Reuters:
Billionaire investor and philanthropist George Soros said on Thursday that the world's current "currency arrangements" are fraught with danger and that the world needs global regulation.
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Well, then: Make "globalization" expansion rather than migration, pay people what they're worth, then people can spend instead of worrying themselves to death on pittance pay.
The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The Democratic
Yet, the US is willing to give $2 billion to Brazil to drill? Why is it safe for the Brazilian company Petrobras to drill offshore, but not for American companies?
Billionaire George Soros, who bankrolled Obama's presidential campaign, mysteriously bought an $811 million stake in Petrobras in the second quarter--making the Brazilian oil company his investment fund's largest holding--just before this announcement by the US government. Hmmmm.....
The U.S. will get exactly what it deserves while investors flee in droves, as they put their falling-value fiat dollars into foreign currencies that are on solid ground, or commodities. The process started some time ago.
There is no integrity or accountability in the system.
They shipped out all of America's living wage jobs for short-term profit. They based the country's corporate economy on little more than pyramid schemes. They deep-sixed America's 'moral authority' on the global stage. They demonized the working man. They sold their birthright for the proverbial bowel of pottage. And they still hold the reigns of power. America has been made into a 'superfluous country' by blind, unchecked, mean-spirited corporate greed. Jingoistic chest-thumping isn't going to be enough this time to get this country out of this mess.
On the plus side, the peoples of the world currently benefiting will realize "once a cheater, always a cheater".
Karma is kinky.
put up a poster in your neighborhood to show your displeasure with the financial crisis: http://www
"wall street is at war with america"
it's time to stand up and say enough!
the US economy has been a drag on the growth of a better society for a long time now.
There is more then "something of an asset bubble" in China. Just see the "Tale of Two Stimuli" and other posts on www.Proudl
I seem to remember back in the 90's, hedge fund manager extraordinaire, Mr. Soros, was fined or something for making a statement about Gold that resulted in him earning like $1B in a month....A statement similar to this where his words resulted in either a lot of buying (and he sold his positions on the upswing) or a lot of selling (and he made his coin on the short sale).
Seems to me that Mr. Soros is one of a few people in the world that can make a statement that can move a market. And the muzzle that he was handed back then really ought to still be in place.
Not that he isn't saying anything obvious. The US economy over the past decade was built on debt. We were propping up all the other economies our purchasing and with our free trade agreements that benefited other nations . So, now when we should be working to get our own fiscal houses in order, it seems only right that the rest of the world do a bit of buying of their own junk.
Yet, with his statement, I can't help but wonder if Mr. Soros has been shorting the S&P500 or the US Dollar and is preparing to benefit himself yet again? Guess we'll have to wait and see.
His comment about the Chinese stock market is remarkable. People have been betting on a bubble for a while and it just doesn't seem to come.
I don't quite understand the bearish position on the Chinese, personally.
Everything else is pretty vague though, you're right.
I see your point, but I don't see this as him influencing the market. Maybe because I agree with his stance on the current economic situation.
Unemployment still out of control and unfortunately we do not have anything that even
resembles a jobs plan from our wonderful leaders. Bailouts, tarp, health plans but no jobs.
hat tip to: http://tin
If this is change we can believe in, count me out in 2012
Does Soros believe in the Wall Street philosophy of reversion to the mean? His globalist policies have caused the standard of living in the United States to regress to the level of many third-world countries.
Soros is more interested his economic growth first and foremost. As for the US economy being a drag, if it affects his profits it would be, and Soros being so close to this administration, he's probably heard some inside information that has him running scared, which should worry all other investors, and the general population.
What kind of global regulation would he be advocating, pray tell.
Soros shouldn't worry too much for the rest of the world being dragged by the U.S.. They are actually in the process of taking care of that. Aren't the middle easterners already engaged in breaking free of the dollar as the currency used for dealing in oil purchasing. Haven't the Europeans already created a separate and strong currency designed to enhance their survival. South Americans have already taken steps to create an economic and strategic bloc of their own as well. Many of these countries have had problems with American SuperPower dominance. It was only a matter of time before they took steps to sever themselves from our control. I think that in the long run they may end up doing better than we will. We have set ourselves up for this by developing too big a national ego. Something other former empires also did.
When oil is priced in something other than dollars is when the real "excitement" will begin. Everyone should try protect to themselves against this.
All done by design. Thank your congress for destroying certain pieces of legislation and creating others that have led to the situation that we have been experiencing.
The corporations that write the checks for campaign contributions have mandated certain behavior from your congresspersons that have worked against the best interest of the people. Congress doesn't care one iota about the electorate just keep the bribes coming in.
Sqrue the people!
China needs to properly value its currency.
Why would they? The more the dollar devalued against the yen in the 1970s and '80s, the more Japan gained share in valued-added manufacturing, using the capital from weak-currency countries to increase productivity. China is doing the same now. It watches in chagrin as the U.S. pleads with it to strengthen the yuan, adding productivity fast with the dollars rushing its way in search of currency stability.
Exactly right. Other countries are guided by an aim higher than what any monetary policy can do. They look for strengthening their real economy because they know that is the only way their countries can get stronger and provide higher standards of living to their people. American government has completely divorced itself from the real aims of a nation's economic policy and redefined our national economic success by how well phantom economy of Wall Street casino is doing. That is why they so easily fall into the trap of cheap dollars as a way of balancing the structural trade imbalances. For a country with more Nobel prize winners in economics we seem to be economically the most challenged nation on earth. The cause is very simple. The aim of our system is the wrong aim.
We basically believe the fairy tales of Adam Smith. Germans, Japanese, Chinese and others learn from Friedrich List, instead. Read List's criticism of Adam Smith and you will know how wrong our experts really are and you will understand why we as nation look more like sickly Britain than our vibrant competitors while having ever increasing concentration of wealth at the top. We suffer from a British economics disease, bolstered by Austrian school delusions. American Founding Fathers knew the fallacies of Adam Smith.
http://en.
http://boo
Pressure needs to be exerted on them (such as through the WTO) so that they do properly value it.
Anybody who bets against George Soros' analysis of currency futures had better have a lot of money to loose. If there is anything that this man has earned the right to prognosticate about, it's this... We should weigh his analysis very carefully, but I think his recommendation assumes that America retains the power to do something that the Chinese don't want done. Can America afford to face the consequences of Chinese displeasure. Weakness is what being a "debtor nation" means.
Maybe Mr. Soros can explain how America can regain integrity, which is sort of like virginity. If he can teach us how to do that, many good things would be possible, that seem impossible now. We'll see...
I could be very wrong, but I think Mr Soros would like to see the American people treated like the Chinese people.
Money is the devil.
What applies to our nation applies to all of us as individuals as well. We should rethink our desire to have it all and be in debt to get it.
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Posted: 10-16-09 01:23 AM