George Soros, who knows a thing or two about finances, likens the threats to Europe and the United States to that of the dying days of the Soviet regime.

“Something similar is happening in the West,” Mr. Soros told Bloomberg Television. “You had a financial crisis where the market did actually collapse, but it was kept alive by the authorities. People don’t realize that the system has actually collapsed.”

The Hungarian-born financier said he himself is confused by Europe‘s woes.

I am confused too but this is an interesting way of looking at it. I have been under the same impression a lot of people are, that the system is teetering on the edge and policy makers are being pushed by markets to save/reform it. But what if what Soros here says is true? What then?

Source: George Soros likens troubles in U.S., Europe to Soviet collapse, Globe & Mail

This post originally appeared at Credit Writedowns and is reproduced with permission.