George Soros: "We Have Just Entered Act II Of The Drama" - Full Speech

Tyler Durden's picture

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Dismal Scientist's picture

Regulators need to fully understand

That would be a start

Treeplanter's picture

Soros is pushing for more government control.  What could go wrong?  Central planning worked so well in the Soviet Union.

Careless Whisper's picture

Keeping asset bubbles within bounds have to be an objective of public policy.

Oh really.


Jake Lamotta's picture

With derivatives, the Efficient Market Hypothesis goes out the window!

pan-the-ist's picture

Yes.  My opinion - if you 'buy' a something in the market, that means you take possession of it.  If you can't take possession of it, then it shouldn't be on the market.  But then, I am a bit of a Luddite when it comes to markets.

boeing747's picture

Only after 3rd leg down, a real meaningful reform will put on table.

FreakuentFlyer's picture

i will now memorize this speach verbatim and then use it to pickup chicks in bars!

monmick's picture

I tried that already; it doesn't work! I spent the better part of the nineties trying to pick up chicks in bars by reciting Soros' theory of reflexivity...

FreakuentFlyer's picture

i'm talking about central european fat chicks!

monmick's picture

In that case, you will have to practice delivering the speech with the same Hungarian accent...

FreakuentFlyer's picture

are you trying to tell me what to do - go high-frequency yourself! LOL

Da Canuck's picture

LOL, I doubt it would even work on them. This is the most boring drivel ever.

williambanzai7's picture

These days I believe you will find all the really fat chicks in the US, but they will know more about suction dynamics.

bmwmc's picture

Hey, those are my lines.  Let's just agree not to hit on the same whores.

Xibalba's picture

Act II, in it's literature, stage, or film context, is usually the establishment of conflict between the players who have been developed in the first Act.  I'm praying for a speedy denoument. 

Anarchist's picture

Not one mention of the massive fraud in the financial system. Nothing about his funding of "democratic" groups in the attempt to splinter eastern european countries into impotent rump countries controlled by the west. One day I would like Soros or Buffet to actually tell the truth.

Tapeworm's picture

Yes, and his crap about "markets" is nonsense. Guys like Soros would be bank tellers without the massive interventions that overwhelm a free market.

 I looked up the number for the after tax profit of all manufacturing, agriculture, and mining for the USA in 2008. (That would be all of the useable income after the games are done.) It was 112 billion.

 Even throwaways like the extention of UE benefits and a few other "unanimous consent" turds moving through the US senate dwarf the real economy every few weeks. Shitbag Soros made his mark in gaming the gaming of the Pound. Why do we put up with the system that rewards useless parasites like him that live off of the useless parasitism of goomint?

 It's too bad that he doesn't live in a castle in Hungary. I'd pay to go to a documentary moovie that shows the Hunkies storming the palace of the economic vampire.

 Oh, and they kill all from the dogcatcher up to the premier on the way.

This would be an inverse of Bela Kun, likely Soros' hero.

Insert witty title's picture

'Keynes has taught us that budget deficits are essential for counter cyclical policies yet many governments have to reduce them under pressure from financial markets'

What a load of crap. Lost all credibility at this early point. What Keynes taught us is that you can be a power hungry elitist fcktard who doesn't know anything about economics but if your theories help governments centralise power then you are held up as a legend.

Deficit spending perpetuates imbalances that recessions clean up. Its like going to  a cancer treatment centre on three mile island.

My missus says i need to stop getting so worked up. Woosa, Woosa, Woosa


/rubs ears

RockyRacoon's picture

Hot off the press (as well as topic):

WASHINGTON — The United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government officials.The previously unknown deposits — including huge veins of iron, copper, cobalt, gold and critical industrial metals like lithium — are so big and include so many minerals that are essential to modern industry that Afghanistan could eventually be transformed into one of the most important mining centers in the world, the United States officials believe.

Anarchist's picture

Most of these minerals were known to exist back in the 50's and 60's when the USA and USSR occupied Afghanistan. There is alos large gas and oil deposits. There were newspaper reports by both countries detailing the "finds". Lithium did not have a big importance then so it did not merit mention. The US got booted out in the 60's and in a hissey fit started funding "rebels" to attack major city centers. This led to the Tajik dominated government to beg the Russians to save them.

SDRII's picture

Timeline of announcement is interesting to say the least. Presumably now the strategy is not to kill but to enrich!

1. US Comdr. Afghan calls off surge for a few months to "study" Taliban dominated area

2. Debka reporting the Taliban has essentially outlasted the US and has "won" with help of integrated Tali/ISI C&C structure

3. Karzai more than once on the record saying the US is unreliable..

4. NYT headline that the US has discover resources throughout the country with a small

team of geologists.


cbaba's picture

Debka is not a reliable source, 50% lies.

Teaser's picture

But, But, That means 50% is true!


Holy Moly!

cbaba's picture

This is like yes he is a liar but he doesnt lie all the time, he is a good guy.!

Or he is a thief but a good one he steals only once a year. You like to be with a guy like this ? trust him ? dont you put into jail if you were a judge ? Holly Molly ...



roadlust's picture

50% opinion.

50% interpretation of "facts" from a Likud perspective.

That's technically different than lies.

fxrxexexdxoxmx's picture

I am proud that no conflict in the world in the 200 plus years of the United States of America cannot be trace back to the US.

Sunni Muslims kill Shia Muslims because they read the wrong book from the King James Bible.

America bad......everyone else on the planet good.

Mitchman's picture

It sounds to me like the NYT playing press hack for the Administration again at a time when Karzai is making sweet talk with the Taliban and even the right-wingers are calling for us to withdraw.  Typical Administration bulls**t.  "Look what we found, Ma!"

chumbawamba's picture

So the implication being that we should stay so that we can exploit the mineral wealth that is not ours?

But there is one thing more important than any minerals, and that's being smack dab in the middle of the last leg of the oil pipeline from the Caspian states to the Indian Ocean.

This was all pre-ordained years ago.  The scripted drama has yet to reach the finale.

I am Chumbawamba.

RockyRacoon's picture

Tends to skew the old saw about the U. S. being there on this so-called War on Terror.

Somehow didn't we know that there was a reason yet to be truthfully told?

Minerals in Afghanistan -- my how convenient.

cbaba's picture

Spending 1 trillion dollars for 2 wars in 10 years and we cant even find where the Osama Bid laden is hiding ? or we don't want to find it ?

The reason for war has never been terror it was all about money.

We went to Iraq for oil, and to Afghanistan for Caspian-Indian ocean pipeline. Russians tried the same but lost.



zhandax's picture

So why is there more oil floating off the coast of Alabama than imported from Iraq?

RockyRacoon's picture

He didn't say the U. S. was any GOOD at doing this stuff -- just that we're doing it.

monmick's picture

"The United States has discovered nearly $1 trillion in untapped mineral deposits..."

I assume this isn't 43-101 compliant ! Does the SEC get to review and approve the Pentagon's news releases...


illyia's picture

I suppose the corrupt actor does not recognize his own corruption.

What's the word....?

buzzsaw99's picture

A man of many Soros. Poor little billionaire.

chumbawamba's picture

Iraq's central bank was attacked by an armed group of "insurgents":

Us Americans have a thing or two to learn from our Iraqi brothers.

I am Chumbawamba.

UGrev's picture

With the exception of the "Ending up dead" part... I think we finally agree on something. 

Dark Helmet's picture

Not a single mention of peak oil, other emerging natural resource constraints, or aging demographics. It's like he's pointing out problems with the roof construction on a burning house.

He also chastises markets for creating bubbles when those bubbles are ultimately created by central banks. Cheap credit in the 2000s caused the great housing hyperinflation.

bob_dabolina's picture

"It is important to realize that the crisis in which we find ourselves is not just a market failure"

The market didn't fail. The market acted perfectly, exactly as it should have.

Do you understand that George?

Kreditanstalt's picture

As expected, Soros disses Efficient Markets Theory and the prevailing views of the 1980s - that markets are self-correcting mechanisms best left entirely alone.

Simultaneously, throughout his comments he never questions governments and regulators "stepping in" to "aid" failing financial institutions.  Never once is there any mention of the obvious: just let them fail.

For a market to work efficiently, there must be losers!!!

Something they'll just NEVER understand...


cbaba's picture

He agrees with Greenspan, this is bullshit, even someone who has no Economics degree can clearly understand that Greenspan made a big mistake( intentionally) by keeping interest rates so long so low.

Also he doesn't mention about a gold standard, he just thinks that Keynesian system is good if we can find ways to improve it, again bullshit, we don't need to create  new economic models, the Gold is the money, has been like this for more than thousands of years. All fiat monies has to be pegged to gold.

We don't need a jerk like him to create an economic theory and tell us what to do.


Apostate's picture

Soros loves central banking because it provides artificially high rewards to traders relative to the rest of the economy. And it gives him a government to influence or dominate, which he does at every opportunity. 

NullShrub's picture

Soros is a skilled trader, but I'm not convinced of his abilities as an economist.  He has predicted doom before and missed.  A couple of interesting clips from an article I read some time ago...


"This is not the first time that Mr. Soros has prophesied doom. In 1998, he published a book predicting a global economic collapse that never came.

Mr. Soros thinks that this time he is right. Now in his eighth decade, he yearns to be remembered not only as a great trader but also as a great thinker.

Robert Soros, 44, who once claimed his father based his trades not on grand theories like reflexivity but rather on his back pain"

Fred Hayek's picture

So, Soros has predicted 6 of the last 3 recessions?

Actually, I did like his CDS stuff.


kingwallop's picture

All I heard was do more things like China.......

JR's picture

Soros is a globetrotting Rahm Emanuel, an international wheeler-dealer who promotes a crisis to use for his own benefit.

Here is the Soros Plan in a nutshell:  In positive economic times, companies make money and do well.  But bubbles can occur.  When those bubbles break, then financial authorities (this is Soros’ Keynesian word for taxpayer money) must step in to smooth out the broken parts of the bubble.

This plan will keep the markets on an even keel and the big players, namely the investment bankers, will make money all the time—but taxpayer monies will be constantly required to keep the system in order.

The goal of money equilibrium for the status quo has always been a socialist’s, a central banker's, Holy Grail.

Central planners dream of a  centrally-controlled government market place, and the worst possible person to tell us about that is a person who makes his living on the government non-market circuit.  Soros’ statements aren’t negative for financial planners—they are positive—what the financial planners did was perfectly right; now their system just needs a little tweak and twist here and there and a bigger dose of the same.

Soros is a pipeline guy looking for oil and gas in developing countries to exploit for personal profit. He's an international disgrace—who uses his money to buy political systems at the same time he envisions himself as some kind of economic author. Mussolini was a big energy man with good ideas.  Perhaps his views could be expressed at these conferences.

My message to Soros is—This is my money you intend to use to prop up this pretend market. It’s my money to use for my business, for my family members, for my future.  If you think your plan will work, then use your own money, not my money, and see if TBTFs can make it on their own.

IMO, Soros should be in some Italian prison somewhere, away from the light of morning; not in Vienna and Germany parading as some financial guru who has suggestions on how to run markets, particularly the U.S. economy.

Speaking of pretend markets where government's hand is on the scale, guess who’s for the energy bill that proponents first called the cap and trade bill until critics began calling it the cap and tax and now call the energy tax?  BP, of course.

Adam Neira's picture

The BIS, IMF, World Bank, US Fed, ECB etc. are aware of the need for oversight in the international economy. George Soros as one of the providers of capital for various projects has a part to play. The private sector must obey certain laws however.

faustian bargain's picture

??? 'aware of the need for oversight'? They all want to be the oversight. Soros too. It's called global fascism.