George Soros recently claimed the euro may not survive and be in danger of total collapse, given the sovereign risk threat from Greece and the growing debt burden of other member states.
Soros declared that gold is a bubble at the World Economic Forum in Davos in January. “When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment,” he said. “The ultimate bubble is gold.”
Mr Soros made his fortune by betting against the pound and “breaking the Bank of England” during the ERM crisis of 1992 .
Both Spanish and Greek prime ministers have accused hedge funds like Soros Fund Management of aggressive short selling of the euro, according to a report in the Independent.
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Great info! I am worry if another economy crisis may come again as the economy is just starting to climb. Anyway, other than the Euros crisis, I am surprise to see many Asia countries having very hot climate in real estate, worrying another real estate and financing bubble occur in Asia.
The worst economies in the world are the USA and the UK. Their currencies are more likely to collapse as the importance of their economies are far greater than that of Greece.
By the way, China, India and other south east asian countries have been and are still buying gold and sellling dollar. Mr. Soros is sending wrong information but markets understand that Mr. Soros is defending his own interests.