George Soros Cites
‘Buyer’s Remorse’ After Brexit — Warns of 1930s Financial Collapse
by Charlie Spiering 27 Jun 2016
Liberal philanthropist and political financier George Soros asserted that the people of Britain
have a genuine sense of regret and shock in the wake of the Brexit vote to
leave the European Union.
“It was a general what you call buyer’s remorse,” he
said. “It included everyone — the people who voted for leave, those who voted
for remain, and those who didn’t vote.”
Soros made his remarks during a panel
at the European Council
of Foreign Relations at its Annual Council Meeting.
He argued that many who voted to leave the EU wanted to
register dissent about the direction of Britain, not thinking that the
referendum would succeed.
But he admitted he was genuinely shocked when Britain
voted to leave, adding that he “simply couldn’t believe” that it happened.
The result, Soros explained, was a genuine financial
market shock equal to the financial crash of 2007.
“We are in the midst of a financial crisis which is
comparable to what happened in 2007 and 2008,” he said, blaming the Brexit vote
for inciting panic in the financial markets.
Soros warned of a global financial crisis similar to that
of the 1930s as a result of the markets reacting to the Brexit shock.
The financial markets, he argued, were good at
recognizing the danger of inflation but not recognizing the danger of
deflation.
“We are now actually in conditions very reminiscent of
what happened in the 1930s, and the only reason why we haven’t had a real
depression is because we have learned some lessons from that,” he said.
Soros said the world was “very lucky” to have Chairman
Ben Bernanke at the helm during the financial crisis, and praised his
willingness to use quantitive easing to save the markets.
“This is a more serious crisis than you had before, for a
number of reasons,” he said.
Soros called for world elites to come together and
thoroughly fundamentally reform the European Union, warning of a “long
drawn-out agony” of countries deciding to leave.
“Europe is genuinely doomed to fall apart, unless we come
together and reconstruct it from the ground up,” he said. “This is not a time
for compromises.”
George Soros
George
Soros is a member of the Council on
Foreign Relations (think tank), the founder & chairman for the Open Society Foundations, and was the
chairman for the Foundation to Promote Open Society.
Note: Open
Society Foundations was a funder for the Atlantic Council of the United States (think tank).
Foundation
to Promote Open Society was a funder for the Committee for Economic Development.
Anthony Gardner
is a member of the Council on Foreign
Relations (think tank), and the U.S. ambassador for the European Union.
Richard L.
Morningstar is a member of the Council
on Foreign Relations (think tank), and was a U.S. ambassador for the European Union.
Rockwell A.
Schnabel is a member of the Council
on Foreign Relations (think tank), and was a U.S. ambassador for the European Union.
C.
Boyden Gray is a member of the Council
on Foreign Relations (think tank), a director at the Atlantic Council of the United States (think tank), and was a U.S.
ambassador for the European Union.
Stuart E.
Eizenstat is a member of the Council
on Foreign Relations (think tank), a director at the Atlantic Council of the United States (think tank), was a trustee
at the Committee for Economic
Development, a U.S. ambassador for the European
Union.
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