The world’s richest hedge fund manager, George Soros, says Europe’s great project, the European Union, is at risk. Even if it survives it is doomed, he says, to a period of stagnation and fragility, rendering it powerless on a world scene dominated by powerful blocs.
At 83 and insisting that he has retired, Soros still commands attention. He appeared at the European Council on Foreign Relations in London on Wednesday (he is a main funder) where he offered an off-the-cuff judgment that a central bank in an independent Scotland would be a risky endeavor. He generated headlines in a country that is nervous of a breakup of the Union. He dominated the morning’s BBC Today program, required listening for all public figures. He addressed a packed lecture hall at his alma mater, the London School of Economics and attended a meeting at the House of Commons.
Soros’ fame is a mixture of fear, awe, admiration and prejudice. At the same time, his reputation, at least among liberals, is one of generosity and vision. In the past three decades he has invested $8 billion in promoting democracy in the former Communist states of Central and Eastern Europe, including the former republics of the Soviet Union — and later further afield in Africa, Latin America and Europe.
He’s known in the UK as “the man who broke the Bank of England,” for his massive short selling of the pound in 1992, forcing the UK out of the European Exchange Rate Mechanism and costing the Bank £3.4 billion in efforts to defend the currency. This would have eventually happened anyway, Soros argues.
Russian President Vladimir Putin blames Soros for stirring up rebellion in Ukraine through his foundation during the “Orange Revolution.” But this would have happened anyway, Soros says.