The scepticism that I expressed in my last post, entitled “Brexit!!! The Beginning of the End for the European Union”, seems to be getting more and more widespread. Just yesterday, we heard from George Soros, and he is not optimistic about the future.
Speaking in front of the European Parliament in Brussels, Soros said that the decision of the British people to leave the European Union has “unleashed” a financial crisis resembling the one in 2008, which put the beginning of what we now refer to as “The Great Recession”. (Soros says Brexit has ‘unleashed’ a financial-markets crisis) The billionaire investor had been bearish on the world economy for some time now, warning about the dangers ahead on a few occasions, most recently in January of this year.
George Soros is far from being the only one concerned about what lies ahead. We have already heard warnings on the state of the global economy – from the International Monetary Fund, through Mark Faber, to a group of 10 economists, laureats of the Nobel prize in economics, who wrote a letter to the British newspaper The Guradian, trying to warn about the economic consequences of Brexit.
In my book, I write about the “symptoms” that we can see all around us, showing us the state of the economy. It is easy for each of us to notice the rising food prices, difficulties in the housing market, the unemployment, and so on. Observing these factors, as a doctor examining his patient, we can notice the “symptoms” of the overall health of the economy. And, from what I have been seeing, and having already lived through a hyperinflationary crisis, things are not looking good. The financial system had been volatile for a while now, and, despite the recent rebound in the stock markets, the overall trend – both for the financial markets and for the economy, – seems to be a downward one.