Soros says Britain nearing tipping point, may reverse Brexit

[Tennis]

George Soros, the billionaire who earned fame by betting against the pound in 1992, said Britain was approaching a tipping point that would see the economy slow to such an extent that Brexit might even be reversed.

Soros used Quantum Fund in 1992 to bet successfully that sterling was over-valued against the Deutsche Mark, forcing then-Prime Minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).

Soros, who was born in Hungary but made his way to London as Communists consolidated power in Budapest, said economic reality was starting to catch up with a United Kingdom that voted 52 to 48 percent to leave the European Union in a June 23 referendum.

"The moment of truth is fast approaching," Soros said in an article emailed to reporters.

"The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the European Union. It cannot be undone, but people can change their minds."

Britain's $2.5 trillion (1.97 trillion pounds) economy has shown resilience since last year's referendum although sterling fell 25 cents against the dollar in the hours immediately after the shock vote.

But Britain went from being one of the fastest-growing economies of the Group of Seven leading economic nations in 2016 to the slowest in early 2017, as the fall in the value of the pound after the Brexit referendum pushed up inflation and hit consumer spending.

The combination of rising prices and slowing wage growth represents a challenge for the Bank of England and its top policymakers, three of whom voted last week to raise interest rates to head off the acceleration of inflation.

Soros said the Bank had underestimated the impact of inflation and was now catching up.

"Households will realise that their living standards are falling and they will have to adjust their spending habits," Soros said. "To make matters worse, they will also realize that they have become over-indebted and they will have to pay back their debts."

Britain has less than two years to negotiate the terms of the divorce and the outlines of the future relationship before it is due to leave in late March 2019. Both sides need an agreement to keep trade flowing between the world's biggest trading bloc and the fifth-largest global economy.

Soros said that if Prime Minister Theresa May wanted to stay in power, she would have to change her approach and take account of young people who he said wanted to find well-paying jobs.

She should, Soros said, seek to keep Britain in the EU's single market as Britain tried to extract itself.

"The divorce process would take at least five years to complete, and during that time new elections would take place," Soros said. "If all went well, the two parties may want to remarry even before they have divorced."

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

[derpkitteh]

fuck soros, don't trust people like him.

pushing this weird agenda like he does. he can keep his damn mouth shut.

[cubby]

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

I can't tell from what you said if you want Brexit reversed or not.

[Underverse]

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

Welcome to democracy.

[Slant]

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

Well, it seems just about half of them aren't innocent. So at least it'll hit some guilty people as well. Not a big comfort, but I'll take small victories today.

[Underverse]

I can't tell from what you said if you want Brexit reversed or not.

Please, there's only one way that statement can be understood.

[Deleted]

Always do the opposite of what Soros says.
If the world was a movie, he would be the main villain out of 7 billion people.

[DarkTZeratul]

Please, there's only one way that statement can be understood.

Not really, since his statement doesn't contain a single proper noun.

One interpretation is that he's agreeing with George Soros:
"This is really sad. So many innocent people will suffer if [Brexit] happens. It's a shame that the uneducated ones [who voted for Brexit] will ruin it for the rest."

Another is that he disagrees with George Soros:
"This is really sad. So many innocent people will suffer if [Brexit is reversed]. It's a shame that the uneducated ones [in favor of remaining in the EU] will ruin it for the rest."


Personally, the former has been my view since the referendum and little has happened since to change my mind.

[Surfd]

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

Psst: the American election is over. They already know they won. They keep telling us how bigly a win it was. Oh wait. Wrong country. Sorry.

[cubby]

Please, there's only one way that statement can be understood.

No, there's not. That's why I asked the question. Could you just let the OP answer, please.

[Allybeboba]

This is really sad. So many innocent people will suffer if this happens. It's a shame that the uneducated ones will ruin it for the rest.

What do you consider "uneducated"?

[Santti]

This is not about Canada. What is this?

[Deleted]

I think they all contribute to the culture that voted what they voted. They're all responsible.
Maybe not children.

[Maruka]

THat guy seems like a super villain. God damn he gives me the heeby jeebies.

[Allybeboba]

Always do the opposite of what Soros says.
If the world was a movie, he would be the main villain out of 7 billion people.

Maybe a James Bond movie should be made with him as the villain.
Or was it already????

[Tennis]

This is not about Canada. What is this?

I'm a caring person. I'm worried about the people of the U.K.

[Dhrizzle]

What do you consider "uneducated"?

In the case of Brexit I'd say an overwhelming majority of the voting populace. The social/political/economic pros and cons of the EU are immensely complicated whilst both campaigns ran dumbed-down fear-mongering campaigns.

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I think they all contribute to the culture that voted what they voted. They're all responsible.
Maybe not children.

The greatest tragedy of Brexit is the demographic who will have to live with the consequences the longest mostly wanted to Remain whilst many Leave voters will be gone before the full consequences start to take hold.

[Allybeboba]

In the case of Brexit I'd say an overwhelming majority of the voting populace. The social/political/economic pros and cons of the EU are immensely complicated whilst both campaigns ran dumbed-down fear-mongering campaigns.

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The greatest tragedy of Brexit is the demographic who will have to live with the consequences the longest mostly wanted to Remain whilst many Leave voters will be gone before the full consequences start to take hold.

That still doesn't answer my question.
Me thinks the Dunning-Kruger effect might soon be happening.

[Raldazzar]

I voted brexit, and I am a qualified electrical engineer. not poorly educated at all. I also do not regret my vote. I have no doubt things will suck short term, but this is for my kids benefit, not mine.

[Rennadrel]

He isn't dead yet? He should be