And suddenly, he's not convinced that authorities can do what it takes to resolve it.
Last week he still had faith. He explained on CNBC on Wednesday that what's happening in Europe is a situation that's "more dangerous" than Lehman. (Videos below.)
He said that to resolve it, 2 or 3 of the smaller countries could default and leave the Euro, provided its prepared in an orderly way. If it were disorderly un-preprared, it could disrupt the global financial system.
However, he said, the authorities will do whatever it takes to keep the system together. "Because the alternative is just too terrible to contemplate."
Days later he said on CNN on Saturday that leaders must convince voters to help the troubled euro area nations overcome their money problems, because "the alternative is a breakdown of the global financial system, a real meltdown."
He said again that the situation is worse than Lehman. But this time he said - "This time it could not be stopped because you don't have the authorities to stop it."
Now it seems George Soros agrees with Hugh Hendry, who said that politicians cannot resolve what's going on in Europe.
The next step people are looking for (after Soros' and others' warnings about the meltdown-scenario consequences of a surprise credit event in Europe) is a serious call for action. That's the type of message that leaders need right now.
Last week, Soros didn't think it would happen soon. He said 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."
The implications for the U.S. are not good. "We are in a [double dip] already" in the U.S., the influential billionaire hedge fund manager said on CNBC last week. (Video below.)
And if we don't create more jobs?
We will have even more of a slowdown and a double dip, he says.