INET co-founder George Soros has been awarded the Adam Smith Award by the National Association for Business Economics (NABE), an association of business economists. NABE said the award was in recognition of Soros’ founding of the Institute for New Economic Thinking as well as his books on financial markets and his efforts to promote a more realistic understanding of financial markets, such as his ideas of reflexivity and the fallibility of decision-making.
Soros also was making waves with his comments on the European Union on Monday. Soros called the euro-zone crisis “entirely self-created” and warning that “there is a real danger of the euro destroying the European Union.”
Soros called on Germany to step up and save the euro and the euro bond plan, saying that “if successful, it would cost very little, but if it fails, it would drag down Germany.”
If Germany won’t lead, Soros called for Germany to leave the Euro, saying that then “the problem would disappear into thin air” as the exchange value of the euro would decline and bond yields would adjust to appropriate levels for the euro zone’s debtor countries.