Goerge Soros, the closest living approximation to one of Ian Fleming's James Bond villains, in my opinion, is issuing an apparent warning to the new Eastern European members of the EU to hurry up and adopt the Euro as their currency.

Bloomberg quotes Soros as warning that they appear "vulnerable" as they prepare to peg their existing national currencies to the Euro. Given the role Soros has played in destabilizing the currencies of other nations for fun and profit, this has to be seen as more than avucular advice from a disinterested party. More akin to an observation by a fellow dressed in a loud pinstripe suit that you've got a nice plate glass window on your store, and it would be a shame if anything happened to it.

I have noted many times that the EU itself is a severely flawed supra—national institution, which seems to have designs for becoming a rival of the United States, while maintaining its insulation from democratic accountability. The Euro currency is an important building block in making the EU into a new empire, with the powers of a modern sovereign state, but none of the political responsibility to voters.

The peoples of eastern Europe, so recently freed from the anti—democratic Soviet Empire, may not want to rush into a surrender of their soveriegnty to Brussels. We only hope that they do not have to endure attacks on their currencies from the likes of Mr. Soros, the deep—pocketed backer of MoveOn.org and other shadowy political groups. He has shown his ability to bring the British Excequer to its knees.

(hat tip to a gainfully—employed financial journalist who prefers anonymity)

Posted by Thomas  04 18 04