Dont get me wrong, There us a awful lot of truth in Mr Soros speech this weekend that seems to have lite up the internet. The problem with it is that Mr Soros could if he had understood Karl Poppers ideas a little better could have made it 20 years ago.
Of course the whole thing is a bubble, just as folks freeloaded money off their houses values in the housing bubble, whole countries were freeloading on the perceived values behind the EUro. Unearned wealth is never a healthy thing be it for householders or States.
The facts are that ERM falsified the EUro in the conception that was followed from the Maastricht Treaty. No need for the passage of time to see this fulfilled and the terrible consequences for all the people of the world not just EUrope. Its there in the history books and in the Economic text books. Not to do so knowing this is morally unacceptable, we did not have Imperfect knowledge on the issue, we had a body of evidence. Poppers whole life work was about trying to prove that there was nothing inevitable about history.
Mr Soros points to EUropes moral mission to unite and stop war and as he puts it became a “fantastic object” of which Mr Soros was and is one of its chief protagonists and propagandaists. Thus he admits in not so many words that he fell for "ideology" over known knowledge. And this same man he is forever telling us he was a personal student of Karl Poppers and suggests he is Poppers heir? I dont think so Mr Soros.
And then there is the small matter of democracy of which current state Mr Soros says thus,
"I expect that the Greek public will be sufficiently frightened by the prospect of expulsion from the European Union that it will give a narrow majority of seats to a coalition that is ready to abide by the current agreement" For someone apparently championing the idea of democracy around the world, he is ok with it being debased in such ways as a tool to frighten people?
Another reason we are in this state with this bastard idea of a currency is democratic will. From democracy comes consent, from consent comes law and order, from law and order come rights and responsibilities. A social compact that is also the foundation of the Fiat currency we use as trust for markets and goods. Where was any of that in the conception of the EUro?
Karl Popper would have recognized design flaws in the democratic deficit even if he had missed the economic ones with the EUro. Once again Soros was blinded by Ideology.
So yes a very good speech, Mr Soros is skillfully covering his own tracks and his own big mistakes. He deserve no acolade or applause for that, He is one of the guilty men.
As for Karl Poppers very precious ideas, they are currenly in the safe custody of Mr Nicholas Taleb, thankfully.