George Soros: Sharing Oil Wealth Could Quell Revolutions

To quell unrest, billionaire investor George Soros says oil-producing countries should share the wealth.

"What has caused the revolutions," Soros told BBC News this week, "is revulsion against the corruption that is fed by the misuse of natural resources." Libya, he noted, produces enormous wealth, much of which embattled leader Muammar Gaddafi treats as his own.

The price of crude oil rose to upwards of $116 a barrel on Friday, a direct result, some say, of Libyan security forces began a violent crackdown on protesters. That shows the power of Libya, producer of 1.6 million barrels of oil per day and Africa's largest oil supplier, to move markets.

Oil prices similarly rose during the Egyptian revolution, reaching their highest value since September 2008, when high oil prices helped drag the economy into recession.

Some investors have warned of a "nightmare scenario," in which rebellion could theoretically spread to other oil-producing countries, like Saudi Arabia.

In the BBC interview, Soros himself warned that more repressive oil-producing regimes would be tougher to topple. Iran, for example, could fall, he told BBC, but only after the "bloodiest of revolutions."

Analysts have suggested that Gaddafi's regime in Libya will likely be harder to topple than former President Hosni Mubarak's in Egypt because of the "resource curse," which sees citizens of developing countries rich in natural resources battling more corrupt and violent regimes.

Soros also warned that not backing revolutions in oil-producing countries could leave the U.S. out of the loop when new, more democratic regimes take over.

"It's very important that Europe and the U.S. should be in front of the revolution rather than behind it," Soros told the BBC. "The west has to regain the allegiance of the people in these countries."

Soros, who runs the giant hedge fund Quantum Endowment, is well-known for his daring trading, as well as for his philanthropic support of liberal causes, including a recent $100 million gift to Human Rights Watch.

Comments

[dlbnext]

01:51 PM on 03/08/2011

Soros was elected by who?

Soros never shared anything that he couldn't get power and money from.

[jesthefaxman]

02:34 PM on 03/08/2011

Is he planning to share his wealth from his deep water drilling investments in Brazil? You know the one's he's convinced our govt to invest in while his distribution company foists Gasland on the world to discredit one of our best chances to become less dependent on foreign resources?

gdate just gdate

[capitaldysfunction]

03:32 AM on 03/08/2011

But, George, if the Colonel shared the oil wealth, he couldn't afford to party with Beyonce, Usher and Mariah. And if oil companies shared their wealth, the US congress would not be bought, sold, and paid for. Is George Soros suggesting oil nationalization like in Norway? Too many tro//s in this thread, George, would be offended by any share-the-wealth schemes.

[hrpmap]

12:06 AM on 03/08/2011

You are trumping states rights at the same time you are screaming :
"“The constituti­­­on is the supreme law in America"

Obamacomic you do know they are in the constitution, Right, probably not.

[ObamAtomic]

12:27 AM on 03/08/2011

We discussed all that before, remember ,Arizona !

hrpmapserf Old man you are a wrong Teabager !

[BoulderIntellectual]

07:58 PM on 03/07/2011

Go away George you have done this world enough damage.

[madrediterra]

02:37 PM on 03/07/2011

While in the US tapping oil reserves to lower prices in a severe recession is considered a bad idea. They will wring our last dollars out of us if we allow it.

[ObamAtomic]

02:32 PM on 03/07/2011

hrpmap-Commented Aug 4, 2010 at 01:15:01 in Politics
“The constituti­on is the supreme law in America. So if it isn't law what is..The constituti­on is the fundementa­l basis for law in America, and the legal dictionary defines the word fundimenta­l as without wich there can be nothing.”

hrpmap- Commented Mar 7, 2011 at 14:23:37 in Business
“Limited government­! Anything the constituio­n didn't give them permission to do, you know that right? Read the thenth amendmane.”

------------------------------------------------------------------------------
Stop Drinking!

[hrpmap]

05:28 PM on 03/07/2011

Every word of it true, you are comical, Most Americans support our constitution, why do you make jokes on the subject, if you are American??

[ObamAtomic]

10:07 PM on 03/07/2011

hrpmapSERF You are an S/T/U/P/I/D can you see it?

You are trumping states rights at the same time you are screaming :
"“The constituti­­on is the supreme law in America"

You are double speaking serf!

How you dare to ask me old man if I'm an American !

BTW LEARN TO SPELL!

[truly moderate]

11:53 AM on 03/07/2011

I normally don't agree with George Soros, but in this case, I think he atleast has a good point.

I don't think his solution is very applicable though. While it makes sense logically (considering the recent events) the leaders of these countries CANNOT be logically reasoned with.

We have President Obama and we take him for granted because Mr. Obama does listen to all sides and sometimes he sides with the right IF he feels its in America's best interest. These other countries do not have that luxury. Bush was hard headed, but he could be reasoned with by other leaders like Markel from Germany. Clinton almost always took a middle of the road approach balancing his decisions.

The leaders from these other countries are ruthless! Their replacements could end up being just as ruthless IF democracy does not replace the current regimes. Call me a neo-con, and while I see major issues with the US-Iraq war, I can understand the need for democracy in the world.

[hrpmap]

11:44 AM on 03/07/2011

Soros holding public knowledge. So why does he not put his money where his mouth is?
1.Petroleo Brasileiro S.A.Petrobras (PBR) – 9,818,323 shares, 15.42% of the total portfolio
2.Hess Corp. (HES) – 5,123,198 shares, 10.56% of the total portfolio
3.Petroleo Brasileiro S.A.Petrobras (PBR-A) – 5,884,700 shares, 7.53% of the total portfolio
4.Potash Corp. of Saskatchewan Inc. (POT) – 1,978,053 shares, 7.06% of the total portfolio
5.Plains Exploration & Production Company (PXP) – 6,526,400 shares, 6.84% of the total portfolio

[dlbnext]

01:54 PM on 03/08/2011

and
NPR
AOL/HP
Democratic party
Money buys power and more money and lack of any jail time for this twice convicted felon

[skc54]

02:37 AM on 03/07/2011

100% correct.

[StopCensoringMe]

12:55 AM on 03/07/2011

Someone please help keep Soros alive, he's the only equivalent the left has to the likes of Kock Brothers.

[BoulderIntellectual]

07:59 PM on 03/07/2011

No he has done enough damage to this country.

[Sirlarek]

11:45 PM on 03/06/2011

I'm guessing he is prepared to.

[cadawa]

02:52 PM on 03/06/2011

'Sharing the wealth'. Imagine that! Perhaps that idea could be exported to the US.

[dojone]

07:46 PM on 03/06/2011

I promise not to join an armed gang attacking Exxon if they just agree to give me .000001% of last years profits. How's that for a start here.

[oilfield]

10:18 PM on 03/06/2011

exxon is owned by stockholders.....the whole oilfield pays its employees well along with thousands of small businesses for support.

[WeCanDoMore]

12:32 PM on 03/06/2011

Does he mean that if the top .01% of us that have 90% of the worlds wealth stopped being so "self oriented" the people of our world could all have food, shelter, education, and health care, and good lives? Well, thats nice for him, but the rest of the global elite prefer to be gods while everyone else suffers. He's just a c o m m i e soc i a l i s t who loves humanity. Who could agree with this?

Just the Dems, Libs and ethical people of the world. Just those with a sense of justice and fairness. Just those who believe the earths resources are for us all and if you got "there" first, it does not mean you get the whole pie.