George Soros has become increasingly pessimistic with age, but there is still no one better when it comes to understanding currency moves. This is an interesting piece by Soros contemplating the fate of the Euro.
The euro crisis is a direct consequence of the crash of 2008. When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. This took the form of substituting the sovereign credit of governments for the bank and other credit that had collapsed. At a memorable meeting of European finance ministers in November 2008, they guaranteed that no other financial institutions that are important to the workings of the financial system would be allowed to fail, and their example was followed by the United States.
Read more at the New York Review of Books.