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Soros Speaks

Submitted by Tyler Durden on 04/08/2011 17:31 -0400

Unlike the last time a bunch of men gathered at Bretton Woods to determine the monetary fate of the world and set the stage for globalization, this time around the prevailing activity was a casting call for the role of the new Emperor Palpatine. Yet despite that (or maybe because of) George Soros appeared in full Open Society regalia and spoke to Bloomberg TV about how importing foreign asset collateral (also known as exporting debt) through "globalization" is still the name of the game. And obviously while the Hungarian billionaire would not disuss the true purpose for his presence in Bretton Woods, he did have some words of caution for China bulls: "while the big banks under direct central control are in fact refusing to
lend, there is a shadow banking system that is growing out of control.
There is a real danger there of wage price inflation because prices have
gone up, particularly real estate prices have gone up because there was
a real estate boom." But to those concerned about the key issue at play, namely the future of the reserve monetary system, some could interpret the following statement by Soros, as a tacit agreement that the end of the dollar is fast approaching: "cautionary words for the dollar: "There's a big question whether the U.S. dollar should be the main
reserve currency and in fact it no longer is because it maybe accounts
for two-thirds of the monetary reserves. The euro is an alternative and
there's a lot of diversification into other currencies and even more
into commodities. Not only gold, but actually oil is now an asset class
for investors. That has put some upward pressure on the commodities." Of course what actually is decided in B-W will be made clear over the next year or so, once the decision makers have already placed their bets accordingly and pull the rug from under the market.

On stimulus vs. austerity and whether U.S. debt impacts the world:

"If you have a growing economy, you can tolerate a higher level of debt. And if you have too much debt and you have a recession, you get into what they called debt check. This is the big issue. "

"I am afraid it is overshadowed by political considerations. You have a financial crisis in Europe. There is the pressure of Spain and Portugal and so on. But debt is a different problem. Those countries are part of the European bloc and they are not in a position to issue their own currency. We can issue our own currency. In fact, the dollar is quite strong. It is really a matter of political judgment. That is where you have different opinions.”

"There is very a strong push to tighten the budget as a way to reduce government spending. It's a resistance to any kind of tax increase and tightening, particularly the budget of the states. The [U.S.] states cannot issue their own currency. They are in a similar situation to Spain and Portugal. There is a danger that by pushing this too far, you could abort the very fragile economic recovery that you are currently enjoying and push the economy once again into a slowdown or a recession."

"I rather fear these political forces will push it into a recession. In my opinion, the country could actually absorb some more debt in order to get the economy going.”

On the ECB vs. the Fed - who is doing it right?:

"Two different directives govern the European Central bank and the U.S. Federal Reserve. In the case of Europe, it's a one-sided directive. Their only job is to prevent inflation, and in the case of the U.S., it is more balanced, to maintain employment and financial stability."

On whether the U.S. dollar is still a safe asset:

"There's a big question whether the U.S. dollar should be the main reserve currency and in fact it no longer is because it maybe accounts for two-thirds of the monetary reserves. The euro is an alternative and there's a lot of diversification into other currencies and even more into commodities. Not only gold, but actually oil is now an asset class for investors. That has put some upward pressure on the commodities."

On whether the sovereign debt crisis has diminished euro's chances of becoming a reserve currency:

"The euro is under a cloud, but that is exactly because there are some inflationary pressures from the price of commodities, particularly now oil and also food prices have risen. That is what has induced the European Central Bank to raise interest rates at a time which is, in my opinion, quite inappropriate…It is not appropriate in current circumstances when you have a number of countries that are suffering from too much debt and high interest rates that they have to pay."

On China's economy:

"China has really stimulated its economy full force very successfully and now it is trying to rein in the rate of growth, and is exercising very strong constraints on the banking system. But because of that constraint, and because of the big demand for money, a shadow banking system has arisen and is growing very rapidly. So while the big banks under direct central control are in fact refusing to lend, there is a shadow banking system that is growing out of control. There is a real danger there of wage price inflation because prices have gone up, particularly real estate prices have gone up because there was a real estate boom."

"Therefore, wage demands have risen, and we now have 20%, 30% wage increases. The Chinese government has made a mistake not allowing its currency to appreciate, which would have controlled the price of inflation. Instead of that, we now have this wage pressure, which is a little bit out of their control."

On the Chinese economic approach and whether they did something right:

"[The Chinese] were the major beneficiaries of globalization. They were the big winners in the financial crash because their economy was largely isolated because they have capital controls on their currency. They have a two-tiered currency system, whereas the rest of the world allows free movement for capital, and you had a runaway expansion of credit and leverage which then resulted in the financial crash, and China was largely immune. So, they benefited tremendously."

"Their system, which really stands in contrast to the international system, international capitalism with free movement of capital, and then there is a system where the state controls the economy. That system actually has performed significantly better than the international system. So now it is beginning to be imitated by others, but I think it is a tremendous mistake, because that was just one particular set of circumstances when it worked better. They had an advantage because they were the only ones that were controlling capital flows. So as a result, they not only control their own currency, they effectively controlled the world currency system. Now other countries, defensively, are beginning to follow them. For instance, Brazil just doubled the surcharge on capital inflows. That is not good for Brazil, and it is not good for the global economy."

- advertisements -

Fri, 04/08/2011 - 19:01 | 1151929 Buckaroo Banzai

Good heavens man, take your tongue out of Soros' ass for a moment and listen to what the man actually says. He is a one-world globalist who thinks the world should be run by a tiny, satanic elite, unaccountable to anyone or anything except their own demented lusts and depravities.

Fri, 04/08/2011 - 19:05 | 1151935 bob_dabolina

You are an idealist; a dreamer. I respect dreamers, the world needs them.

George Soros is most definately communist, I could meet 50-50 with you and tone it down to extreme socialist but I slide on the side of him being communist.

And he supports democracy only if he can control at least part of the process.

Fri, 04/08/2011 - 19:23 | 1151990 Catullus

The other choice was not to vote. Withdraw your consent.

You can continue to think that there was only a choice between McCain and Obama, or you can think for yourself.

Fri, 04/08/2011 - 20:24 | 1152172 robobbob

And you say you've read his books? and you say ZHers don't think for themselves. I've read his books. I call bullshit.

You're trying to sell the idea that, without a doubt, he's not the greatest traitor in the history of the United States? Who STATED goals are the creation of a global superstate. The USURPTION of the US Constitution, the DESTRUCTION of the US as a sovereign nation state, the enslavement of the world through passive conformity where possible, and economic genocide where not. Who's idea of democracy is manipulated consensus where all real decisions are in the hands of the elites? Those are his words, in his books.

I complain about team red/blue, but this guy goes light years beyond that and straight into Orwell territory. If you think his bringing down US hegemony by replacing it with global elitist hegemony is going to bring some kind of peace and happiness, check your history books. And while you're at, every murdering commie regime has elections, and quite a few dictatorships too. voting does not equal freedom.

Oh, you liked his book on finance. Whoopdie doo. I heard Mao was okay at calligraphy & poetry. evil. pure frickin evil. Anti American bastard POS.

Fri, 04/08/2011 - 21:38 | 1152389 mtomato2

What he said.

Fri, 04/08/2011 - 20:38 | 1152202 Teamtc321

A must read on Soros, is it true, don't know but keep and eye on that cat.

http://www.americanfreepress.net/html/bretton_woods_ii_265.html

Fri, 04/08/2011 - 20:55 | 1152258 James

The measure of any man is in direct correlation to how many want to piss on his grave after death.

Fri, 04/08/2011 - 21:18 | 1152316 James

The U.S.A. was founded as a republic. Soros and his ilk are attempting to change that. And not for the better.

Just who is this guy, a foreigner, to be dictating to the U.S.?

Fri, 04/08/2011 - 21:27 | 1152345 James

One thing i've found to be true with the election of Obama is not to take his supporters opinions seriously as they have proven to me the lack of discernment.

Fri, 04/08/2011 - 23:18 | 1152649 WaterWings

Exactly.

He wanted change. LOL

Fri, 04/08/2011 - 18:44 | 1151867 zaknick

Meet your overlord, bitchez! Or the majordomo in charge at least!

cackle cackle

Fri, 04/08/2011 - 18:52 | 1151900 huckman

I thought the shadow banking system was still in about the same shape as Japan's Fukushima Daiichi nuclear plant, no? CMBS securitizations were about $11 billion in 2010 and estimated to be $40 billion in 2011 or roughly 1/10th of where the CMBS peaked in 2007.

Fri, 04/08/2011 - 19:00 | 1151925 In Fed We Trust

Black Swans like to hide in shadows. Thats why there black!

Fri, 04/08/2011 - 18:58 | 1151918 weenus

Soros believes in a mix of regulation and free markets. He is not euro-socialist, as you imply Ponzi. And where exactly has democracy and communism ever existed in the real world?

The dude's macro perspective is valuable, because of his upbringing under communism and his success in the markets. He knows a great deal about the financial and political systems of every major economy in the world. You may not agree with his methods or ideas, but he is not a sociopath in my opinion. He doesn't even strike me as particularly greedy. The impression from his books is very professorial and wise, the markets are to him extensions of human fallability. He only tries to find great delusions and then bet on the lightbulb moment, like with the British pound. He's really smart and really good at this. Most of the money he has made he has given away to try to improve governance around the world. Read the mission statement of his open society org. He did not go Caligula with his dough at all. In my opinion he has a keen sense of civic duty.

What do I know about his books though, I've only actually read them.

Fri, 04/08/2011 - 19:23 | 1151985 Muir

Mr. Weenus:

Your words are wasted on the lemmings/sheeple brainwashed, uncouth and uneducated who think that because they bought 50-100 oz of gold and read ZH they are contrarian renaissance men, instead of what they are: Ann Rand wannabes who unknowingly serve the upper 10th of the 1%.

Sat, 04/09/2011 - 01:26 | 1152854 Mark McGoldrick

perfectly stated.

Fri, 04/08/2011 - 19:40 | 1152007 bob_dabolina

weenus -

Bro.

You keep defending his ability to make money.

Name one person on this board arguing with that fact? Of course, the guy is worth billions...he can make money.

He is not for democracy, he is about control. Why do you think he has invested so much in media applications like mediamatters, huffpo, NPR and everything else? You think he has an interest in disseminating beneficial information for moral reasons? No...he wants to control the media for his own self-interest. A guy who dealt with the Nazis (helping to round up jews to bring them to concentration camps) at an early age knows the importance of the propaganda machine. No one here is saying he is stupid. We are saying as a human being he is vile and will destroy countries and make people suffer as long as it benefits him.

Come on man...civic duty? This motherfucker is not Mother Theresa. He doesn't volunteer at the animal shelter, he doesn't help the homeless....just, come on man.

Fri, 04/08/2011 - 19:40 | 1152034 Rodent Freikorps

Soros likes socialist, centrally planned nanny states because it makes it much easier to steal from a nation when their government is your partner in crime.

Fri, 04/08/2011 - 19:41 | 1152039 bob_dabolina

Rodent F -

Thank you for saying it so simply. That was a perfect synopsis.

Fri, 04/08/2011 - 20:47 | 1152237 Rodent Freikorps

aw shucks.

Brevity is the soul of wit.

Fri, 04/08/2011 - 23:17 | 1152652 WaterWings

I do agree with Bob.

Fri, 04/08/2011 - 19:51 | 1152060 Muir

Mr. Rat

"because it makes it much easier to steal from a nation when their government is your partner in crime."

Are you FUCKING kiddin me???!!!

Look at the US Government for heavens sake.

The stupidity!!Ahhhh

Fri, 04/08/2011 - 19:55 | 1152070 Rodent Freikorps

Soros is the patron saint of the American Left.

Proves my point perfectly.

Fri, 04/08/2011 - 21:23 | 1152340 lesterbegood

Fri, 04/08/2011 - 19:43 | 1152043 Muir

Mr. Bob

"wiki Soros was thirteen years old in March 1944 when Nazi Germany occupied Hungary.^[17] Soros took a job with the Jewish Council,^[9] which had been established during the Nazi occupation of Hungary to carry out Nazi and Hungarian government anti-Jewish measures.^[18]^[19] Soros later described this time to writer Michael Lewis:

The Jewish Council asked the little kids to hand out the deportation notices. I was told to go to the Jewish Council. And there I was given these small slips of paper...It said report to the rabbi seminary at 9 am...And I was given this list of names. I took this piece of paper to my father. He instantly recognized it. This was a list of Hungarian Jewish lawyers. He said, "You deliver the slips of paper and tell the people that if they report they will be deported."^[20]

Later that year, at age 14, Soros lived with and posed as the godson of an employee of the Hungarian Ministry of Agriculture. On one occasion, the official was ordered to inventory the remaining contents of the estate of a wealthy Jewish family that had fled the country.^[21] Rather than leave the young George alone in the city, the official brought him along. The following year, Soros survived the Battle of Budapest, in which Soviet and German forces fought house-to-house through the city."

What is your source?

Where you there?

Fri, 04/08/2011 - 20:04 | 1152071 bob_dabolina

Mr. SOROS: Not -- not at all. Not at all. Maybe as a child you don't -- you don't see the connection. But it was -- it created no -- no problem at all.

KROFT: No feeling of guilt?

Mr. SOROS: No.

KROFT: For example that, 'I'm Jewish and here I am, watching these people go. I could just as easily be there. I should be there.' None of that?

Mr. SOROS: Well, of course I c -- I could be on the other side or I could be the one from whom the thing is being taken away. But there was no sense that I shouldn't be there, because that was -- well, actually, in a funny way, it's just like in markets -- that if I weren't there -- of course, I wasn't doing it, but somebody else would -- would -- would be taking it away anyhow. And it was the -- whether I was there or not, I was only a spectator, the property was being taken away. So the -- I had no role in taking away that property. So I had no sense of guilt.(George Soros, 60 Minutes interview transcript, December 20, 1998)

He collaborated with the Nazis and feels no guilt.

Anything other than wikipedia? What say you?

Fri, 04/08/2011 - 20:37 | 1152204 Muir

Just two questions

He was 13-14.

Just how mature where you at that age?

Second, have you ever justified an evil deed?

"Collaboration" as in actively giving the gestapo the whereabouts of Ann when you are an adult, and what he did at 13-14 are two different things. (at least in my opinion)

Finally, if this is the best that you have at "collaboration," my point is made.

Fri, 04/08/2011 - 21:08 | 1152287 nmewn

I was 13-14 once...I never ratted anyone out to authorities...I haven't to this day and I could write a book on the "criminality" of youths 13-21...and beyond...and certainly could not conceive of lying about my own religion to avoid what I was ratting them out for being part of.

Say's all that needs to be said about the character of Soros.

Always enjoy your posts...there's something soothing about them somehow ;-)

Fri, 04/08/2011 - 21:51 | 1152441 mtomato2

Boobies. You gotta love Boobies.

Fri, 04/08/2011 - 22:56 | 1152594 nmewn

Always been a tit man...put em on a blond driving a black 4X4 and I really can't help myself...besides my wife's in the red Camaro of course (she hates driving my truck) ;-)

Fri, 04/08/2011 - 23:00 | 1152603 Muir

I concede the point.

His justification is irksome.

Sat, 04/09/2011 - 00:17 | 1152769 bob_dabolina

He wasn't 13-14 at the time of this interview.

He said he didn't regret it (as a grown adult)

I appreciate that your point was made.

Your "point" is shit.

btw...nice tits

Fri, 04/08/2011 - 21:28 | 1152347 disabledvet

he made most his dough off of killing England. How is this guy still breathing? Honestly--i'm...i'm--diappointed? well, i don't know. in any case he made some quality outdoor marine engines so how bad can he really be?

Sat, 04/09/2011 - 13:55 | 1153474 Imminent Crucible

Soros is a dirtbag, but it's really not accurate to say he made his money "killing England". England killed itself, and Soros simply bet they would jump over the cliff rather than face their debt debaucheries. His "bets" were nudging a guy who was already leaping off the ledge.

That said, it's clear enough whose currency Soros is betting against now. Benny and the Inkjets will probably hand Soros a $5 billion profit this time. Just as he was happy to profit off the misery of unemployed Brits, Georgio will happily profit from ours.

Fri, 04/08/2011 - 21:47 | 1152427 mtomato2

I went looking for - and have come back with - a fairly comprehensive fleshing-out of Soros and his interests. Many involve making money. More involve society/culture disintegration and reconstitution. If you think George Soros is a money guy, and only a money guy, proceed at your peril. He has openly stated in interviews that he enjoys destroying currencies because, in his words, it is "interesting." He is the megalomaniac from just below Satan's throne. I've been watching this guy for years. If I were a conspiracy theorist (...or maybe I am... I don't even know what that MEANS anymore) I would say that he is arguably the puppet master behind the POTUS.

grab a bag of popcorn and go here.

http://www.discoverthenetworks.org/individualProfile.asp?indid=977

Fri, 04/08/2011 - 21:20 | 1152331 robobbob

no you haven't. or you're lying.

Because I 've read his books. He's a traitorous scum. He supports creating the biggest, most powerful state the world has ever known and empowering it to control the entire planet. You want to argue commie vs socialist vs fascist. Go ahead. But to try and whitewash his objectives by painting him as some happy go lucky speculator who hands out dimes to the peasants?

Not greedy? He only wants to control the world. Oh, I'm sorry, as an altruist, he only wants a seat at the table with the other oligarchs, not necessarily the whole table for himself.

You'll find out what a great humanitarian he is. If he gets his way, you won't be troubled by us ignorant bloggers anymore. You'll probably just remark about how civil internet discourse has gotten and not even wonder how they made it that way.

Fri, 04/08/2011 - 18:57 | 1151923 In Fed We Trust

Can you sat "Special Drawing Rights"?

How much does it cost Soros?

.05 % upfront.

To float the entire world with this special currency?

"Yes"

Soros, you are the man!

Fri, 04/08/2011 - 19:05 | 1151934 Auricle of Omaha

Fri, 04/08/2011 - 19:08 | 1151954 Stuck on Zero

Soros is the wonderful man who brought us our national treasure: Obama!

Fri, 04/08/2011 - 19:42 | 1152011 Goldenballs

That the world has reached the position where it is not run by Governments or in anyway in the interests of the majority of the population but by shady characters like Soros speaks volumes as to why it is f****d up.The world cannot survive another bout of Globalisation,well it does not really matter because its in the vortex of collapse as we write,US$ collapsed through 75 late on,if anyone has any sense its cash in your paper assets time on Monday because this babys gonna explode very soon as a tsunami of unpayable debt gathers pace and ripples through all the worlds economies thanks to the totally failed ideal of "Globalisation" or more and more and more of the wealth for fewer and fewer people,this bunch of creeps think the sheeple are there to be worked to death,ah well reap what you sow and they will.

Fri, 04/08/2011 - 19:37 | 1152027 Lone Mad Minute...

Relaxe, Fear is your enemy, when you realize that we are immortal and our bodies? are just a vessel that is used to transport our spirit then you have no need of fear.? We have no need of money, everything we need can be provided, the only reason we are in competition for food, water and everything we need to survive is because we have a cabal of psychopathic controllers who control everything and put us in a position where we have to work our tails off just to make ends meet.

Fri, 04/08/2011 - 19:40 | 1152032 Slin

He sounds like he is about done. Having a hard time speaking, looks like shit too.

Fri, 04/08/2011 - 19:38 | 1152033 Youri Carma

They guy is happy cause he knows that everybody falls for the false paradigm of "We have a debt and have to pay it".

Everybody skips the most important question: " How did this debt came about?" after a blooming economy from one day to the other came to an very sudden stop as if somebody put a massive iron pin between the weels of the economy.

To make a short story even longer - Solution: Force Majeure - get rid of the bogus debts. Austerity won't work as we see today and will be an interlude to WOIII so Soros can round up Jews again to take their properties like he did in WOII. And he doesn't even regret it according to himself.

Fri, 04/08/2011 - 19:53 | 1152062 Goldenballs

Himself and his associates days are numbered as the sheeple wake up and want answers not spin or blagging and things will only get worse until the truth comes out.Very sad that greed is so corrosive to this group of unhuman beings who cannot carry out their business in daylight with honesty,integrity or morality.

Sat, 04/09/2011 - 13:05 | 1153374 web bot

These huge funds are playing the market. They are brilliant men but without morals. He has the resources, connections and know how to move the market.

I'm sure the ECB's rate increase put some rinkles into his planning.

Fri, 04/08/2011 - 19:43 | 1152047 Übermensch

Soros: It’s Not Easy Being God

Fri, 04/08/2011 - 19:44 | 1152048 velobabe

i agree with cougar. cougars knows when they sense fear.

this bozo is the biggest B O Z O , to be invented. after all the reading i have done here on zerohedge, he is a made up character from the devil's bible. this dude looks like all the other elite crap on this planet. why aren't these hoods getting knocked off? where is the other mafia? you know our kind? do you think he takes himself seriously. fuck, he is on worthless spew bloomberg. the world doesn't care about this asswipe. good lord people, these kind of folks are just dinosaurs spreading free propaganda on MSM. they are out of here. the anonymous boys will take these kind, out in a virtual murderer. they just hit sony.

Fri, 04/08/2011 - 21:35 | 1152384 disabledvet

if only you knew the power of the dark side then you and i could rule the GALAXY i tell you...THE WHOLE FRIGGIN GALAXY!

Fri, 04/08/2011 - 21:37 | 1152385 robobbob

Soros is the pitch man. The elites don't care about his do gooder plans, as long as his plans don't interfere with the great work. And since many of his plans help them, they are on board.

Don't under estimate this guy. he's spent billions of dollars pushing this agenda. There isn't an area of society that his groups aren't at work.

http://www.discoverthenetworks.org/individualProfile.asp?indid=977

Fri, 04/08/2011 - 19:47 | 1152053 no cnbc cretin

Okay folks, Soros is a bankster, enough said. He is a crook, he is a liar, he is a major part of the problem.

Fri, 04/08/2011 - 22:12 | 1152487 penisouraus erecti

Fucking MAJOR part of the problem

Fri, 04/08/2011 - 19:49 | 1152055 bankonzhongguo

Civic Duty? Open Society?

Good Christ.

These types of guys want a world of equals - where they are a little bit more "equal" than the rest. Kinda hard to be a 'profit' and messiah for the skinnies when you pocket billion a month. Soros don't take the bus.

This is a very dangerous man and the folks that worship him are decoupled from the financial realities in this land and all others. Notice the same folks that support Obama and Soros have no problem supporting endless wars - just like Bush and company.

There are many ways to destroy a vampire; stake in the heart, decapitation and stuffing holy wafers in its mouth, submerging the undead in natural clear rushing water; garlic enema.

The point is things are going to get worse before they get better and somehow I don't want to take a queue from a guy that handed out one-way tickets to Auschwitz.

Fri, 04/08/2011 - 20:02 | 1152086 Infinite QE

Especially as they encircle the world's food suppy:

Gavilon (Soros)to buy Union Elevator PNW grain elevators Gavilon acquisition allows it to support PNW export mkt

* Elevator purchase equates to 8.4 million bushel capacity

(Reuters) - U.S. grain firm Gavilon Grain said on Thursday it will buy Union Elevator and Warehouse's 16 grain elevators in the Pacific Northwest, the company's second big purchase of U.S. grain facilities in the last six months.

Privately held Union Elevator, where employees own a significant share of the company, approved the transaction on Wednesday, with sale expected to be completed during the second quarter of 2011.

The purchase of 16 elevators at 12 locations in eastern Washington will expand Gavilon's grain capacity by 8.4 million bushels.

"The addition of Union Elevator's grain facilities and origination capabilities position us well to support the growing Pacific Northwest export wheat market and serve the Columbian Basin feed grain market," Greg Konsor, vice president and general manager of Gavilon Grain, said in a statement.

The Pacific Northwest is the No. 1 wheat export terminal in the United States.

--------

Soros moves to control American food and grain production

Financier and progressive activist George Soros is formulating a move to control food and grain production by purchasing grain elevators in late March in several parts of the United States through his Soros Managment Fund's backed Gavilon Grain. With purchases made in March, Gavilon Grain will become the third largest grain company behind Cargill, and Archer-Daniels Midland.

http://conservativeactionalerts.com/blog_post/show/2309

Fri, 04/08/2011 - 20:18 | 1152155 Rodent Freikorps

Controling food distribution is a very big club.

Muir should be here any moment to explain he is just doing this because he is such a humanitarian, he plans to give all that grain to feed the world's poor.

Fri, 04/08/2011 - 20:28 | 1152182 Buckaroo Banzai

Indeed. It was Kissinger who said, "control energy, and you control a nation's economy. control food, and you control a nation's people"

Soros and Kissinger-- two peas in a pod.

Fri, 04/08/2011 - 20:36 | 1152200 Rodent Freikorps

I think he learned that from Stalin, who learned it from the Tsars, who learned it from the Mongols.

Enlightened governance for sure.

Fri, 04/08/2011 - 19:50 | 1152059 Troublehoff

Was this not the man who said 'Gold is the ultimate bubble'?

He speaks the truth even when he is lying. Historically, his quote will make sense in that Gold was primed for a moonshot... but he meant that statement to be interpreted as bearish for Gold at the time, I assume.

When he says inflationary policy by central banks may put upward pressure on wages, I'd try to match the same pattern. I think eventually he is right, but I don't expect any serious wage inflation for at least another 18 months.

In fact from what little I know of Weimar Germany, inflation is a good catalyst for job creation, and in fact, this will come to pass if infinite liquidity is allowed to fly, however, that play makes no sense for western governments and central banks. As far as I can see, their aim is to rebuild commercial bank and corporate balance sheets - once this mandate has been achieved and consequently, BRIC and developing currencies have de pegged and strengthened the liquidity will taper off.

As a consequence of the above PM's especially will go wild as in the early 80's. I'd guess at Gold hitting near $10000 and silver $500 perhaps... but I really dont see it lasting forever, and there will be a large downside correction as seen in the 80's.

This is all just conjecture - but I've realised that often what I believe is more correct than any other prediction I've seen from so-called experts.

Fri, 04/08/2011 - 20:00 | 1152079 TheGreatPonzi

When Soros made this statement, his fund was - and still is - heavily invested in gold ETFs.

Soros, like most successful managers, lies when he speaks to the public, because he doesn't care about his reputation, and views the world as a playground.

Do you remember the guy who said "Buy PanAm, because I'm never wrong" while secretly shorting the stock?

Fri, 04/08/2011 - 20:51 | 1152244 Troublehoff

No mate. I don't remember him - I'm just a fledgling and was still wet behind the ears when Pan Am went bust (in school).

But speaking of school, the way of the world is the way of the playground.

Sun, 04/10/2011 - 22:04 | 1156450 Sheriff Douchen...

As for fund mangers - at least Sprott made his $$$ trying to sell the truth and investing for the implications of the carnage left behind by Soros, Genocide Ben & Buffett.

Fri, 04/08/2011 - 19:55 | 1152067 bigargon

The real george soros.....

http://www.youtube.com/watch?v=8b_zIy97FyE

http://www.youtube.com/watch?v=0cE1fzfOogo&feature=related

Fri, 04/08/2011 - 19:59 | 1152076 Escapeclaws

Painful to watch on so many levels. First, he is aging rapidly which makes him less appealing to look at. Secondly, as he ages it must be getting harder for him to speak English. He finds that he has to translate more and more from reptilian into English leading to irritating gutteralizations between phrases. Fortunately, he has learned to control his tongue from lashing out of his mouth like a lizard's. Thirdly, he is George Soros, which gives credence to the Freudian idea that money hoarding is sublimated coprophilia.

Fri, 04/08/2011 - 21:39 | 1152306 Yes_Questions

Reptilian...

I first got word of this meeting from Tinfoilers and google searches sorting NEWS yielded only announcements from INET itself.

I am willing to be out of the loop, but did anyone here get word of this gathering before April 4th from CNBC, MSNBC, FOX, ABC, CBS, Paul Krugman, Malthus, Keynes, etc. and so-on?

Look at the confirmed speakers list: http://ineteconomics.org/initiatives/conferences/bretton-woods.

Fri, 04/08/2011 - 21:59 | 1152460 mtomato2

Junk City, here, but a couple tens of millions of other folks and I knew about all this a week ago from Beck.

What is it we say here? O yeah: "just sayin'"

Fri, 04/08/2011 - 22:58 | 1152595 samsara

Take a look at the speakers list. Take few names and see how many other boards he/she is on. Notice that all these people are on the same boards with each other. Practically every name is only one or two friends away from every other member. Take William Jameway for example.

Warburg Pincus, hmm. what's their history? .. Who started them?

Fri, 04/08/2011 - 21:38 | 1152077 Escapeclaws

Your friends await you, George.

http://www.youtube.com/watch?v=xCTqZ1dqgQ0

Fri, 04/08/2011 - 20:08 | 1152104 billsykes

Fuck soros.

This liar is so full of shit, he should be working for goldman.

when he said sell euro, I bought, and the euro went up.

when he said sell gold its in a bubble, I bought and gold went up.

when he says sell china, I will buy.

same old play as when he shorted the stirling.

everytime he gets coverage, just do the opposite.

Fri, 04/08/2011 - 20:15 | 1152134 bob_dabolina

He said gold was the ultimate bubble but that's why he was a buyer. I don't recall him ever saying to sell it.

I also didn't catch the part where he said to sell China.

Fri, 04/08/2011 - 20:07 | 1152109 Youri Carma

George Soros on Bloomberg Television: U.S. Debt - Bloomberg Vid http://youtu.be/KgRYXuJgJUQ

Soros Says ECB Rate Hike "Inappropriate" in Debt Crisis - Bloomberg Vid http://youtu.be/kS27TUyVUYU

George Soros Says China's Inflation Is `Serious Concern' - Bloomberg Vid http://youtu.be/z_ajJmAF2aU

Fri, 04/08/2011 - 20:10 | 1152120 Teamtc321

A must read on Soros, is it true, don't know but keep and eye on that cat.

http://www.americanfreepress.net/html/bretton_woods_ii_265.html

Fri, 04/08/2011 - 22:10 | 1152488 robobbob

yes it's true

Those ideas have been gestating over the years. If you read his books, you can follow the development process.

Open society concept. personal freedom maxed. moral relativity. drugs, sex whatever. oh, but don't expect a say in anything of any consequence. you can vote. choice A, or choice A. or own or do anything without government oversight. social justice and all that. well, for you. not for him and his friends of course.

freedom of speech for everyone. unless it offends someone. or potentially could offend someone. especially me.

Nation state. obsolete organization. we'll leave the puppet shells for a while to maintain appearances. until the people are ready to lick our boots directly.

Global government. funding with tax on international trade, finance, and Carbon trading.

Diplomacy: play ball or be embargoed and sanctioned back to the stone age.

Finance. there must be an end to irrational exuberance with a solid dose of fascism. afterall, we can't just have anyone making a bizzillion speculator dollars like us and challeging our authority.

Best quote to sum up position: "The United States is the greatest obstacle to world peace."

his books are readily available. If you have any doubts. read them.

Fri, 04/08/2011 - 20:12 | 1152132 eureka

For any speculator of any kind to perceive himself as any sort of statesman, requires only the easiest deceipt of all - the deceipt of self.

Fuck'em all, live today, death is on tomorrow.

Sat, 04/09/2011 - 10:19 | 1153165 sellstop

But what about your children?

Fri, 04/08/2011 - 20:16 | 1152139 KickIce

Food commodities will be the next asset class.

Fri, 04/08/2011 - 20:27 | 1152178 walcott

at $100 an oz silver still undervalued.

Fri, 04/08/2011 - 21:27 | 1152358 baby_BLYTHE

absolutely correct. At $200 it is still undervalued!

Fri, 04/08/2011 - 20:43 | 1152225 Justaman

I wonder what Jimmy Rogers thinks of GS and his sprouting kingdom. Never hear them referencing each other even though they each made one of their biggest bundles while working together. I can't see the two working together but what do I know.

Fri, 04/08/2011 - 21:01 | 1152280 Yes_Questions

This is big. In that way where only sufficient distance reveals its scope.

Fri, 04/08/2011 - 21:28 | 1152349 baby_BLYTHE

Isn't a war waged on 3 or more fronts definitionally a WORLD WAR?

Fri, 04/08/2011 - 21:40 | 1152400 disabledvet

give me a call some time and i'll try and explain...

Fri, 04/08/2011 - 22:07 | 1152478 EvlTheCat

There would be more honor in being conquered by the Chinese, then have an asshat do boy like Soros finalize the destruction of the U.S. economy.

I would give real money to see that shill exposed as the piece of crap he is. Before he dies would be preferable!

Fri, 04/08/2011 - 22:08 | 1152484 penisouraus erecti

Fuck Soros and the nazi horse he rode in on

Fri, 04/08/2011 - 22:14 | 1152496 bmwm395

It's funny.. If you watch him talking about the "shadow banking" in China. You see him actually getting gitty. Then you listen to him talk about how China manipulated it's currency and again he gets all happy. This guy loves the shadowee behind the scenes manipulation of markets and economies. This man is evil and needs to be stopped.

Fri, 04/08/2011 - 22:13 | 1152499 Anthony Schiano

ZH'ers,

Apologies -- I meant to post a link on this topic a few days ago: http://malthusuniversity.com/?p=44

Great coverage, Tyler, of this vampire's latest effort. I agree they're bringing the dollar doom pretty soon; I trust everyone here is fiat-cost-averaging into Au, Ag, Pb.

Fri, 04/08/2011 - 22:16 | 1152506 Tejano

soros - evil incarnate, white devil

Fri, 04/08/2011 - 22:30 | 1152532 Chuck Walla

George Soros~

Convicted Insider trader

Nazi Collaborator

Destroyer of Currency -

Yeah, this is the son of a bitch I want to run my world. amoral, immoral and void of any scruples whatsoever. How many of his 1200 "non-profit groups" were fronting for him there?

Fri, 04/08/2011 - 22:50 | 1152567 penisouraus erecti

Careful there homegrown terrorist...........

http://www.zerohedge.com/article/guest-post-day-life-"homegrown-terrorist"

Fri, 04/08/2011 - 23:02 | 1152609 thames222

Soros aka Palpatine aka Sauron--he's really not that bad, sure he's done a lot of dirt in the past to get where he is now but his insight on tax planning is invaluable to me as a business owner.

www.forecastfortomorrow.com

Fri, 04/08/2011 - 23:00 | 1152611 Atomizer

Hello Mr. Soros. Is your asshole puckering with fear? Let us know in the next press release installment titled, "it's my way or the highway peasants."

Fri, 04/08/2011 - 23:08 | 1152637 Bansters-in-my-...

just a kind word of advice Mr Soros Sir. You are nothing more than a Rothschild puppet so could yo please Fuck Off and die ,you Sach of shit.

Fri, 04/08/2011 - 23:13 | 1152647 Bansters-in-my-...

"In fact, the dollar is quite strong. It is really a matter of political judgment. That is where you have different opinions.”

Can you believe this statement...???what a sach of shit,Delusional old fucktard.

This guy is Brain dead and still walking

Fri, 04/08/2011 - 23:33 | 1152683 Anthony Schiano

This just in from Soros' conference -- you can go to the conference's website and read all the white papers. I've linked them, and posted excerpts from one by Berkeley Prof. Barry Eichengreen, he of the March 2 Wall Street Journal piece, "Why the Dollar's Reign is Near an End."

See http://malthusuniversity.com/?p=69 for Eichengreen on the dollar's demise in his Bretton Woods lecture this weekend.

best,

A.S.

aka President Malthus

Fri, 04/08/2011 - 23:58 | 1152733 Teamtc321

Soros is probably the one that own's all the call volume on UUP Bullish dollar long fund May through December.

Fri, 04/08/2011 - 23:58 | 1152730 vxpatel

Why all the venom geared towards Soros, for the last 25 years he's been telling everyone the system is totally broken, which is the only reason he's able to make so much money....

Sat, 04/09/2011 - 00:52 | 1152808 penisouraus erecti

He also says the cutest things.............

"The main obstacle to a stable and just world order is the United States." George Soros

Sat, 04/09/2011 - 00:10 | 1152755 web bot

Be careful of what this man is saying. He along with a handful of individuals are experts at "engineering" what they want and have the financial power to move markets. He has a track record.

Be careful. Be very careful.

Sat, 04/09/2011 - 00:19 | 1152773 Anthony Schiano

Web bot, I agree -- when he and his cronies start sayin' its coming, we can pretty well start putting timelines to it. Note Eichengreen goes into detail re: the period between 1914 and 1924, then cuts over to China's actions today. No way it takes them a decade to insinuate themselves sufficiently.

Sat, 04/09/2011 - 01:24 | 1152853 Bansters-in-my-...

Double speak Soros.
George Soros....Never sucked a Rothschild's cock he didn't like.

Sat, 04/09/2011 - 05:26 | 1152993 Troublehoff

Palpatine...

...a deflated Jabba

Sat, 04/09/2011 - 05:27 | 1152995 ivars

Current USA debt growth rate has entered the unsustainable superexponential growth part of Sornettes log periodic pre-crash oscillations, so crash and correction is inevitable in 2-3 years time, shaving of at least 20% of it (3-5 trillion!) in one year. Here I speculate what are the options, and devaluation with gold standard ( or similar) introduction seems to be the most likely one (as compared to default or pure hyperinflation):

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=31678#p31678

Politically, it will de-cooperate the west from emerging nations radically, causing internal political changes ( China, Japan if it still owns USA debt by then) and geopolitical consequences of such de-cooperation. In 2013, China will start changing its internal political course, 30 years of Communist New Economic Policy will stop, with all cosequences:

http://en.wikipedia.org/wiki/New_Economic_Policy

NEP ended when Great Depression hit the West. Same here, Great recession in action, Chinese aiming to overcome the West fast.

Sat, 04/09/2011 - 05:53 | 1153001 chindit13

I had to Google "Palpatine".

And the folks on Zerohedge claim it is everyone else under the influence of the MSM or living in a fantasy world. I wonder if any of us are so free from untoward influence.

If I have a right to judge a man, without having walked in his shoes, I think I should have the generosity of spirit to at least look at his actions as an adult, and not what he might or might not have done at age 13, when the world was suffering a hell far worse than today and when abject fear influenced most of the actions, or lack of actions, of those under threat.

We are all a mix of good and bad. Some "succeed" to an extent that one's actions have a greater impact, for good or bad, than the actions of those less accomplished. Soros' activities in social fields are well documented, though not always accurately. His acts of simple generosity that have saved tens of thousands of lives, are less well known.

How many of us, had we succeeded as well materially as Soros, would have given away billions? Those who have not been there can only guess and try to make themselves feel good. Wealth is an odd thing, difficult to attain and even more difficult to give away. Whatever the man's faults might be, he has faced that question and answered it in a more generous way than most have, or would if ever faced with it.

Sat, 04/09/2011 - 10:05 | 1153152 EvlTheCat

People like you scare me more then Soros does. Go back and bury your head in the sand and let the adults talk.

Sat, 04/09/2011 - 12:21 | 1153285 velobabe

i just said under my breath, chindit is probably soros. cause chindit made oodles and oodles of money and retired, only to give it away to the less fortunate then he.

Sat, 04/09/2011 - 13:12 | 1153385 chindit13

Sorry, velo. I'm not Soros. Frankly, he's much better looking than me, though I am considerably taller. The fellow above is wise to be scared of me. If I wasn't on this side of the face, I'd be scared of me, too. We can't all look like Tyler.

Sat, 04/09/2011 - 13:14 | 1153391 chindit13

You'll have to excuse me. You see, I have been away from home for several decades, so it is not always easy to know what I must think, what opinions I am required to have, whom I should worship, and whom I should hate as a matter of course. I don't always receive the scorecard, so I have to wing it.

I respect opposing opinions, but only if they are well thought. Some on this thread seem to have found good reasons for them to dislike what Soros is. That's their perogative. You, on the other hand, merely make a statement that attacks me without addressing any of the points I made. Perhaps I am wrong, but I suspect you are a sheeple, albeit of a different stripe. If and when you ever face the range of choices Soros has had, by fate or achievement, you can pass final judgment on him based on the superiority of your own decisions. Until then, you cannot fairly believe yourself to be a better man.

Sat, 04/09/2011 - 10:14 | 1153163 sellstop

Good post.

But be careful around here. There is not a lot of introspective thinking at ZH....

Sat, 04/09/2011 - 12:47 | 1153336 web bot

Sat, 04/09/2011 - 11:44 | 1153236 grunion

I think you are a professional apologist and that Soros' charity stems from the remaining neuron screaming "Guilt!".

Sun, 04/10/2011 - 04:33 | 1154590 Confused

The seed of who you will become as an adult is there at 13. And I think it is reasonable to say that if an apple is bad, it will stay bad. Not to say that redemption is impossible.

Sat, 04/09/2011 - 06:55 | 1153029 TerraHertz

The only thing I want to hear from Soros, is "Oof !" <thud>

Sat, 04/09/2011 - 07:07 | 1153036 adonisdemilo

for all of Soros's intentions, be they good for us or good for him, i fear he has probably the worlds biggest handicap co-opted onto his list of helpers.

namely Gordon Brown, ex chancellor of the exchequor U.K. (failed ) ex prime minister of the U.K. (failed hopelessly)

this dumbfuck single handedly destroyed the worlds best private pension schemes, how, and why he did this would need a very thick book to explain, but it's essentially envy and the fact that he thinks he knows better than us how to spend our money.

"for the greater good"-- the mantra of all liberal, welfare socialists everywhere.

vote for me and my party, we'll take care of you, we'll tax and borrow and stiff the mugs who work, unless they work for the government. that's Gordon Brown

Sat, 04/09/2011 - 08:22 | 1153073 Waterman Jim

Im calling the coming world currency the "Worldo"

so you'll understand when I say...

Worldo Bitchez!

Sat, 04/09/2011 - 08:41 | 1153093 TexDenim

The notion that the Euro can be a reserve currency (in fact, the Euro is just an expanded DM) is nonsense. The Euro is an artificial construct that is not backed by any economy or hard assets (remember Fort Knox?).

I suppose it's possible that the Chinese will develop a hard currency 50 years from now, but until then, the dollar is the only game in town.

Sat, 04/09/2011 - 10:26 | 1153175 pauldia

Terrorism? Nah, just your average caring, tolerant liberal Democrat Congressman, after all he only wants to help.....

In Moran Case, Color Helps Block the Light

By Marc Fisher

Saturday, April 22, 2000; Page B01

http://www.washingtonpost.com/ac2/wp-dyn/A59757-2000Apr21?language=printer

Sat, 04/09/2011 - 10:45 | 1153197 digalert

Soros, a jew, joined the nazi's and stole from his own people.

http://itmakessenseblog.com/2011/01/28/george-soros-says-he-feels-no-rem...

bastard

Sat, 04/09/2011 - 10:45 | 1153199 LMAOLORI

George Soros looks to establish new global finance system

http://rt.com/news/george-soros-new-world/

Sat, 04/09/2011 - 10:58 | 1153216 Life of Illusion

And not one mention of derivatives. That’s why I call derivatives “The Stealth Financial Weapon”.

Now you know why currency controls piss Soros off and he wants a new system.

Hunting currencies in different countries using derivative stealth weapon is now getting more difficult. The group of 30 has hunted like a pack of wolves and certain countries are just plain tired of it. The pack wants a new global system of harmonized hunting with limited licensing.

Sat, 04/09/2011 - 11:47 | 1153243 Smokey1

Soros eats shit.

Sun, 04/10/2011 - 12:40 | 1155001 Grand Supercycle

Many chart trends reflect uncertainty and lack of consensus by market participants but one chart pattern has remained constant:

Monthly S&P500 ~ http://wp.me/pTrb8-1kx

I still expect a USD rally once equity correction gathers momentum.

Sun, 04/10/2011 - 22:01 | 1156436 Sheriff Douchen...

Soros, Buffett, Media Mutters, Krugmannn... all disease. Rate hikes are like garlic to these bloodsuckers. The first two are so long the easy money trade it's criminal that they have direct ties to this administration.

Mon, 04/11/2011 - 09:47 | 1157452 TheEmperor

Only together can we turn them to the dark side...and dont forget your cloak next time!

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The first thing in the morning ZH read makes me wonder? Is the confidence and faith in the Government and Media so destroyed that it can not be rebuilt? Not to say that I believe any one of the sons of bitches. Just sayin that some how some way, trust has to be re-invented.
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