England's Economy May Fall First

Why Soros Is Getting Ready To Break the Bank of England...
Remember George Soros, you know...the billionaire who got his "celebrity status" by betting against the British pound?
Well he's back and guess what he's betting against once again? The British pound.
He supposedly made over a billion dollars off that one trade even though the Bank of England tried to fight against him.
For months now, both my colleague Jack Crooks and I have called the British pound the "dollar of 2008"...well, it looks like Soros feels the same way.
Soros Is Etching a Tombstone for the Pound
Soros "came out of retirement" last year (I'm sure he never really retired but that's what he called it). It's been reported that he's already made US$3 billion for his own investment fund. So this guy is pretty "in tune" to the U.K. economy and the British pound.
As far as I'm concerned, Soros is like the old E.F. Hutton commercial when it comes to offering information on the pound. In other words, when he talks, I listen.
So why does he feel that the pound is in so much trouble? Well here's his grocery list:
He says the U.K.'s household debts are higher than the U.S.'s debts (seriously, that is bad). The banking and financial troubles are just as frustrating in the U.K. as they are in the United States.
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Why the Same Problems Are Even Worse in the U.K.
However, he points out that the financial sector in the U.K. is a much bigger percent of the overall economy there than it is here in the United States. So he feels the impact from the bleeding financial sector will hit the U.K. economy even harder than it has in the U.S.
Soros also commented that household debt has risen to 148% of personal income in the U.K. compared with 125% in the United States. So obviously, the U.K. is the worse of the two evils then.
The financial sector accounts for 8.5% of the British economy while the U.S. economy is almost a full percentage point less than that.
But U.K. elections are also coming up. What if some other party takes office? Soros says it won't matter which party is in office because the troubles are so deep that it will take quite a while to work through it no matter who is in charge.
That's the Gospel according to Soros...