Germany Bound for Depression -- Soros

Investor George Soros laid it on the line in a speech today in Berlin:

The policy of fiscal retrenchment in the midst of rising unemployment is pro-cyclical and pushing Europe into a deeper and longer depression. That is no longer a forecast; it is an observation. The German public doesn’t yet feel it and doesn’t quite believe it. But it is all too real in the periphery and it will reach Germany in the next six months or so.

Soros said that Germany needs to give up demanding austerity from other members of the eurozone and support a move for fiscal unification or leave the eurozone altogether. He thinks it would be best if the country stayed in and helped the entire union boost growth. However, harping on austerity is pro-cyclical and won’t get the job done.

The German Constitutional Court is scheduled to rule on Wednesday whether or not German funds can be used to purchase sovereign bonds of other eurozone members.

Paul Ausick

URGENT – New Seats Available (sponsored)

Top financial advisors are now accepting new clients for 2024! Finding the right advisor can be the difference between retiring early, or working forever. Don’t waste a moment matching with the right advisor for you. Every moment today can mean riches tomorrow, with the right advisor by your side.

Use the advisor match tool below, or click here now, to find your financial freedom!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.