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George Soros is towing the TPC line with regards to the Euro.  He believes the currency is a “flawed construct”.  Speaking in Europe today he was very critical of the German government and said that they are dragging the rest of Europe into a deflationary spiral.

“Right now the Germans are dragging their neighbours into deflation, which threatens a long phase of stagnation. And that leads to nationalism, social unrest and xenophobia. Democracy itself could be at risk…By cutting its budget deficit and resisting a rise in wages to compensate for the decline in the purchasing power of the euro, Germany is actually making it more difficult for the other countries to regain competitiveness.”

Soros is exactly right.  And the man who broke the bank of England (and made $1 billion in a day) knows a thing or two about currency systems.  The Euro crisis is far from over and may in fact only just be starting.

Read more on the Soros comments here.

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