Authored by F. William Engdahl via New Eastern Outlook,
Commenting on the current state of the European experiment, George Soros warned the European Union has plunged it into an existential crisis as a result of "dysfunctional" institutions and austerity mandates, and will require the bloc to reinvent itself to survive. Speaking at the Brussels Economic Forum, the billionaire investor said the EU had "lost its momentum" as he urged policymakers to abandon hopes of "ever closer union" driven by a top-down approach from Brussels, a statement which will likely displease Germany.
Sterling slumped overnight, and tensions between the UK and Europe escalated after EU negotiators hiked their initial demand for Birtain's Brexit bill over recent weeks, widening the divide between Brussels and London, which in turn questions whether it owes anything at all before Brexit talks start next month.
Diplomatic relations between the UK and EU are fast approaching zero degrees Kelvin.
One day after Theresa May not only cemented, but allowed herself Brexit negotiating breathing room with her stunning, yet cunning decision to announce snap elections which would only boost the leverage of her party, Brussles has retaliated and as the FT reports, Brussels is starting to "systematically shut out British groups from multibillion-euro contracts" while urging companies to migrate to one of the 27 remaining EU members.
Secretary of State Rex Tillerson tried to reassure America's nervous European counterparts over Washington's commitment to NATO on Friday but it didn't quite work out as expected when he pressed them again to spend more on defense, triggering a sharp rebuke from Germany.
“As President Trump has made clear, it is no longer sustainable for the U.S. to maintain a disproportionate share of NATO’s defense expenditures,” Tillerson said at a meeting of allied foreign ministers in Brussels.