‘There will be riots on streets of America’: George Soros predicts class war in U.S. as euro triggers collapse of global economy

Support: Mr Soros has backed the Euro, bought $2billion in European bonds and insisted the economic climate is similar to the 1930s Great Depression

Billionaire investor George Soros has warned the global economic system could collapse and riots on the streets of America are on the way.

The 81-year-old said he’d rather survive than stay rich as the world faces an ‘evil’ period and Europe fights a ‘descent into chaos and conflict’.

He has backed the euro, bought $2billion in European bonds and insisted the economic climate is similar to the 1930s Great Depression.

‘The euro must survive because the alternative – a breakup – would cause a meltdown that Europe, the world, can’t afford,’ he told Newsweek.

‘The situation is about as serious and difficult as I’ve experienced in my career. We are facing now a general retrenchment in the developed world.’

His warnings came as U.S. stocks dipped on Tuesday, with talks to resolve Greece’s debt crisis faltering and threatening a five-day winning streak.

Greece moved closer to the possibility of a chaotic default after euro zone officials rejected a final offer from the country’s private bondholders.

Mr Soros, known as the ‘the man who broke the Bank of England’ after he made $1billion when Britain’s pound crashed in 1992, had more warnings.

‘The best-case scenario is a deflationary environment,’ he told Newsweek. ‘The worst-case scenario is a collapse of the financial system.’

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