“Just four days ago, the “big guns” when George Soros wrote a Guardian op-ed titled “The Brexit crash will make all of you poorer – be warned” in which he said that “as opinion polls on the referendum result fluctuate, I want to offer a clear set of facts, based on my six decades of experience in financial markets, to help voters understand the very real consequences of a vote to leave the EU.” We promptly countered that Soros’ set of “facts” may be clouded by his far greater equity stake in interests around Europe, and the globe, which would be drastically impacted by not only a Brexit, but by a European Union which is suddenly on the rocks. That’s precisely what happened when, as we wrote earlier, the world’s 400 richest people lost $127.4 billion Friday following the Brexit vote.
Soros was among them.
However, seemingly unhappy that his generously altruistic warning was so roundly ignored by the peasants, not to mention his sudden concern about the future of the European Union whose collapse would also destroy the premise behind Soros’ Open Society globalization initiative, the 85-year-old billionaire has decided to follow up with a case of sour grapes and go all in, making another forecast – since his first one was so clearly rejected – and in what may end up roiling markets even more, moments ago Soros said in his second op-ed of the week that the “catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term. The pound plunged to its lowest level in more than three decades immediately after the vote, and financial markets worldwide are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated. The consequences for the real economy will be comparable only to the financial crisis of 2007-2008.”
“That is where we are today. All of Europe, including Britain, would suffer from the loss of the common market and the loss of common values that the EU was designed to protect. Yet the EU truly has broken down and ceased to satisfy its citizens’ needs and aspirations. It is heading for a disorderly disintegration that will leave Europe worse off than where it would have been had the EU not been brought into existence.”
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