George Soros: World on The Verge of An Economic Collapse!

George Soros. Committee of 300?

• George Soros (Committee of 300?) is correct in his assessment. He knows what is coming. He is an insider. The man who broke the Bank of England in 1992 by betting against the British Pound (and made $1 Billion) understands the currency market. The world is heading towards a global economic, financial and monetary collapse. If Greece defaults and triggers a collapse of the rest of the PIIGS, I believe the FedRes will go into QE3 immdiately. They will attempt to bailout everybody (ie. all their bankster buddies). Got gold yet?
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  World on the verge of an economic collapse says Soros
  http://www.arabianmoney.net/
  Billionaire hedge fund giant George Soros told a panel discussion in Vienna that the world faced a monetary meltdown focused on Greece and that the crisis was developing in front of our eyes.
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  ‘We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread, he said. ‘The financial system remains extremely vulnerable… ‘I think most of us actually agree that Europe’s crisis is actually centered around the euro. It’s a kind of financial crisis that is really developing. It’s foreseen. Most people realize it. It’s still developing. The authorities are actually engaged in buying time. And yet time is working against them.’
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  No Plan B
  Soros has warned before that the European authorities were doing the wrong thing in playing for time. There is no Plan B. So we have the Greek parliament this week debating an austerity program that will be painful and fail.
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  It must fail because the cost of Greek debt is so high that the country will have to borrow to pay its interest payments. This is the death spiral of ever greater debts that inevitably ends in bankruptcy.
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  Only the replacement of Greek debt with a new European bond issued at low interest rates can salvage this mess, although it risks being seen as a free passport to ever greater borrowings. There is no sign of this happening whatsoever. Hence Mr Soros is right to warn that Greece is the next Lehman in so many words. We are back to 2008 and on the brink of disaster.
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  Will the Fed come over the hill as the seventh cavalry with a QE3 program? That is what optimistic goldbugs led by Jim Sinclair seem to think will happen. But the Fed would be taking a big risk in using its firepower in this way. For if it failed to work then its weapon cupboard would be empty.

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