In a recent interview, George Soros wasn’t afraid to tell the world that Europe lacks the leadership it once had. Leaders like Adenauer, de Gaulle and Thatcher had the vision as well as the stature to make necessary changes for the good of Europe and for their countries. But the current European leadership is caught in the mud of immigration issues, economic stagnation, and high youth unemployment. George Soros, the hedge fund genius, and open society promoter, recently told a German magazine that the optimistic scenario for revitalizing the European Union is fading faster than invisible ink.
The New York Review of Books posted the interview, and readers got to know Soros. His thoughts about the current political and economic issues that are creating an incredible amount of tension in the world are right on the money. Even though the overall population of Europe is declining, and the median age of workers is rising, most EU members are closing their borders to immigrants from the Middle East. The influx of refugees has turned into a tension-filled nightmare and the nightmare keeps getting worse.
The European Union is following a recipe for disaster, and most of Europe’s leaders are condoning that recipe. Nationalism is the mating call of the day, and if that mentality continues any chance for the EU to resolve its political issues will disappear. Soros thinks the European Union has three possible futures. The first one is EU leaders could find a creative way to resolve the migration crisis. The Soros premise is, determined leadership will develop a strategic plan that will support some asylum-seekers. That determination will also build institutions that support the euro, and adopt reforms that produce more economic growth.
That future will also be based on relying on economic boosts from China and the United States. Soros said on Bloomberg TV he thinks that EU could stay in business but growth will be stagnant, and support for the EU will continue to disintegrate. Europe’s influence in the world will continue to wane as well.
The third future possibility is the one Soros thinks could be the most damaging. Greece might leave the Eurozone; nationalism will become the norm and politicians like Hungary’s leader might gain more power. Some EU members will call for help from Russia and social unrest will be widespread through the European Union. The third future is not good news for the United States. Slow European growth means slower American growth, according to Soros. If the third future becomes a reality, there is a pretty good chance that world will enter another recession that could rival the 2008 meltdown.