The following speech was given by George Soros yesterday afternoon at Columbia University. You may not agree with Mr. Soros’s politics, but he is one of the few people I regularly read who truly understands the macro environment and the ways of the global financial system. He touches on some salient points here including the following:
* Why we are not out of the woods
* Why global imbalances remain
* Why the euro is fatally flawed
* Why deflation remains the greater risk
* How policy makers are ignoring the mistakes of the past
The full speech follows. I highly recommend reading it in its entirety
via Soros: Why Ignoring History Threatens the Global Economy — Seeking Alpha.