Three Months to Save the Euro: George Soros

Regardless of who the message is from, all signs still point towards Germany as the winner of the Euro crisis. It’s also interesting to note that the Deutschmark coming back is mentioned in articles a little more often than usual lately, indicating that it could be slowly being introduced in people’s minds to build support for it — such as what we’re seeing with the Eurobonds.

Here is currency wrecker, convicted felon and “philantrophist” George Soros on the Euro:

Euro-zone governments have around three months to ensure the survival of the single currency, billionaire investor George Soros said in a speech on Saturday.

“We are at an inflection point. After the expiration of the three months’ window, the markets will continue to demand more but the authorities will not be able to meet their demands,” he warned in a speech at the Festival of Economics in Trento, Italy.

The European Union is “like a bubble” – not a financial bubble but a political bubble — that could pop as a result of the euro -zone crisis, Soros said.

“In the boom phase, the EU was what the psychoanalyst David Tuckett calls a ‘fantastic object’ – unreal but immensely attractive,” he said.

“In retrospect, it is now clear that the main source of trouble is that the member states of the euro have surrendered to the European Central Bank (ECB) their rights to create fiat money. They did not realize what that entails – and neither did the European authorities,” he said.

Soros believes Germany will eventually do what it takes to keep the euro zone going because of the large losses German banks would suffer if it broke up and the damage to exports which could be caused by a return to the Deutschmark, which would likely be substantially stronger than the euro.

A German empire with the periphery as the hinterland,” could be the result of the current predicament, he warned.

Full article: Three Months to Save the Euro: George Soros (CNBC)