The European Union (EU) gathered together countries that had fought one another for centuries. After World War II, the hope was to prevent the destruction of the entire continent. In 2016, George Soros has been discussing the impending collapse of the European Union with CNBC.
“What is wrong with the European Union?”
The goals of the European Union were quite ambitious and noble. For centuries, different empires had sought to gain mastery of the continent. Instead of permitting one country to dominate, the European Common Market was established on March 25, 1957.
Besides responding to centuries of European war, the European Union also was dealing with a new world system with two superpowers: the United States and the Soviet Union. The relatively small European countries realized that in order to compete on a level playing ground in this new age, they needed to unite. To prevent domination by one large nation, the headquarters of the European Union was placed in a small nation, Belgium.
Unfortunately, the fear of dominance by one strong nation also lead to Europe creating a very weak political system. While Belgium could make “recommendations” it had no real enforcement powers. Its weakness mirrored the American “Articles of Confederation.”
“Why is George Soros an expert?”
Billionaire George Soros has made his living by successfully gauging the strength and weaknesses of national economics. He is rumored to have made a quick profit of $1 billion by betting that England would be forced to devalue its British pound. George Soros is one of the most popular speakers on global economic affairs.
During a Sri Lanka economic conference, George Soros discussed the dangers of Europe being on the verge of a collapse. CNBC has picked this up and added some of the disconcerting statistics documenting the continent’s problems. Forbes has reported that Greece has been in default for 50% of its time as an independent country.
“How can the EU be saved?”
In 2008, the weakness of the political authority in the European Union was made manifest. Unfortunately, the continent intentionally made the Belgian government weak in order to protect the culture of the member countries. Even when Greece struggled financially, it was Germany that provided more money.
In 2016, George Soros may be betting against the European Union surviving. Billionaire George Soros is not a man whom anyone would want to bet against.