Soros made the comments in a interview with German publication Der Spiegel, where he weighed in provocatively on several topics.

Asked to compare the 2008 crisis in the U.S. subprime market with the current European crisis, Soros said “this crisis is still the continuation of the same crisis.”

Soros went on: “The method the authorities rightly chose three years ago was to substitute the credit of the state for the credit in the financial system that collapsed. After the failure of Lehman Brothers, the European financial ministers issued a declaration that no other systemically important financial institutions would be allowed to fail. That was the artificial life support; it was exactly the right decision. But then Chancellor Merkel stated that such support would only be granted by each EU member state individually, and not by the European Union.”

http://www.theglobeandmail.com/globe-investor/soros-crisis-is-not-over/article2132698/

[xchrom]

1. Recommend

[DJ13]

2. K&R

[Tuesday Afternoon]

3. no shit. Sherlock.