Soros: Embrace Mass Centralization Of Power In Europe Or Face Another Great Depression
Elite old guard accelerate bold push for radical integration
Sept 15, 2011
Billionaire globalist George Soros says that the world will face a second Great Depression unless leaders in Europe come together in a closer political union to push through bold new policies, including the creation of a European Treasury.
“It appears the authorities have reached the end of the road with their policy of ‘kicking the can down the road’,” Soros writes in a piece for Reuters.
Soros argues that further integration in Europe is the only way to prevent catastrophic financial meltdown.
“There is no alternative but to give birth to the missing ingredient: a European treasury with the power to tax and therefore to borrow.” Soros writes.
“Once the principle of setting up a European Treasury is agreed upon, the European Council could authorize the ECB to step into the breach, indemnifying the ECB in advance against risks to its solvency,” the investor adds.
In other words “The European banking system would be recapitalized and put under European-, as distinct from national-, supervision” he writes.
Adding that such a move would require a new European Union treaty, Soros states “That is the only way to forestall a possible financial meltdown and another Great Depression.”