Soros Says

He explained that what's happening in Europe is a situation that's "more dangerous" than Lehman. However the authorities will do whatever it takes to keep the system together. "Because the alternative is just too terrible to contemplate."

What could happen: 2 or 3 of the smaller countries could default and leave the Euro, provided its prepared in an orderly way. If it were unprepared, it could disrupt the global financial system.

But the climax won't come in September, he says, because "they're not prepared for it."

"They have to create this EFSF," says Soros, "whatever that stands for, it's a potential for European Treasuries, but it's not yet in existence yet. So they want to bring it in."

Read more: here.

Since we've been saying this for months, we may have to add Mr. Soros to our distinguished list of apparent readers, which is why this is arguably the most influential blog ever.