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Hugh Hendry: "I Want To Bring George Soros Down"
In this interview by Bloomberg's Erik Shatzker (we have added the full interview, not the abbreviated version), Hugh Hendry tries hard not to dance on the euro's grave... and fails. He compares the European currency to the gold standard in the 1920's: "We are now seeing a conflict between domestic stability, prosperity and the need for external balance, and that typically rings the bell on such a system." He further discusses George Soros' recent media appearances and his recent Op-Ed in which as was noted, the Hungarian is very concerned about the eurozone courtesy of Germany's non-Keynesian actions. In tried and true fashion, Hendry doesn't mince his words: "George is someone we all aspire to match his brilliance. But remember the richest people in the planet become socialists. Socialism is a great thing for George. I want to bring George down. I want George's reputation. But George is now embracing socialism. Socialism is where you build a moat around the castle. I am spending all of my time trying to decide where I'm gonna live, because taxes country in this are so high, and less of my time trying to work out how do I surpass Soros and his reputation." And his take home message: "The noose is getting tighter and tighter... not in Europe, but in Asia."
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I have a serious man-crush on this fucking guy. Love him, love him, love him.
Love is a irrational response Ferguson - you see purity where there is probably spiritual squalor.
I want to know who this guy truly represents and what is their angle.
The White Knight vs Black Knight tale is a medieval or maybe Walter Scott fabrication.
My bet is that he is merely a hired gun for certain London banking interests but then again maybe I am just a heartless bastard.
My "hidden agenda radar" doesnt ping this guy as anything untoward. I think hes merely a market professional who wants to earn himself and his family a bit of dough : his ability and ego are larger than the average market pro and a bit of self promotion helps his cause - it also appeals to his yearning to counteract the MSM propoganda. How many ZHers would jump at the opportunity to put "the other side" to the economic/political argument?
I have to turn off many news shows and financial networks when a typical blowhard comes out pushing the modern day ponzi scheme. This guys a breath of fresh air.
Anyone know how much money this guy is playing with or is he just playing with himself ?
Did you listen to the video? 450 Mil.
My apologies callistenes my computer was glitchy at the start of this interview and missed the opening few lines.
We all now have skin in this great game - Hendry is a dollar man , Dork is in gold - maybe I am becoming a tad emotional...... must remain rational.
But besides his little hobby of 450 million was he taken to one side by the great and the good that reside in London and told to use his formidable communication skills to keep the dream of endless dollar credit alive once this great spasm in this worlds collective debt markets is medicated away by higher doses of dollar debt.
How long more can this great waste of the worlds resources continue while pursuing a false dream of monetarist bliss.
He may be right about a great overcapacity in Asia but does the west now have the skills and resources to fill that gap if Asia collapses.
give me a dreamer in the reconstruction of the real world any day over this monetarist methadone that Hendry seems to believe in now that all the Keynesian Heroin is gone down the toilet.
lol
Who cares who he works for, we all have to eat. Focusing on intentions is just dumb. The guy has a liberal education you confuse with heraldry.
The dude reads Heidegger, there is no spiritual squalor there.
He is just awesome.
And he speaks without a teleprompter. Amazing indeed.
Court jesters can be fun and indeed are known to speak truth to power so maybe I should give Hugh a break but are the King Lears of this world listening.
anyone who reads and understands Heidegger wouldn't be doing what he is doing.
so, while I am on his side, he is illiterate, just less illiterate than Soros.
Understanding Heidegger is a badge of honor. After that one does what on needs to do, one goes to work.
.
He almost seems too good to be true. I keep wondering when this honeymoon with Hugh will be over.
But, yeah, his thoughts are so piercing. I would pay to talk to him, but just talking.
Meritocrat, hardass Scotsman. Common sense guy, no BS.
His bio suggests hard, working class kid who made good.
Probably why he is so forthright.
> His bio suggests hard, working class kid who made good.
AFAIR this comment is right but barely scratches the surface: in the area where he grew up - the average male age of mortality (64) has yet to reach retirement age (65). Levels of generational alcoholism and violence are extreme in the tougher parts of Glasgow.
For him to have emerged as a high performing educated guy; he MUST have developed the toughest rhino hide and olympic levels of directed focus that ignores insults or gives better than he receives.
He says "irritating people ... is part of my skillset" and I believe him. He rates a hero rating but I'm not sure I would want to be working with him!
Glasgow was part of if not the start of the Scottish Elightenment. Don't make it out like it is some shanty town with no history of intellectualism.
I've met some damned smart Scotts and I'd be happy to have a drink and sit down with HH.
I would pay to talk to him, but just talking.
Thats what Ted Haggard said too...
Ditto. <3 Hugh Hendry. Says everything I want to say and gets away with it.
Same here...
me too. I would be happy to sit down and have a pint with the man any time.
the fun continues
http://www.debka.com/article/8869/
How do you bring down someone who believes he is a god?
hand him some change and tell him to go away. drive him to the nearest homeless shelter. have him committed. set him up with the bum fight crew. light him on fire. that's probably wrong.
Way too funny!
Thanks, I needed that.
Then you need to give him "The Perfect Man Hug". See the following instruction Video:
http://www.youtube.com/watch?v=JUdWApwbudQ
That gives "doin' the Hugh Hendry" a whole new meaning.
Erm, this man-crush of which you speak...
Hell yeah. It's on. Shit just got real.
Speaking of man-crushes, I love it when you say that.
---
Golden Jackass: Path to Gold Backed Currency:
www.marketoracle.co.uk/Article20560.html
Martin Armstrong has some int. commentary on the euro and gold as well.
http://www.martinarmstrong.org/files/Can-the-Euro-Survive-a-Sovereign-De...
Seems Hugh has been reading Armstrong's 27 May note with the Euro & gold standard quote.
We all should be reading each missive Armstrong publishes.
What a view of the world he has. Glad he's on our team. Or maybe I'm on his team; Water Boy. Whatever.
Hope he's got bodyguards
i would love to see them in a fight , throwing charts at each other
HA!
Any man that dislike Gyuri Soros, is my mahn!! Mr. Szoros is a confused putz.
Well said, Hugh. Here is my comment from the previous article where Soros was quoted:
by john_connoron Wed, 06/23/2010 - 08:56
#428710
"Right now the Germans are dragging their neighbors into deflation, which threatens a long phase of stagnation. And that leads to nationalism, social unrest and xenophobia. Democracy itself could be at risk," he said.
Oh, I see, to not have perpetual currency devaluation and massive bubbles and bust is a threat to democracy. Ok George. Everyone who already made billions now want to socialize every loss from now until eternity. It doesn't matter to them if there is no upside going forward.
@john_connor
And to that I will add that it wasn't stagflation that killed the Wiemar republic, but rampant inflation. So, Soros has it ass backwards yet again. I think George Soros is a threat to democracy.
This would be a solid argument if deflation, in and of itself, were a bad thing. But it isn't. Not after 80 years of inflation. There has been so much malinvestment in that time due to the economic distortion, the world needs to take its medicine and suffer through a period of deflation.
I am sorry you believe the lies the economists and politicians have told you (that the economic cycle could be tamed and there could be prosperity for all in perpetuity), but they are simple lies. And now we have a choice to move forward progressively (austerity) or to charge headfirst into oblivion (Krugman/Soros plan).
In a deflationary environment, at some point in the future, the interest alone will be too much to service.The Default of debt will occur ANYWAYS as a result.
How is deflation not bad? It's terrible! As outlined above, it strongly discourages creativity, the cornerstone of our progress, living standards and basically happiness. Our utility is almost entirely entrenched in our FREEDOM to do what we want. Outstanding debt becomes uncontrollable in deflation. You are essentially a slave to your creditor. The value of your debt increases at a time when your actual wages start falling. Unemployment rises to extreme levels. Please explain how this is not bad. Please explain a scenario where Deflation is GOOD so that I can consider it.
As I said above, everyone on ZH criticizes but doesn't offer any solutions. I ask Please present an alternative solution so that the world can consider its merits. Otherwise you are no use yourself and add 0 value. Soros is providing a solution that MAY or MAY NOT work. In the absence of an alternative what is the point of criticizing?
Please tell me your IDEAL Deflationary scenario and how that would make our world a better place. This is a GREAT POINT and I think Tyler Durden should address. ZH has pointed out the deflation then hyper-inflationary scenario that will likely occur. Please present an alternative solution that will provide greater utility to the people.
Remember we are facing deflation right now. What is your IDEAL journey from here on out?
Ideal: default on debt now so we can stop servicing it. Reduce expenses (rent, taxes, regulation) that make domestic labor more costly so we can compete effectively with the low-cost producers. To the extent that foreign producers can out-compete us because they are allowed, for example, to pollute, level the playing field with tariffs on imports.
Deflation is not the end of the world. What you view as a problem, punishment of poorly invested capital, punishment of the overleveraged, etc., I view is the creative destruction of capitalism. Without this correction, growth will never return. You bought a home in 2005? Sorry, dumbass. You borrowed more than you could afford to buy assets (at best) or trinkets? You really think it makes sense for me to pay you for those mistakes?
Your inflation or bust solution punishes the responsible, it punishes the savers, it punishes the poor. And it does not solve the issue...just pushes it out a few years while further weakening balance sheets, reserves, and freedom. I clearly see why Soros is in favor of it. I also know it is morally wrong, and even worse, just plain dumb-ass economics.
While you are right that the deflationary period will be painful, it is the only path back to solid growth. Take the pain now, or continue to zero. And back to Soros, who do you think will survive at Zero? The middle class or the super wealthy?
@Argonaught
Thank you for the well reasoned responses to bull_market_3.0. Some people are just commited to the never-ending extension of bubbles and Ponzi schemes. Think of the logic of bull_market_3.0 if he were an employee of Bernie Madoff. Look at all of the harm that was done when Bernie Madoff's Ponzi scheme was exposed....
+ 1000
Deflation is our ideal scenario, because we realise that deflation is part of the natural economic cycle. I think most of what zero hedge advocates as a solution is that there is no fucking solution. Just let things be, its all the solutions and interference that have lead us down this shit path to where we are now. Deflation is not a "solution" it is the process that must be passed through to get to growth and prosperity again. The dye was long ago cast, and it was cast again and again through countless bad decisions mostly made on the false premise that economics is a science and that economists actually no dick about shit. It isn't and they don't. The economy is a mass of human psychology and group behaviour and at the end of the day I have heard nothing even remotely coherent that explains those phenomena. Psychology is a science but still in its infancy. There are no firm answers here which is why the safest bet is to revert to lessons learned from history.
I don't understand your point about becoming slaves to debt. If you can service your payments or not you are still a fucking slave. I don't seem much difference between a solvent slave and an insolvent one. And default removes those shackles just like that.
There is no alternative nor is there a happy solution and you show that you have bought all the pseudo scientific, economic / social science clap trap by thinking that there is. Our leaders know as little as we do, be they economists, banksters, politicos or just regular run of the mill hopeheads. They just don't admit it for fear of "causing panic", or fear that if the sheeple thought for themselves a bit they might realise how pointless and ineffectual the people in charge are.
And for the love of God, enough of the skidding cars, ships off course, patient on the sick bed, retarded analogies they are just fucking stupid. An economic system is not a fucking car skidding on ice, alright. Not unless you have a magical car in hopium land there, that can fit about 6 billion people in it, all with their own steering wheels and all turning those wheels in different directions at different speeds and not neccessarily for any logical reason that an outsider can ascertain. Efficient market my ass.
And a last point for this rant. Don't tie economic prosperity to happiness. The average Amerikan has had increasing prosperity (supposedly anyway) since the 50's more or less. Yet happiness, even when measured in different ways and by different groups has been shown to be flat or declining since the 70's. Its convenient for the status quo to make the sheeple believe that happiness is a function of how big your plasma screen is, or your bank account is, or your car is. In reality once you get past bare neccessities and being able to buy the odd trinket, increasing wealth does sweet fuck all to happiness. Deflation does not destroy happiness or creativity. Being a retard however, does.
Soros is arguing for injecting capital in the short term and removing it when the continent has a chance to fight off its huge debt problems.
The "removal" would roughly co-incide with:
The Federal Reserve starting to shrink its balance sheet by selling its $1.5 trillion hoard of MBS.
The major industrialized economies returning to "trend GDP growth", full employment and running budget surpluses.
In other words "NEVER".
Soros is a bitter old drunk who has lots of money. He'll get his due soon enough. Pity his soul.
Absolutely right. I saw the Soros video and chills went down my spine. He has no problems sacrificing liberty and free markets to preserve stability.
Him and Stiglitz, moralists disguising as economists.
Soros wants the central planners to put us on Hayak's Road to Serfdom.
A side remark: in his last note, Armstrong has the same remark as Soros'. Page 11 actually.
That is when the comparison to the Gold standard kicked in. England 1925 etc
Surprised that nobody noticed Hendry's comments on gold standard.
But hey, as long as it floats your boat...
Not losing money has huge upside. When everyone else's stash goes to zero. You have unprecedented purchasing power. The elite don't want frothy credit markets and dot com bubbles where new kidz on the block can become billionaires. It threatens the establishment.
Relative wealth is where its at, not absolute. Whether I had 10 bucks or 10 trillion does not matter as long as nobody else has much of anything.
Common,
Amen, when people are fiscally SOUND, and prepared,invest wisely, save, they cannot be controlled...............
Have to knock out the crutches.
Same for Countries.
We have a Commie media in the US, they report that more people are millionaires than ever before.
( So, we MUST tax them into poverty).
What they FAIL(on purpose to tell), is that it wasn't old money, or stolen mponey.
It was thru fiscal accountability, and lack of debt.......and home ownership(outright).
john,
I will take Nationalism over any other ISM any day.
The loss of it, has caused this entire Global fiasco.
Like a kid, give him a $100.00 game, and he'll break it asap.
Make his ass work for it, and he will OWN it.
Same with countries.............
If the European union had not been formed, had not the Euro been embraced, then all these countries would not be worried about CONTAGION.
When a person get's smallpox, you put his ass into Quarantine.
Same analogy applies to counties fiscal conditions..........THEY get to work it out, or fail.
Simple as it get's to be.
My new coat of arms says
"I recommend you Panic"!
To be more credible, I recommend you gussy it up a bit with some latin...
ego suadeo vos suscipio paveo
Finally, someone mainstream calls for the the DESTRUCTION of Globalist Socialism without saying it.
(because if the Euro breaks up, countries will likely have to bring back their own)
Ruh-Roh!!!!!!!..............Soro's is America's Enemy #2...................he's a sorry BASTARD.
Typical Liberal, just like left wing wealthy Dems, they love to give to every cause, With OPM.
@DosZap
+1. Anything is affordable with OPM.
Deleted
He's not main stream unfortunately. He's a guy working his ass off making a buck.
People are just starting to notice him
Destruction of Globalist Socialism!
+ $1240
...
I remember reading years ago that many of the uber-wealthy LIKE reccessions, they are indeed moats, and help ensure that they can always get a table at high-end restaurants.
Can I get a little help... what is he saying here, "He compares the European currency to the gold standard in the 1920's: "We are now seeing a conflict between domestic stability, prosperity and the need for external balance, and that typically rings the bell on such a system." "
I think somewhere in here is the explanation as to why a gold standard isn't workable, though I've always viewed that a gold standard isn't workable for gov'ts that want to grow without constraint. What is the similarity between the gold standard and the Euro that Hendry is pointing towards?
Basically, standards are self-imposed so are thus susceptible to excessive credit creation. We were on a gold standard when the boom occurred in the 20's.
This is why gold bugs say forget about gold standards and just trade in the metal itself. Governments should be allowed to mint coins but not create any new currencies. New currencies should be only permitted by the free markets (to live and die there) because free markets cannot use force.
Makes sense. So we have a series of currencies, likely created as bank notes of some sort or another, competing with minted coins. The argument against that would be the added complexity for commerce and I guess fraud... or I guess you could say that was the argument for the creation of central banks and gov't backed currencies.
I like the added complexity since it wouldn't be centrally controlled. This type of complexity makes for a more robust system. Think of a network with hubs and nodes. If there is only one hub and it goes down then the whole system fails. If there is less difference between nodes and hubs where many hubs acts as nodes or vice versa, the system is very difficult to take down. If we're going to socially engineer ourselves, I think we ought to consider allowing complexity.
Eurozone members cannot de-value and cannot print, similar to being on a Gold Standard.
They are forced to suffer the deflationary consequences of what is for them (PIIGS) a vastly over-valued Euro.
But that is true for nearly all members of any market, unless you're a central bank.
The problem isn't that member nations (like states here) don't have their own currencies. No one needs their own currency.
right... you only need your own currency if you want that currency to be something other than a medium for exchange. Would you agree with that? I keep thinking... someone should be writing stuff down so we can get this right after we have to start over.
I think everyone would love to have their own currency. The incentives are there. So tempting. But a new currency is just a new thing to be traded. The "medium for exchange," you speak of is a kind of myth, in my mind, part of the money trap, so that we think we need money when really we just want extra credit.
But I'm probably the only gold bug who hates it when people call gold "money."
Pretty sure they would all eat each other if they had a chance.
Dear Mr. Hendry,
I've heard of many people with many great aspirations, but if you are sincere with this plan of yours to bring down the Emperor, there is no doubt it is something to which I feel I must contribute. If you are truly committed, I'll quit my job tomorrow and move to any place on the planet, live in squalor, and do unspeakable things to help you succeed in such a noble cause. Please contact me at your earliest convenience.
Best Regards,
YM
Exactly Yak. I get the sarcasm. It's easy to poke at the big guys. It gets the spotlight on you with the quickness.
The chances of Hendry taking down Soros? -100 probability of that.
Hendry AUM -- $450M. Soros shits that after a good breakfast.
Sarcastic with a tinge of Easter Bunny exists myopia mixed in. Unfortunately I think the only thing taking down Soros is father time. (He may be a vampire that lives forever) If this isn't a publicity stunt, then I'd love to hear it. Hendry has zero chance as he doesn't have the Mafia's (government's) guns to back him. Even if Hendry did come up with some genius plan to break Soros, the emperor's boys in the White House would just find some bailout and make me and you pay for it through taxes. But any comments about Dr. Evil and his plans for us that the sheeple might accidentally get wind of are better than nothing. However, I would go undercover as a tranny hooker in a Taliban run country if I thought I could assist in bringing the reign of that monster to an end.
yak,
Time will take SOROS down, as it will all of us.
The thing his demise will not take down is his fortune, given away to socialist/marxists groups for the continued plan.
Every MAJOR group in the US trying to give us the Change We Can Believe in,(if your a moron) is tied to this fks $$$, and others like him.
When I grow up, I want to be Hugh Hendry
When Hugh Hendry
grows up he wants
to be George Soros
Longer clip available on youtube:
http://www.youtube.com/watch?v=I8snTSBLOX4
great post - thanks a mill....
I agree with the sentiments here, the guy is a fucking riot. Is he good at investing? I hope so. His takedown of Prof. Sacks in that other video quote was fucking priceless (btw, the woman reporter in that video did a remarkable job as well, but I don't remember her name).
Gillian Tett Financial Times, London.
Wrote a book called Fool's Gold last year.
Pretty sure it was Gillian Tett - http://www.ft.com/comment/columnists/gilliantett
man I love the internet
Is he good at investing?
From my understanding, yes and no, he plays his cards extremely close to his chest and trade infrequently. He makes a few large high probability macro bets and monitors. Serious Sharp ratio guy.
Dd,
If he's worth 450 Million, he's doing something correctly.
.
Is he good at investing?
I believe so. Says true contrarians only bet against the herd 20% of the time. Prides himself on the beauty of making money when no one else is. I do recall him being down 16% on a trade and referring to himself as being "suicidal" LOL I wouldn't want to know that feeling managing OPM.
You go, Hugh!! RAH! RAH! RAH!
Yawn ...... ZZzzzzzzzzzzz
TROLL!
WOW, EURO buying support?!? Thanks for the great tip, douchetard. I can detect EURO buying support myself when I see a 60bip move in 2min with nearly triple the average volume.
Get the hint - NO ONE CARES!!!!
Go somewhere else, you fail miserably
Agree about Soros being a socialist. Whenever I read about George Soros, it is always the short term fix. He doesn't care because he just needs to keep the current system in place another 10-20 years until he passes on. He doesn't care what happens 30 years from now.
Hugh has to watch, he sometimes opens his mouth and hears what he is saying at the same time we hear it. All that great work he has done could easily be tripped up.
("One false step, you get done in" Lowell George 1977 +/-)
Dear Hugh Hendry Fan Club:
While you all consider whether sex with Hugh may be akin to Die Valkuryie, remember - he's een pissing on Gold since 700
Nobody's perfect. Especially in this arena.
Hendry for fucking President - at least I believe he believes he's telling the truth
Both men are brilliant with opposing views.
Two men enter, one man leaves . . . The Hendry / Soros cage fight. I'd love to see that.
My money is on the tiny skinny scot versus a larger greek. He's got more mean in him.
//been pounded on by smaller and beaten bigger. Meaner wins 90% of the times.
yeah hugh hendry now sounds great but i CLEARLY remember about one year ago
he said that central bankers are our friends in that they replace money
that has been destroyed by delevaraging. He then said the regret maybe that Ben didn't print enough and that he shouldn't cave into pressure to stop
the printing. I will try and find the video but I clearly remember him saying that
Here you go
http://www.cnbc.com/id/31649165/site/14081545=1
In other news
http://www.kgw.com/news/National-Enquirer-says-Gore-sexually-attacked-Po...
Gore implicated in sex assault on Portland masseuse
Vice President Al Gore was accused of repeated, unwanted sexual contact with a massage therapist at a Portland hotel room in 2006, according to police reports.
The woman told police she was "repeatedly subjected to unwanted sexual touching" in Gore's hotel room at the Hotel Lucia, according to the police report.
Gore was in town to campaign for Governor Ted Kulongoski in October, 2006. Neither Gore nor his representatives could be reached for comment Wednesday. He and his wife Tipper recently announced plans to divorce.
No criminal charges were brought against Gore.
The Multnomah County District Attorney's Office confirmed on Wednesday that the DA's office was briefed by Portland Police in late 2006 and January 2007 on allegations brought by an attorney representing the woman in the alleged abuse incident. At that time, her attorney indicated that the woman did not want to pursue criminal charges. Details: Initial 2006 police report
The woman herself came forward in 2009 and provided Portland Police with a detailed report on the alleged incident.
The masseuse told investigators about an evening massage session during which Gore allegedly became enraged at times and tried to gain sexual favors from the woman.
"I was shocked and I did not massage beyond what is considered a safe, nonsexual area of the abdomen," she said. "He further insisted and acted angry, becoming verbally sharp and loud."
"I went into much deeper shock as I realized it appeared he was demanding sexual favors or sexual behaviors." The woman said Gore grabbed her hand and shoved it toward his pubic area.
She alleged he later tried to have sex with her and began caressing her before she squirmed out of his grasp.
"I did not immediately call the police as I feared being made into a public spectacle and my reputation being destroyed," she said.
"I was not sure what to tell them and was concerned my story would not be believed since there was no DNA evidence from a completed act of rape. I did not even know what to call what had happened to me."
Read: 2009 interviews & police report (GRAPHIC CONTENT, 73 pages)
"The case was not investigated any further because detectives concluded there was insufficient evidence to support the allegations," a Portland Police statement read. More: Read the statement
The National Enquirer was the first to report the incident Wednesday. According to a release, the latest issue of The ENQUIRER reportedly include “secret police documents” obtained by the magazine. The Enquirer report also said that the alleged incident was part of what led to Gore’s recent breaking with his wife of 40 years.
Police say that, back in 2007, they released the initial three-page report regarding the incident after receiving a public records request from the Portland Tribune. An article on the newspaper's web site Wednesday indicated that the paper chose not to report the story at that time, in part due to the woman's desire to remain anonymous.
Police say that, in June 2010, the woman involved contacted detectives and asked for a copy of her statement, which she was given. She then asked if she could edit her statement and was told she could provide detectives with additional clarifications that would be added to her original report. She also advised that she was going to take the case to the media.
The Multnomah County District Attorney's Office said it was not notified until Wednesday that the Portland Police had conducted an additional investigation in 2009, and the DA's office said it only received that longer report on Wednesday.
A spokesman for the Portland Police Bureau said police do not consider this an ongoing investigation unless new evidence is received in this case. However, the District Attorney's Office issued a statement that said: "If the complainant and the Portland Police Bureau wish to pursue the possibility of a criminal prosecution, additional investigation by the Bureau will be necessary and will be discussed with the Portland Police Bureau."
Gore family spokeswoman Kalee Kreider told the AP the former vice president had no comment.
http://weaselzippers.us/2010/06/23/moveon-scrubs-general-betray-us-page-...
MoveOn Scrubs “General Betray Us” Page From Website . . . Update: Flashback to 2007, Obama Skipped Senate Vote to Condemn MoveOn . . . Update 2: Rationale Page Also Flushed. . .
http://www.federalreserve.gov/releases/cp/outstandings.htm
check out the drop in the outstanding commercial paper _the_ not seasonally adjusted for foreign financial institutions
domestic doesn't look good either ...
"I want to bring George down."
Me too......me too.
Could someoen explain to me Hugh's trade in shorting credit in Asia?
Democracy Sucks! We could use a good ole-fashion ass-kicking dictator right about now.. Along with a couple million feet of rope cut into 20 foot lengths..
Give me a break.. Axis of Eeeevellll.. People sure know how to push buttons with keywords..
Just because Germany doesn't want to follow the western style of bail-out, print money, repeat rinse..
I do have a soft spot for scotts though.. given I'm partially scottish meeself... He's not good looking enough to warrant a man crush for me.. :)
Of course George Soros is a socialist. Everyone now is a socialist. Even Ron Paul is a socialist. Even my dog is a socialist. Socialists everywhere. There's a socialist under my kitchen table. I'm so scared...
+1 ... yes.. its a paranoid 'ol place the West ... first the commies... then the terrorists ... now the socialists ... why can't everyone leave us alone!! Now there are socialists everywhere trying to destroy us - - let's bring back the free market days of Bush and Cheyney!!
Man, dou you remember that "I see dead people" thing on the 1999 movie "The Sixth Sense" ?
So... I see socialist people...
Scaring...
Soros, in his book The Age of Fallibility, wrote, “The main obstacle to a stable and just world order is the United States.” He announced in 2003 that it is necessary to “puncture the bubble of American supremacy.” In the Atlantic Monthly of February 1997, he wrote, “The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.”
It’s ironic that Soros uses his alleged own money for radical leftwing causes at the same time he runs with the Wall Street oligarchs. I think it’s instructive that those so-called Progressives who claim to be opponents of a U.S. corporate takeover don’t have any qualms about taking Soros’ money. It just proves that they don’t care about the victims from whence Soros’ multibillions came.
And how dare the Progressives act as if they oppose war in Afghanistan and at the same time use Soros’ pipeline money to get their message out.
Soros is the madman who bankrolls MoveOn.org. It’s ironic the "Move On" phrase was created when Clinton’s immorality in office was under fire. The theme was let’ s move on and judging from how the Clinton Administration’s Wall Street connections have continued to plague us ever since, I would suggest instead of moving on that we go back and settle the Clinton Legacy which is Bob Rubin and John Podesta (president and founder of the Center for American Progress –CAPs) and Soros.
Thanks in part to funding from benefactors such as billionaire Soros, CAPS is a high-funded "incubator for liberal thought and helped build the platform that triumphed in the 2008 campaign (Bloomberg).”
Here are quotes from Investors Business Daily in 2007 in The Man, The Mind And The Money Behind MoveOn”:
Soros also heads a secretive rich-man’s club called “Democracy Alliance” that has doled out millions to activist groups such as ACORN.
http://leaningstraightup.com/2007/09/24/george-soros-the-madman-behind-m...
He is quite the colorful character. His comments about his youth are quite enlightening, and go to show what kind of person really makes it to the top in the system we have.
In the Atlantic Monthly of February 1997, he wrote, “The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.”
__
Makes sense to me, "Capitalism" as presently practiced is the enemy.
__
Have you ever wondered why some of the wealthiest people in the world finance Socialism, Communism, Fascism and other forms of violence and revolution? It is their “hope” for a man-made millennium of a collectivist one-world society which the “network” will enjoy when it achieves its goal of ruling the world. It’s all revealed in Dr. Carroll Quigley’s “Tragedy and Hope.”
More recently, the network of the George Soros agenda was revealed in part in the following four-year-old interview in FrontPage Magazine. I don’t agree with all its viewpoints, nor am I a fan of Horowitz, but it is worth the read. It begins:
The Shadow Party By: Jamie Glazov
FrontPageMagazine.com | Tuesday, August 29, 2006
A new book by David Horowitz and Richard Poe has enraged the Left and alarmed many conservatives. It exposes the machinations of a radical clique working at the highest levels of government and finance to undermine American power. That book is The Shadow Party: How George Soros, Hillary Clinton and Sixties Radicals Seized Control of the Democratic Party. It hit the New York Times bestseller list in its first week in print.
Here to tell us about The Shadow Party is co-author Richard Poe, our esteemed colleague at the David Horowitz Freedom Center, where he serves as director of research. ...
FP: Richard Poe, welcome to Frontpage Interview.
Poe: Thank you, Jamie.
FP: So what exactly is the Shadow Party?
Poe: The Shadow Party is the real power driving the Democrat machine. It is a network of radicals dedicated to transforming our constitutional republic into a socialist hive.
The leader of these radicals is multibillionaire George Soros. He has essentially privatized the Democratic Party, bringing it under his personal control. The Shadow Party is the instrument through which he exerts that control.
FP: How does it work?
Poe: It works by siphoning off hundreds of millions of dollars in campaign contributions that would have gone to the Democratic Party in normal times, and putting those contributions at the personal disposal of Mr. Soros. He then uses that money to buy influence and loyalty where he sees fit.
In 2003, Soros set up a network of privately-owned groups which acts as a shadow or mirror image of the Party. It performs all the functions we would normally expect the real Democratic Party to perform, such as shaping the Party platform, fielding candidates, running campaigns, and so forth. However, it performs these functions under the private supervision of Mr. Soros and his associates.
The Shadow Party derives its power from its ability to raise huge sums of money. By controlling the Democrat purse strings, the Shadow Party can make or break any Democrat candidate by deciding whether or not to fund him.
During the 2004 election cycle, the Shadow Party raised more than $300 million for Democrat candidates, prompting one of its operatives, MoveOn PAC director Eli Pariser, to declare, “Now it’s our party. We bought it, we own it…”
FP: Everyone knows that Soros has poured money into MoveOn. Can you name some other Shadow Party groups?
Poe: The Shadow Party is always changing. New groups form and old ones dissolve. For instance, America Coming Together -- which raised $135 million for Democrat get-out-the-vote drives in 2004 – has been mothballed, at least for now. The most active Shadow Party groups today are probably the Center for American Progress, America Votes, Democracy Alliance, the New Democrat Network, the New Politics Institute, ACORN and, of course, MoveOn.org.
FP: How does Soros use his influence over the Party?
Poe: He uses it to push the Party leftward. He is systematically purging the Party of moderates and packing it with radicals. For instance, the Shadow Party ousted Senator Joseph Lieberman in favor of Ned Lamont, because Lieberman refused to support a “cut-and-run” policy in Iraq.
FP: Isn’t that just politics as usual, though – wealthy fat cats funding their favorite candidates?
Poe: Funding ordinary candidates, be they Democrats or Republicans, would be politics as usual. Funding radical candidates who seek America’s destruction is not. Money is a tool. It can be used for good or evil. The Shadow Party is using it for evil.
http://97.74.65.51/readArticle.aspx?ARTID=2881
Additional excerpts:
“On the economic front, he (Soros) is shorting the dollar in global currency markets, trying to force a devaluation. At the same time, Soros is orchestrating a nationwide movement to encourage mass immigration into the United States, and to mandate the provision of free social services to illegal immigrants. These measures alone have the potential to bankrupt the nation. However, if they fail, Soros has another program that will certainly finish the job. A long-time Soros operative named Jeffrey Sachs has been placed in charge of the United Nations Millennium Project – a global war on poverty designed to transfer wealth from rich countries to poor ones. Sachs is currently demanding that American taxpayers turn over $140 billion per year to his global welfare bureaucracy.” …
“Actually, the Shadow Party funds a number of groups which specialize in street action. Last March, about half a million protesters brought Los Angeles to a standstill, calling for open borders and free immigration. Some burned American flags and fought with police. Similar protests occurred simultaneously in many cities. The whole extravaganza was a Shadow Party operation. Virtually every sponsor was a Soros-funded group – at least eight organizations – including ACORN, La Raza, MALDEF and others. One of the organizers, the Center for Community Change, has received $5.2 million from Soros’s Open Society Institute.”
On the one hand you have the extreme ruthless capitalist who wear the mask of ultimate individual freedom. Yah- to screw over as many people as you can and get away with it. On the other hand you have the rich socilaists who wants to distribute wealth more evenly regardless of the unfairness of one worker rtoiling 5x as hard as another.
Ultimeately both dogmas come down to the rich controlling the masses because they believe they the masses, the sheepie are stupid and need to be controlled, not just led.
Its about freedom and power control. This is what all these bastards want to diminish for the average man. They think that they know what is best for everyone; everyone else is stupid.
If the masses are neurotic from tuning into their latest maxi-pad devices and "reality" shows they won't notice that their freedom is being eroded. Better not go through that yellow light the camera is watching.
Sadly, with the loss of representative government, the cracks that developed naturally in the American system of free market enterprise as the country became more complex were not addressed by the Congress and, thusly, powerful special interests, at home and abroad, were able to take advantage. The establishment of the Federal Reserve System by international bankers was the most graphic example of this failure of Congress to represent the people’s interest.
As President James Garfield said, “Whoever controls the volume of money in any country is absolute master of all industry and commerce.” And, unless this is fixed, it is the end of free-enterprise capitalism and the way of life as Americans have known it.
These special interests have used monopoly, the purchase of politicians, the control of the money supply, and the vast corporate use of taxpayer money to destroy opportunity, fairness and the fruits of The American Dream for the world. As motion pictures became talkies, as television was developed and the entertainment and communication media grew into a massive controlled monopoly, there needed to be a response from Congress to fix legislation to meet these new challenges. Instead, it granted giant media companies monopolistic use of the airwaves and legislators--who are bought and maintained and gamed by 35,000 lobbyists--continued to pave the way for more and more power abuse of the people—in transportation, agribusiness, export and import, banking and Wall Street, foreign policy, corporate monopoly, offshoring…and all the rest
Could it be, that for the first time in a long time, Americans are awakening to the realization that the two-party system no longer works in America and that this great nation is teetering on the brink of economic ruin? That the corruption is overwhelming and Washington, DC, has no plan either to restore national prosperity or the American Dream? If so, perhaps America’s alarm will be her awakening and salvation.
http://www.nytimes.com/2010/06/24/business/24private.html?scp=1&sq=priva...
Thanks, Velobabe (thought I recognized you!). Speaks the NYTimes: “Private equity firms, where corporate takeovers are planned and plotted, today sit atop an estimated $500 billion. But the deal makers are desperate to find deals worth doing, and the clock is ticking.”
But I liked the ID cutline under Rubenstein’s mug:
David Rubenstein of the Carlyle Group, which is sitting on $18 billion. Buyouts have been scarce…Leveraged buyouts lead to monopoly and monopoly tends to cripple free markets with its invigorating rebalancing from competition, which may be why these deal makers are having a hard time finding “deals.” —all courtesy of the U.S. Congress.
JR,
Left out a biggie, "The Tides Foundation".
And, all these Barry is involved with..............
Biggie is right. It's dynamite and I'd never heard of it.
What a find… Maybe this will mean I’m hogging the thread, but this is too mind-boggling to keep to myself. So much for my inconsequential political and charitable contributions… Thanks! DosZap.
From Tides Foundation and Tides Center resource: (DiscoverTheNetworks.org)
Established in 1976 by California-based activist Drummond Pike, the Tides Foundation was set up as a public charity that receives money from donors and then funnels it to the recipients of their choice. Because many of these recipient groups are quite radical, the donors often prefer not to have their names publicly linked with the donees. By letting the Tides Foundation, in effect, "launder" the money for them and pass it along to the intended beneficiaries, donors can avoid leaving a "paper trail." Such contributions are called "donor-advised," or donor-directed, funds. …
Tides and the organizations it supports interact closely with one another on a regular basis. For example, Drummond Pike sits on the Board of the Environmental Working Group along with David Fenton, founder of Fenton Communications.
Recent recipients of Tides Foundation grants include: the A.J. Muste Memorial Institute; the American Civil Liberties Union; the ACORN Institute; the Agape Foundation; Alliance For Justice; American Family Voices; the American Friends Service Committee; the American Immigration Law Foundation; the American-Arab Anti-Discrimination Committee; Amnesty International; the Border Action Network; the Brennan Center for Justice; Campaign for America's Future; the Center for American Progress; the Center for Community Change; the Center for Constitutional Rights; the Center for Reproductive Rights; Changemakers; the Children's Defense Fund; Citizens for Responsibility and Ethics in Washington; the Council on American-Islamic Relations (as revealed in FrontpageMagazine); Democracy Now!; Earth Day Network; Earth Island Institute; Earthjustice; Environmental Defense; Environmental Media Services; the Environmental Working Group; Fairness and Accuracy in Reporting; the Feminist Majority Foundation; Free Press; Funding Exchange; Global Exchange; Grantmakers Without Borders; Grassroots International; Greenpeace; Human Rights First; Human Rights Watch; the Immigrant Legal Resource Center; Institute for America's Future; Institute for Policy Studies; Institute for Public Accuracy; the Israel Policy Forum; the Lawyers' Committee for Civil Rights Under Law; the Lawyers' Committee on Nuclear Policy; the Jane Addams Peace Association; the League of Conservation Voters; the League of United Latin American Citizens; the League of Women Voters; the Liberty Hill Foundation; MADRE; Medecins Sans Frontieres; Media Matters for America; Mercy Corps; the Mexican American Legal Defense and Education Fund; the Mexico Solidarity Network; the Middle East Children's Alliance; Mothers & Others for a Livable Planet; the Ms. Foundation for Women; the NARAL Pro-Choice America Foundation; the National Association for the Advancement of Colored People; the National Association of Criminal Defense Lawyers; the National Coalition to Abolish the Death Penalty; the (liberal) National Council of Churches; the National Lawyers Guild; the National Network of Grantmakers; the National Organization for Women Foundation; the National Wildlife Federation; the Natural Resources Defense Council; the Nature Conservancy (of California and of New York); the New Israel Fund; the New World Foundation; Nonviolent Peaceforce; the Nuclear Age Peace Foundation; Oxfam America; the Pacifica Foundation; Peace Action; the Peace Development Fund; People for the American Way; People for the Ethical Treatment of Animals; Physicians for Social Responsibility; Planned Parenthood; the Ploughshares Fund; Population Connection; the Progress Unity Fund; Project Vote; the Proteus Fund; the Public Citizen Foundation; the Rainforest Action Network; the Rainforest Alliance; the Rockefeller Family Fund; the Ruckus Society; the Sentencing Project; September 11th Families for Peaceful Tomorrows; the Sierra Club; the Shefa Fund; Sojourners; the Threshold Foundation; TrueMajority Action; Trust for Public Land; the Union of Concerned Scientists; USAction; Veterans For Peace; Waterkeeper Alliance; the Wilderness Society; Witness For Peace; Women's Action for New Directions; and the World Wildlife Fund.
Tides also runs a tax-exempt "alternative media source" called the Institute for Global Communications (IGC), a leading provider of Web technology to the radical left.
Between 1993 and 2003, at least 91 foundations made grants to the Tides Foundation. These included the Andrew W. Mellon Foundation; the Annie E. Casey Foundation; the Arca Foundation; the AT&T Foundation; the Barbra Streisand Foundation; the Bauman Family Foundation; Ben and Jerry's Foundation; the Bill and Melinda Gates Foundation; the Blue Moon Fund; the Bullitt Foundation; the CarEth Foundation; the Carnegie Corporation of New York; Changemakers; the ChevronTexaco Foundation; the Columbia Foundation; the David and Lucile Packard Foundation; the Energy Foundation; the Fannie Mae Foundation; the Ford Foundation; the Foundation for Deep Ecology; the Geraldine R. Dodge Foundation; the Heinz Family Foundation; the Hoffman Foundation; the Homeland Foundation; the Howard Heinz Endowment; the J.M. Kaplan Fund; the James Irvine Foundation; the JEHT Foundation; the Jenifer Altman Foundation; the Jessie Smith Noyes Foundation; the John D. and Catherine T. MacArthur Foundation; the Joyce Foundation; the Lear Family Foundation; the Liberty Hill Foundation; the Morris and Gwendolyn Cafritz Foundation; the Ms. Foundation for Women; the Nathan Cummings Foundation; the New World Foundation; the Open Society Institute; the Pew Charitable Trusts; the Ploughshares Fund; the Proteus Fund; the Public Welfare Foundation; the Richard and Rhoda Goldman Fund; the Righteous Persons Foundation; the Robert Wood Johnson Foundation; the Roberts Foundation; the Rockefeller Family Fund; the Rockefeller Foundation; the Schumann Center for Media and Democracy; the Stern Family Fund; the Stewart R. Mott Charitable Trust; the Summit Charitable Foundation; the Surdna Foundation; the Threshold Foundation; the Turner Foundation; the Vanguard Public Foundation; the Verizon Foundation; the Vira I. Heinz Endowment; the W.K. Kellogg Foundation; the William and Flora Hewlett Foundation; and the Woods Fund of Chicago.
One particularly notable donor to the Tides entities is Teresa Heinz Kerry, wife of Senator John Kerry. From 1994 to 2004, the Heinz Endowments, which Mrs. Kerry heads, gave the Tides Foundation and Center approximately $8.1 million in grants. Until February 2001, Mrs. Kerry also served as a trustee of the Carnegie Corporation of New York, which has given Tides numerous six-figure grants.
The Tides Foundation and Tides Center also receive grants from the U.S. federal government. Between 1997 and 2001, these grants included the following: $395,219 from the Department of Interior; $3,350,431 from the Environmental Protection Agency; $3,487,040 from the Department of Housing and Urban Development; $208,878 from the Department of Agriculture; $39,550 from the Department of Energy; $93,500 from the Small Business Administration; $10,986 from the Department of Health and Human Services; and $84,520 from the Centers for Disease Control U.S. Agency for International Development.
http://www.discoverthenetworks.org/funderProfile.asp?fndid=5184
+ 1000 DopsZap and JR
Keep shining the light on the cockroaches trying take away our liberty.
Make it + 2000
Hendry has been bearish on Asia and specifically on China for quite a while now, I can't wait to see what happens to global markets if his scenario of a debt implosion in China unfolds and takes down Japan. The volatility across markets should be stunning.
"New Axis of Financial Evil... it is German and France..."
I don't know... Merkel standing up to our "community organizer" doesn't sound very evil to me.
Agree. For a pol, Merkel makes a lot more sense than most. She seems to be looking a few years down the road, not a few hours or days.
"Axis of Financial Evil" French and German politicians and bureaucrats. Just like here, except for the French and German bits.
Hugh is going to get his head handed to him. Keep shorting that Asian credit but watch out, liquidity is moving away from Chinese real estate back into Chinese stocks. I repeat, liquidity in China is merely shifting, not dwindling!!!
Hendry wrote recently he bought CDS on a number of Japanese cyclicals which should get wasted should China go into a recession (or rather a sharp slowdown in China's case).
He might get his head handed to him on a plate however he has actually been to China recently and had a darn good look.
The key thing with HH is that he does his own research and lives in the present rather than in the herd prejudices. It does make him a compelling interviewee and that's great for us, if somewhat unnerving for the journos.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
[Docket ID OCC-2010-0013]
FEDERAL RESERVE SYSTEM
[Docket No. OP-1374]
FEDERAL DEPOSIT INSURANCE CORPORATION
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
[Docket ID OTS-2010-0020]
Guidance on Sound Incentive Compensation Policies
AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve System, (Board or Federal Reserve); Federal Deposit
Insurance Corporation (FDIC); Office of Thrift Supervision, Treasury (OTS).
ACTION: Final guidance.
http://cryptome.org/treas062510.pdf
Anyone looking for a great place to live with no taxes should look at the Cayman Islands. Nice restaurants, 350 days of sunshine, beaches on every corner and 1st world quality of life.
Tons of American, Canadian, and European professionals mixed in with a generally very friendly local populace.
Eric?
No - does Eric live in Cayman?
Don't believe King Soros could get to where he is, without "connections" and just pure insights in investing smartly!?
Finally got my first salary paid today!!! Feels good! One question: where is the best place to buy gold/silver in the UK/London? Any hints are welcome!
There aren't any coin shops in The City anymore? Brownie couldn't have sold them too??
Congratulations Hellboy. Pay day is a great day especially when it's the first. Good on you.
hellboy
Where do the hood rats buy jewelry?
no coin shops Ive found, but I'll take another look. And "hood rats", not sure?
http://www.youtube.com/watch?v=wUWC3mHmlUs&feature=fvw
in the ghetto.
before you all get too excited about Hugh i must point out that about a year ago i had a meeting with him and he said he wouldn't buy Gold until it came back to $650 - and he was being serious....so despite the giving it large behaviour he seems ill-prepared for the death of fiat - just thought you should know....
Boo.
Buzz kill
Boo
Hiss
Boo
So gold couldn't have a 50% correction from here before your moonshot?
Have you ever charted the gold-oil ratio? Might wanna check that out, gold has been wasted in terms of oil in the last 10 years.
Love hearing these smart guys who think gold's gonna save em. Wow you'll be able to buy 10,000 worthless pieces of paper when the FRN hyperinflates.
Whatta ya gonna be buying if gold hyperinflates against wheat?
1 bushel per ounce, bitchez
Hellboy - try ATS bullion and or Gold Investments in London plus sarniasilver.com (or somesuch have a good VAT fiddle for silver as from channel islands individual packages worth less than £18 are VAT free and this makes it about 10% cheaper than any other way of buying physical in the UK (you have to receive the silver rounds in individual one ounce packets). Chris Taylor of Bucks coins in Norfolk is excellent and very competitive too - he sometimes delivers for you. Hope all this helps. STNWO
thank you! will give those a try.
Have a look at Baird & Co also. They've usually been cheapest when I've bought.
http://www.goldline.co.uk/
Turd - please stop this man love nonsense - i know the man and work in the same circles and he is full of crap like your name. To reference the Gold standard of the 1920s in this way is also very lazy and completely innacurate - anyone who calls himself a hedgefund manager and doesnt know that Gold and Silver are going to the moon should be put down like a lame dog. Have repeatedly heard him say that he doesnt understand why he isn't already running Billions but there's your answer - he is full of hyperbole and erroneous historical analogy and doesn't truly understand the nature of money....remember that he learned all this from the far more intelligent Cripsin Odey who really IS worth listening to. STNWO
More HH! More HH!! More HH!!!
OUTFRIGGINSTANDING post Tyler.
Comments are spot on too.
I truly love this place.
I think Soros is short on Euro and Germans policy of not printing money will cost him big time ...
For now yes. But I think the Germans ARE printing money, they are just printing Marks.
Hugh Hendry sucks and is no Goldbug so is not welcome here
Hard working class kid, whose arrogance and ego will be his downfall. You're only as good as your last ytd.
In truth Hugh does employ some clever people, esp in their agriculture fund but the self-promotion is real toe-curling stuff and sorry ZHedgers but $450m is fuck all to run with operation of his size and with an ego that big....if you want people with real gravitas and knowledge look at Crispin Odey, James Turk and John Dickerson of Summit Global (all for differing reasons). STNWO
Reiterate: $650oz Gold before he would buy....hahahahahaha join the Dennis Gartman Hall of Fame