George Soros: Merkel is leading Europe in the wrong direction — RT

Blogman's Notes: What Geroge Soros and his ilk (the 1%) are going after are the Northern parts of the EU having devoured the Southern parts already by getting them into excessive unpayable debt. Since Soros and his buddies understand that there is no more bacon that can be carved out of the PIIGS nations, they want to carve much fatter sows, Germany in particular. So they want the PIIGS debts to be shared by Germany and other Northern European nations. This would be the equivalent of forcing you to take on your neighbor's debts; a neighbor who borrowed and borrowed and borrowed and spent it all on gambling and booze, and went completely bankrupt. However, the bank that lent him the money, instead of writing off the debt, wants to come after you for payment. So the banks that lent money to Greece, Spain and other nations, money that should never have been lent, instead of writing off their losses, want to force German and Dutch and Finnish and other taxpayers of Northern Europe (and even US ones by stealth through the FED swap lines) to keep making payments on behalf of those bankrupt countries. This is going   to get very messy and watch Germany threaten to leave the Euro once Merkel is kicked out, which she will be if she continues to serve the interest of the banksters, not that of the German people. Though George Soros may claim that Merkel is leading Europe in the wrong direction, the fact is that Merkel, is in fact, leading Germany in the wrong direction!

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 Economic Collapse Update video 062512

• Soros: Merkel is leading Europe in the wrong direction — RT

Billionaire investor George Soros called on Europe to set up a fund to buy Italian and Spanish bonds, saying that a failure by leaders meeting this week to produce drastic measures could be fatal.

Policy makers are at an impasse as they prepare to meet in Brussels on June 28-29. That risks disaster because Europe is running out of time to show investors it will do what’s necessary to save the euro, Soros said. 

“There is a disagreement on the fiscal side…Unless that is resolved in the next three days, then I am afraid the summit could turn out to be a fiasco. That could actually be fatal.”

A European Fiscal Authority should be created to purchase sovereign debt in return for Italy and Spain committing to budget cuts, Soros said in an interview with Bloomberg Television. 

Funding for the purchases would come from the sale of European Treasuries, which would have low yields because they would be backed by each euro member, he said.

France and Italy are calling on Germany to take action to put an end to the debt crisis after Spain’s 10-year bond yields jumped to more than 7 percent last week, a level that economists consider unsustainable. Beyond 7 percent, Greece, Portugal and Ireland struggled to raise cash in the market and were forced to seek financial support.

Read Report: Soros: Merkel is leading Europe in the wrong direction — RT

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