George Soros predicts class war and riots
George Soros, the billionaire investor, has predicted riots on the streets and global class war as the economic downturn results in a new “age of fallibility
In an interview ahead of a speech at the World Economic Forum in Davos, the 81-year-old said that for the first time in his career he was baffled by the current state of the market, and saw no way to avoid a violent crisis which at its worst could result in the total collapse of the financial system.
Known as the “man who broke the Bank of England” after betting against the pound on Black Wednesday in 1992, Mr Soros plans to use his Davos address to issue a stern warning that he now considers it “more likely than not” that Greece will default in 2012. And unless Europe’s leaders do more to stop it, the euro is likely to collapse with a devastating impact on the rest of the world, he will add.
The financier compared the crisis to the collapse of the Soviet empire and the Great Depression, adding that the old belief in the power of the market to prevent turmoil could no longer be relied upon.
He told Newsweek: “The euro must survive because the alternative – a break-up – would cause a meltdown that Europe, the world, can’t afford. I’m not here to cheer you up. The situation is about as serious and difficult as I’ve known in my career. We are facing now a general retrenchment in the developed world.