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As Soros Starts A Three Month Countdown To D(oom)-Day, Europe Plans A New Master Plan
What would the weekend be without at least one rumor that Europe is on the verge of fixing everything, or failing that, planning for a master fix, OR failing that, planning for a master plan to fix everything. Sure enough, we just got the latter, which considering nobody really believes anything out of Europe anymore, especially not something that has not been signed, stamped and approved by Merkel herself, is rather ballsy. Nonetheless, one can't blame them for trying: "The chiefs of four European institutions are in the process of creating a master plan for the euro zone, the daily Die Welt reports Saturday, in an advance release of an article to be published Sunday. Suggestions targeting a fiscal, banking, and political union, as well as structural reforms, are being worked out by E.U. Council President Herman van Rompuy, E.U. Commission chief Jose Manuel Barroso, Eurogroup Chairman Jean-Claude Juncker and European Central Bank President Mario Draghi, according to the article. The plan is to be presented at a summit of European leaders at end of June, the article says."
Less than credible sources report that Spiderman towels (which are now trading at negative repo rates) and cross-rehypothecated kitchen sinks are also key components of all future "master plans" which sadly are absolutely meaningless since the signature of Europe's paymaster - the Bundesrepublik - is as usual lacking. Which is why, "the plan may well mean that the euro zone adopts measures not immediately accepted by the whole of the European Union, the article adds." So... European sub-union? Hardly strange is that just as this latest desperate attempt at distraction from the complete chaos in Europe (which will only find a resolution once XO crosses 1000 as we and Citi suggested two weeks ago and when the world is truly on the verge of the abyss), none other than George Soros has just started a 3-month countdown to European the European D(oom)-Day.
From Reuters:
Germany and its central bank are unlikely to lead the way out of the euro zone debt crisis within three months time, after which it will be too late, U.S. billionaire George Soros said on Saturday.
Speaking at an economic conference in Trento, Italy, Soros said that the euro crisis - which he defined as a sovereign debt crisis and a banking crisis closely interlinked - threatened to destroy the European Union and plunge it into a lost decade like Latin America in the 1980s.
Soros said he expected Greek elections in June to produce a government willing to stick by the current bailout agreements, but which would find it impossible to do so.
We disagree: the next Greek elections will be merely a rerun of the first - lots of sound and fury, signifying no government, as the country becomes the next Belgium (as we noted here before the outcome of the first election was even known), ends up an anarchy state, without a government, as what little money the Treasury has goes to pay English-law bondholders, until finally there is nothing left. But that is neither here nor there, because at this point it is not about Greece any more:
"The Greek crisis is liable to come to a climax in the fall. By that time the German economy will also be weakening so that Chancellor (Angela) Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities. That is what creates a three-month window," he said.
The Hungarian-born U.S. financier said that all the "blame and burden" of adjusting the euro area's imbalances was falling on weaker peripheral countries, but the bloc's core bore an ever greater responsibility for the crisis.
"The 'centre' is responsible for designing a flawed system, enacting flawed treaties, pursuing flawed policies and always doing too little too late," he said.
The flights of fancy continue,
Soros urged creating a European deposit insurance scheme and called for direct bank access to the euro zone's rescue fund, as well as for joint financial supervision and regulation.
Yes and if wishes were horses... because even Goldman Sachs and Barclays said a European deposit fund is wonderful in theory, but in practice won't be coming for a long time (as further explained why here and here), if at all:
1 . Operational difficulties
- What currency are claimants paid in?
- If they are paid in the new currency, how is the loss rate established?
- How would capital controls impact settlement?
2. Size of the potential redenomination loss
- The redenomination loss would be greater than typical losses in FDIC insured bank failures
- Potential losses are large enough to call the credibility of the guarantee into question
3. Moral hazard problems
- This type of guarantee scheme would make it less painful for peripheral European nations to leave the eurozone
- Under a euro-value guarantee, a country could exit, massively reducing sovereign liabilities, while maintaining a substantial amount of household savings value
4. Finally, a euro-value guarantee scheme would be a massive contingent liability for guarantors that only pays out after a member exit --not an ideal setup
Soros vision of utopia continues:
The euro zone would eventually need a financial authority that could take over much of individual countries' solvency risk.
Soros said that the financial system in Europe was fragmenting and reorganising itself along national lines, which in a few years time may make an orderly euro break up possible.
But "an earlier breakup is bound to be disorderly," almost certainly leading to a collapse of the EU itself, he said.
He said it would take German authorities "an extraordinary effort" to gather public support in the coming three months for the measures which are needed to halt current trends.
"We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be," he said.
There is one problem with all of this: for the decade or so that the EMU worked, Germany was the sole true beneficiary. What the world is in effect asking Germany is to unwind the years of having outsmarted everyone else, and to redistribute the benefits to all the others who were dumb enough not to get what was going on. And as a reminder, Germany said, okalie dokalie: just first pledge your gold to Herr Pawn Shop operator in case you still go broke after we bail you out.
So far it has been everyone else in Europe, those who demand to be bailed out that is, that has been rather mum on this response from Germany.
But yes, let's blame it on all Germany for daring to have benefitted from outsmarting others.
In short: Soros is right about one thing - 3 months. And Counting.
Full Soros speech:
Remarks at the Festival of Economics, Trento Italy
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus on the causes and the extent of that failure.
I believe that the failure is more profound than generally recognized. It goes back to the foundations of economic theory. Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly valid laws governing reality. But economics is a social science and there is a fundamental difference between the natural and social sciences. Social phenomena have thinking participants who base their decisions on imperfect knowledge. That is what economic theory has tried to ignore.
Scientific method needs an independent criterion, by which the truth or validity of its theories can be judged. Natural phenomena constitute such a criterion; social phenomena do not. That is because natural phenomena consist of facts that unfold independently of any statements that relate to them. The facts then serve as objective evidence by which the validity of scientific theories can be judged. That has enabled natural science to produce amazing results.
Social events, by contrast, have thinking participants who have a will of their own. They are not detached observers but engaged decision makers whose decisions greatly influence the course of events. Therefore the events do not constitute an independent criterion by which participants can decide whether their views are valid. In the absence of an independent criterion people have to base their decisions not on knowledge but on an inherently biased and to greater or lesser extent distorted interpretation of reality. Their lack of perfect knowledge or fallibility introduces an element of indeterminacy into the course of events that is absent when the events relate to the behavior of inanimate objects. The resulting uncertainty hinders the social sciences in producing laws similar to Newton’s physics.
Economics, which became the most influential of the social sciences, sought to remove this handicap by taking an axiomatic approach similar to Euclid’s geometry. But Euclid’s axioms closely resembled reality while the theory of rational expectations and the efficient market hypothesis became far removed from it. Up to a point the axiomatic approach worked. For instance, the theory of perfect competition postulated perfect knowledge. But the postulate worked only as long as it was applied to the exchange of physical goods. When it came to production, as distinct from exchange, or to the use of money and credit, the postulate became untenable because the participants’ decisions involved the future and the future cannot be known until it has actually occurred.
I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them. That is an indictment in itself but I shall leave a detailed critique of these theories to others.
Instead, I should like to put before you a radically different approach to financial markets. It was inspired by Karl Popper who taught me that people’s interpretation of reality never quite corresponds to reality itself. This led me to study the relationship between the two. I found a two-way connection between the participants’ thinking and the situations in which they participate. On the one hand people seek to understand the situation; that is the cognitive function. On the other, they seek to make an impact on the situation; I call that the causative or manipulative function. The two functions connect the thinking agents and the situations in which they participate in opposite directions. In the cognitive function the situation is supposed to determine the participants’ views; in the causative function the participants’ views are supposed to determine the outcome. When both functions are at work at the same time they interfere with each other. The two functions form a circular relationship or feedback loop. I call that feedback loop reflexivity. In a reflexive situation the participants’ views cannot correspond to reality because reality is not something independently given; it is contingent on the participants’ views and decisions. The decisions, in turn, cannot be based on knowledge alone; they must contain some bias or guess work about the future because the future is contingent on the participants’ decisions.
Fallibility and reflexivity are tied together like Siamese twins. Without fallibility there would be no reflexivity – although the opposite is not the case: people’s understanding would be imperfect even in the absence of reflexivity. Of the two twins, fallibility is the first born. Together, they ensure both a divergence between the participants’ view of reality and the actual state of affairs and a divergence between the participants’ expectations and the actual outcome.
Obviously, I did not discover reflexivity. Others had recognized it before me, often under a different name. Robert Merton wrote about self-fulfilling prophecies and the bandwagon effect, Keynes compared financial markets to a beauty contest where the participants had to guess who would be the most popular choice. But starting from fallibility and reflexivity I focused on a problem area, namely the role of misconceptions and misunderstandings in shaping the course of events that mainstream economics tried to ignore. This has made my interpretation of reality more realistic than the prevailing paradigm.
Among other things, I developed a model of a boom-bust process or bubble which is endogenous to financial markets, not the result of external shocks. According to my theory, financial bubbles are not a purely psychological phenomenon. They have two components: a trend that prevails in reality and a misinterpretation of that trend. A bubble can develop when the feedback is initially positive in the sense that both the trend and its biased interpretation are mutually reinforced. Eventually the gap between the trend and its biased interpretation grows so wide that it becomes unsustainable. After a twilight period both the bias and the trend are reversed and reinforce each other in the opposite direction. Bubbles are usually asymmetric in shape: booms develop slowly but the bust tends to be sudden and devastating. That is due to the use of leverage: price declines precipitate the forced liquidation of leveraged positions.
Well-formed financial bubbles always follow this pattern but the magnitude and duration of each phase is unpredictable. Moreover the process can be aborted at any stage so that well-formed financial bubbles occur rather infrequently.
At any moment of time there are myriads of feedback loops at work, some of which are positive, others negative. They interact with each other, producing the irregular price patterns that prevail most of the time; but on the rare occasions that bubbles develop to their full potential they tend to overshadow all other influences.
According to my theory financial markets may just as soon produce bubbles as tend toward equilibrium. Since bubbles disrupt financial markets, history has been punctuated by financial crises. Each crisis provoked a regulatory response. That is how central banking and financial regulations have evolved, in step with the markets themselves. Bubbles occur only intermittently but the interplay between markets and regulators is ongoing. Since both market participants and regulators act on the basis of imperfect knowledge the interplay between them is reflexive. Moreover reflexivity and fallibility are not confined to the financial markets; they also characterize other spheres of social life, particularly politics. Indeed, in light of the ongoing interaction between markets and regulators it is quite misleading to study financial markets in isolation. Behind the invisible hand of the market lies the visible hand of politics. Instead of pursuing timeless laws and models we ought to study events in their time bound context.
My interpretation of financial markets differs from the prevailing paradigm in many ways. I emphasize the role of misunderstandings and misconceptions in shaping the course of history. And I treat bubbles as largely unpredictable. The direction and its eventual reversal are predictable; the magnitude and duration of the various phases is not. I contend that taking fallibility as the starting point makes my conceptual framework more realistic. But at a price: the idea that laws or models of universal validity can predict the future must be abandoned.
Until recently, my interpretation of financial markets was either ignored or dismissed by academic economists. All this has changed since the crash of 2008. Reflexivity became recognized but, with the exception of Imperfect Knowledge Economics, the foundations of economic theory have not been subjected to the profound rethinking that I consider necessary. Reflexivity has been accommodated by speaking of multiple equilibria instead of a single one. But that is not enough. The fallibility of market participants, regulators, and economists must also be recognized. A truly dynamic situation cannot be understood by studying multiple equilibria. We need to study the process of change.
The euro crisis is particularly instructive in this regard. It demonstrates the role of misconceptions and a lack of understanding in shaping the course of history. The authorities didn’t understand the nature of the euro crisis; they thought it is a fiscal problem while it is more of a banking problem and a problem of competitiveness. And they applied the wrong remedy: you cannot reduce the debt burden by shrinking the economy, only by growing your way out of it. The crisis is still growing because of a failure to understand the dynamics of social change; policy measures that could have worked at one point in time were no longer sufficient by the time they were applied.
Since the euro crisis is currently exerting an overwhelming influence on the global economy I shall devote the rest of my talk to it. I must start with a warning: the discussion will take us beyond the confines of economic theory into politics and the dynamics of social change. But my conceptual framework based on the twin pillars of fallibility and reflexivity still applies. Reflexivity doesn’t always manifest itself in the form of bubbles. The reflexive interplay between imperfect markets and imperfect authorities goes on all the time while bubbles occur only infrequently. This is a rare occasion when the interaction exerts such a large influence that it casts its shadow on the global economy. How could this happen? My answer is that there is a bubble involved, after all, but it is not a financial but a political one. It relates to the political evolution of the European Union and it has led me to the conclusion that the euro crisis threatens to destroy the European Union. Let me explain.
I contend that the European Union itself is like a bubble. In the boom phase the EU was what the psychoanalyst David Tuckett calls a “fantastic object” – unreal but immensely attractive. The EU was the embodiment of an open society –an association of nations founded on the principles of democracy, human rights, and rule of law in which no nation or nationality would have a dominant position.
The process of integration was spearheaded by a small group of far sighted statesmen who practiced what Karl Popper called piecemeal social engineering. They recognized that perfection is unattainable; so they set limited objectives and firm timelines and then mobilized the political will for a small step forward, knowing full well that when they achieved it, its inadequacy would become apparent and require a further step. The process fed on its own success, very much like a financial bubble. That is how the Coal and Steel Community was gradually transformed into the European Union, step by step.
Germany used to be in the forefront of the effort. When the Soviet empire started to disintegrate, Germany’s leaders realized that reunification was possible only in the context of a more united Europe and they were willing to make considerable sacrifices to achieve it. When it came to bargaining they were willing to contribute a little more and take a little less than the others, thereby facilitating agreement. At that time, German statesmen used to assert that Germany has no independent foreign policy, only a European one.
The process culminated with the Maastricht Treaty and the introduction of the euro. It was followed by a period of stagnation which, after the crash of 2008, turned into a process of disintegration. The first step was taken by Germany when, after the bankruptcy of Lehman Brothers, Angela Merkel declared that the virtual guarantee extended to other financial institutions should come from each country acting separately, not by Europe acting jointly. It took financial markets more than a year to realize the implication of that declaration, showing that they are not perfect.
The Maastricht Treaty was fundamentally flawed, demonstrating the fallibility of the authorities. Its main weakness was well known to its architects: it established a monetary union without a political union. The architects believed however, that when the need arose the political will could be generated to take the necessary steps towards a political union.
But the euro also had some other defects of which the architects were unaware and which are not fully understood even today. In retrospect it is now clear that the main source of trouble is that the member states of the euro have surrendered to the European Central Bank their rights to create fiat money. They did not realize what that entails – and neither did the European authorities. When the euro was introduced the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital; and the central bank accepted all government bonds at its discount window on equal terms. Commercial banks found it advantageous to accumulate the bonds of the weaker euro members in order to earn a few extra basis points. That is what caused interest rates to converge which in turn caused competitiveness to diverge. Germany, struggling with the burdens of reunification, undertook structural reforms and became more competitive. Other countries enjoyed housing and consumption booms on the back of cheap credit, making them less competitive. Then came the crash of 2008 which created conditions that were far removed from those prescribed by the Maastricht Treaty. Many governments had to shift bank liabilities on to their own balance sheets and engage in massive deficit spending. These countries found themselves in the position of a third world country that had become heavily indebted in a currency that it did not control. Due to the divergence in economic performance Europe became divided between creditor and debtor countries. This is having far reaching political implications to which I will revert.
It took some time for the financial markets to discover that government bonds which had been considered riskless are subject to speculative attack and may actually default; but when they did, risk premiums rose dramatically. This rendered commercial banks whose balance sheets were loaded with those bonds potentially insolvent. And that constituted the two main components of the problem confronting us today: a sovereign debt crisis and a banking crisis which are closely interlinked.
The eurozone is now repeating what had often happened in the global financial system. There is a close parallel between the euro crisis and the international banking crisis that erupted in 1982. Then the international financial authorities did whatever was necessary to protect the banking system: they inflicted hardship on the periphery in order to protect the center. Now Germany and the other creditor countries are unknowingly playing the same role. The details differ but the idea is the same: the creditors are in effect shifting the burden of adjustment on to the debtor countries and avoiding their own responsibility for the imbalances. Interestingly, the terms “center” and “periphery” have crept into usage almost unnoticed. Just as in the 1980’s all the blame and burden is falling on the “periphery” and the responsibility of the “center” has never been properly acknowledged. Yet in the euro crisis the responsibility of the center is even greater than it was in 1982. The “center” is responsible for designing a flawed system, enacting flawed treaties, pursuing flawed policies and always doing too little too late. In the 1980’s Latin America suffered a lost decade; a similar fate now awaits Europe. That is the responsibility that Germany and the other creditor countries need to acknowledge. But there is now sign of this happening.
The European authorities had little understanding of what was happening. They were prepared to deal with fiscal problems but only Greece qualified as a fiscal crisis; the rest of Europe suffered from a banking crisis and a divergence in competitiveness which gave rise to a balance of payments crisis. The authorities did not even understand the nature of the problem, let alone see a solution. So they tried to buy time.
Usually that works. Financial panics subside and the authorities realize a profit on their intervention. But not this time because the financial problems were reinforced by a process of political disintegration. While the European Union was being created, the leadership was in the forefront of further integration; but after the outbreak of the financial crisis the authorities became wedded to preserving the status quo. This has forced all those who consider the status quo unsustainable or intolerable into an anti-European posture. That is the political dynamic that makes the disintegration of the European Union just as self-reinforcing as its creation has been. That is the political bubble I was talking about.
At the onset of the crisis a breakup of the euro was inconceivable: the assets and liabilities denominated in a common currency were so intermingled that a breakup would have led to an uncontrollable meltdown. But as the crisis progressed the financial system has been progressively reordered along national lines. This trend has gathered momentum in recent months. The Long Term Refinancing Operation (LTRO) undertaken by the European Central Bank enabled Spanish and Italian banks to engage in a very profitable and low risk arbitrage by buying the bonds of their own countries. And other investors have been actively divesting themselves of the sovereign debt of the periphery countries.
If this continued for a few more years a break-up of the euro would become possible without a meltdown – the omelet could be unscrambled – but it would leave the central banks of the creditor countries with large claims against the central banks of the debtor countries which would be difficult to collect. This is due to an arcane problem in the euro clearing system called Target2. In contrast to the clearing system of the Federal Reserve, which is settled annually, Target2 accumulates the imbalances. This did not create a problem as long as the interbank system was functioning because the banks settled the imbalances themselves through the interbank market. But the interbank market has not functioned properly since 2007 and the banks relied increasingly on the Target system. And since the summer of 2011 there has been increasing capital flight from the weaker countries. So the imbalances grew exponentially. By the end of March this year the Bundesbank had claims of some 660 billion euros against the central banks of the periphery countries.
The Bundesbank has become aware of the potential danger. It is now engaged in a campaign against the indefinite expansion of the money supply and it has started taking measures to limit the losses it would sustain in case of a breakup. This is creating a self-fulfilling prophecy. Once the Bundesbank starts guarding against a breakup everybody will have to do the same.
This is already happening. Financial institutions are increasingly reordering their European exposure along national lines just in case the region splits apart. Banks give preference to shedding assets outside their national borders and risk managers try to match assets and liabilities within national borders rather than within the eurozone as a whole. The indirect effect of this asset-liability matching is to reinforce the deleveraging process and to reduce the availability of credit, particularly to the small and medium enterprises which are the main source of employment.
So the crisis is getting ever deeper. Tensions in financial markets have risen to new highs as shown by the historic low yield on Bunds. Even more telling is the fact that the yield on British 10 year bonds has never been lower in its 300 year history while the risk premium on Spanish bonds is at a new high.
The real economy of the eurozone is declining while Germany is still booming. This means that the divergence is getting wider. The political and social dynamics are also working toward disintegration. Public opinion as expressed in recent election results is increasingly opposed to austerity and this trend is likely to grow until the policy is reversed. So something has to give.
In my judgment the authorities have a three months’ window during which they could still correct their mistakes and reverse the current trends. By the authorities I mean mainly the German government and the Bundesbank because in a crisis the creditors are in the driver’s seat and nothing can be done without German support.
I expect that the Greek public will be sufficiently frightened by the prospect of expulsion from the European Union that it will give a narrow majority of seats to a coalition that is ready to abide by the current agreement. But no government can meet the conditions so that the Greek crisis is liable to come to a climax in the fall. By that time the German economy will also be weakening so that Chancellor Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities. That is what creates a three months’ window.
Correcting the mistakes and reversing the trend would require some extraordinary policy measures to bring conditions back closer to normal, and bring relief to the financial markets and the banking system. These measures must, however, conform to the existing treaties. The treaties could then be revised in a calmer atmosphere so that the current imbalances will not recur. It is difficult but not impossible to design some extraordinary measures that would meet these tough requirements. They would have to tackle simultaneously the banking problem and the problem of excessive government debt, because these problems are interlinked. Addressing one without the other, as in the past, will not work.
Banks need a European deposit insurance scheme in order to stem the capital flight. They also need direct financing by the European Stability Mechanism (ESM) which has to go hand-in-hand with eurozone-wide supervision and regulation. The heavily indebted countries need relief on their financing costs. There are various ways to provide it but they all need the active support of the Bundesbank and the German government.
That is where the blockage is. The authorities are working feverishly to come up with a set of proposals in time for the European summit at the end of this month. Based on the current newspaper reports the measures they will propose will cover all the bases I mentioned but they will offer only the minimum on which the various parties can agree while what is needed is a convincing commitment to reverse the trend. That means the measures will again offer some temporary relief but the trends will continue. But we are at an inflection point. After the expiration of the three months’ window the markets will continue to demand more but the authorities will not be able to meet their demands.
It is impossible to predict the eventual outcome. As mentioned before, the gradual reordering of the financial system along national lines could make an orderly breakup of the euro possible in a few years’ time and, if it were not for the social and political dynamics, one could imagine a common market without a common currency. But the trends are clearly non-linear and an earlier breakup is bound to be disorderly. It would almost certainly lead to a collapse of the Schengen Treaty, the common market, and the European Union itself. (It should be remembered that there is an exit mechanism for the European Union but not for the euro.) Unenforceable claims and unsettled grievances would leave Europe worse off than it was at the outset when the project of a united Europe was conceived.
But the likelihood is that the euro will survive because a breakup would be devastating not only for the periphery but also for Germany. It would leave Germany with large unenforceable claims against the periphery countries. The Bundesbank alone will have over a trillion euros of claims arising out of Target2 by the end of this year, in addition to all the intergovernmental obligations. And a return to the Deutschemark would likely price Germany out of its export markets – not to mention the political consequences. So Germany is likely to do what is necessary to preserve the euro – but nothing more. That would result in a eurozone dominated by Germany in which the divergence between the creditor and debtor countries would continue to widen and the periphery would turn into permanently depressed areas in need of constant transfer of payments. That would turn the European Union into something very different from what it was when it was a “fantastic object” that fired peoples imagination. It would be a German empire with the periphery as the hinterland.
I believe most of us would find that objectionable but I have a great deal of sympathy with Germany in its present predicament. The German public cannot understand why a policy of structural reforms and fiscal austerity that worked for Germany a decade ago will not work Europe today. Germany then could enjoy an export led recovery but the eurozone today is caught in a deflationary debt trap. The German public does not see any deflation at home; on the contrary, wages are rising and there are vacancies for skilled jobs which are eagerly snapped up by immigrants from other European countries. Reluctance to invest abroad and the influx of flight capital are fueling a real estate boom. Exports may be slowing but employment is still rising. In these circumstances it would require an extraordinary effort by the German government to convince the German public to embrace the extraordinary measures that would be necessary to reverse the current trend. And they have only a three months’ window in which to do it.
We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be. The future of Europe depends on it.
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Robin Williams needs to be dispatched to Germany stat. He can go to all the concerned citizenry, call them into an office , and show them pictures of their assets, and just keep repeating, "No one's gonna take your stuff. No one's gonna take your stuff."
That will re-establish confidence
Send them Bono. Put him in Greece. Collect the taxes from the deadbeat and problem solved, for the Greeks and the rest of us.
well, robin williams would be great for the confidence game in germany
however, bono to greece? priceless!
but bobo should just do some shows and all the money could be used to pay taxes; and bobo could match it 2-for-1, too!
you could introduce bobo and call the audience a buncha deadbeats! when can you leave?
hey... a concert for Greece
great idea.
But first an all star sing along to raise awareness to the plight of the Grecians. Lionel Ritchie is organizing it as we speak. Titled "We are the Greeks". I'll start it off. "There comes a time when we must heed a certain margin call..."
Hear "n" Aid (minus Dio) reunion? "We're Greeks!" - http://www.youtube.com/watch?v=P7eqxg92YG0
Hate Soros,
Fear a defunct 535.
Oh, and, treat each other well, as Priority Uno.
Here is what will come out of all of this: One, singular, global central bank with complete and autonomous authority over the entire plant's finacial and economic systems. It will answer to no one, much less the people. Nations who are slow to come around will be locked out of trade, loans, etc, etc. In short they will make it impossible not to submit and surrender. This has been the goal all along.
And Rockefeller-Rothschild are in start up phase now.
'We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be'
What century is he talking about?
He talks about the European Union as if it were a "fantastic object." Where's his editor?
It was always every person for themselves until it maxed out. You don't rebuild a system once it maxes out. You throw gasoline onto the fire so that whatever replaces it is completely new and different than before. You pour every last penny from every central bank into it and watch it disintegrate. That is the way people act regardless of what they want. And, that is why there will never be a NWO for very long if ever.
He is too old and has been too lucky to be listened to other than to take out of such an article any psychological information that is given which reflects what he actually plans to do.
Seems to me that what he is saying is that he is making heavy bets against the Euro in hopes of recaptializing those profits into a world currency.
I expect that the Greek public will be sufficiently frightened by the prospect of expulsion from the European Union that it will give a narrow majority of seats to a coalition that is ready to abide by the current agreement. But no government can meet the conditions so that the Greek crisis is liable to come to a climax in the fall. By that time the German economy will also be weakening so that Chancellor Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities. That is what creates a three months’ window.
Let that be a warning, right George?
Not a bad head of hair for a 150 year-old blood-sucking vulture.
there is a 'credit event' immiment.
New Master Plan: Print money
Suggestions targeting a fiscal, banking, and political union, as well as structural reforms
Aka EU dictatorship...
I had to laugh when Soros mentioned democracy as a high goal of the EU bit. Even the Germans, Spaniards, and Irish see the EU as run by unelected Eurocrats. And it is. The larger the political agglomeration, by definition the less democracy results. That is why, certainly, we have a republic and not a democracy. Fortunately.
Sure. Let's put those great intellects like Barroso, Van Rompuy, and Junker in charge of all the money for everyone. That'll solve everything. Whew, glad we solved that...
3 months, august, sun in leo, gold. Any bets on the gold price on Aug 30. Okay virgo.
Soros warns the people that a calamity is coming.
Soros?
So the perpetrator of the evil offers the explanation of the evil?
It reminds one of Orwell’s description of the pigs in Animal Farm where they equated good animals as those who walked on four legs but the evil animal as the farmer who walked on two legs (under whom the animals led a better life than they realized). By the end of the story the animals are miserable, the pigs are in control of the farm and…walking on two legs.
In our Soros sequel, it is the bankers’ cartel that shifts the blame and warns of evil and danger. But it is the bankers themselves who are in fact the perpetrators of the misery.
The sign “All animals are equal” now reads ALL ANIMALS ARE EQUAL, BUT SOME ARE MORE EQUAL THAN OTHERS" and those who are more equal have the press and are deflecting the blame while profiting from the misery.
Soros. What a guy!
Soros. What a pig!
There, fixed it.
I recognize senility when I read it
He is also evil like the devil.
Dupe post. Sorry.
Soros just says this BS to get chicks. it must take 5000 mg of Viagra to make it worth his trouble, though. That has to affect the brain.
So the definition of "outsmarting everybody" (re Germany) is to have a strong manufacturing base that turns out high quality products coupled with a highly educated workforce. Gee, who woulda thought of that.
Is it just me? Every time I read "Herman van Rompuy", I think Peter Sellers (RIP) in "The Mouse That Roared".
But I digress.
I pretty much agree with Tyler's take on Greece:
" the next Greek elections will be merely a rerun of the first - lots of sound and fury, signifying no government, as the country becomes the next Belgium (as we noted herebefore the outcome of the first election was even known), ends up an anarchy state, without a government, as what little money the Treasury has goes to pay English-law bondholders, until finally there is nothing left. But that is neither here nor there, because at this point it is not about Greece any more:"
Except for one little wee point - If the next election is a re-run of the first, with no government (which I think will happen), we are gonna see a mililtary coup/takeover instead of an anarchy/caretaker government. Greece has recent history of same, so it is not a far out idea to think the military will not step in after two failures to get some sort of elected government in place. How they will play with the Troika is anybody's guess...
With NATO troops to back up the Greek Army.
Coming soon to Everyone!
A lot of you guys are traders, right? So Soros, the most successful currency trader of all time, gets the hate. Makes sense.
It is not profitable sitting at the table when one player knows how the cards are marked.
It's more along the lines of the fact that this asshole preaches, supports and 'consults' on big 'one world government' institutions and structures, and then when they fail (which they inevitably do), he shorts those very same organizations he has been promoting and then bitches that they didn't manage and run them as he suggested.
It reminds me of McKinsey, they charge a company a fortune for their services, then at the end leave you with a powerpoint. When the plan doesn't work, they tell you that you failed in your implementation, and then charge you again to deliver another powerpoint to fix what didn't work last time.
Wash, rinse, repeat...
Real "traders" work to maximize profits - not to sink currencies or make money by creating situations that harm folks (as Soros loves to do).
Does the Plan require a Referendum??
Or does it just automatically superseded the Lisbon Treaty?
doop
Some people just seem to over stay thier time on earth.....George.......
What's in that reptilian zombie juice anyway?
gold-laminated dead babies.
Dorian Gray eyebags much?
For more weekend humor, we turn to Mariano Rajoy, Spanish Prime Minister, who said, the [eurozone fiscal] authority was the answer to the European debt crisis and would go a long way in alleviating Spain’s woes as it would send a clear signal to investors that the single currency is an irreversible project.
[edit] FT: http://www.ft.com/intl/cms/s/0/de432dbc-acd2-11e1-bb93-00144feabdc0.html
ETA will decide, not Rajoy begging for protection of robber barons.
Excellent. Translation: "It would send a clear signal to investors that Germany's money is our money, so don't worry."
The entire discussion about currencies being the problem is nonsense. Currencies are just used for accounting comparisons. The politicos still refuse to recognize that it is the SPENDING that is under their control which is the problem. Those people who voted for the promised early and comfortable retirement don't give a rogered rats rump about what denomination it is paid with, just deliver on the promises of comfort. Until the Politicos finally admit the lies and the impossibilities of the delivery, there is no solution. Note that the whole premise of the Greek breakaway from Euro is so that they can go to Drachma at announced 1 to 1 and then devalue it to 10% as was done with the bond investors. The blame can be put on the evil speculators that the Politicos have been "warning about" because those were the critics of the failed policies.
It's official - EU "leaders" are masochists (trying the same thing - debt, spending, promises that hurt folks every time and they are sadists (making decisions that fly in the face of all that makes sense). A new breed of SM in our midst.
Soros. dieplzkthx. And take Kissinger, Rockefeller, and Cheney with you.
Hurry up and set yourselves free your mortal coil so the world can breathe a collective sigh of thanks.
rocks un rothshields..kissinger and soros..cheney and dad cia bush plus fuckwitted greenspan.
the sage from shitsville nebraska.
these tired old walking corpsemen all have to use diapers and have nursey to clean up the stinking liquid mess.
no wonder they want us all dead..no wonder they like kidnapping children such anger such hatred has to be satiated.
Tweets from the Bilderberg Meeting. Looks like Merkel wil be gone sooner than later.
http://alles-schallundrauch.blogspot.com/2012/06/bilderberger-sehen-ihr-...
Soros speaks for the Rotchild.See his words, and prepare to defend yourself against his filthy Rotchild EUSSR failed statists.
His sort are Nazis, socialist, communists, the ruin of the world for their sick psychoapthy including mark to model, not mark to market.
soros actually has a theory for not eating while taking a shit?
3 months? ori is fuking right? rUshittingMoi?
say it ain't so, tyler! and keep drinking! this is grrrreat!
that first para is better than charts!
ECB cBankster Draghi = giant vampire squid, n'est pas? so in a month, this will be ready 4 bear! look at this cast to PLAN the suggestions, for pete's sake!
i hope they all get outa the same car and we have live video and story on zH @ 7 L0L!!! the greatest clown car in the history of the EU there, BiCheZ! soros doesn't even count!
You are part of the problem, and you have nothing to do with the solution, poo pants. All your fancy words and no money.
Europe is dying,and you dance.
L0L!!!
no i'm not part of the problem; europe ain't dying b/c of slewie! i looked at the EUR/USD two weeks ago and told everybody to get over there ASAP and drink and fuk themselves silly; and shop a little, too, maybe; and eat, k? and ride bicycles! remember?
soros is right about econ, btw; that is how we were taught it, too
We should remember that Soros was the little boy whose father gave him to the Nazis, so that he should surivive, and Soros serves the globalist central bank cartel, the same looters who he assisted to cheat Jews in Germany: the Rothschilds globalist central bank cartel.
The Rothschild-Rockefeller-Trilateral Commission-Bilderberg Group are freak corporatists.
This, our United States of America, must resist them, and their failed EU/euro dystopia.
End the Fed.
The following phrase is cmisquoted in the article:
We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be. The future of Europe depends on it.
The correct version is:
"We need to do whatever we can to convince Germany to show leadership and preserve our wealth Union as the fantastic object that it used to be. The future size of our wealth depends on German tax payer."
Ain't that right, brother. Soros is a shill for the robber barons who want to cheat Germany and the rest of the Western world.
Germany is going to leave, not Greece.
And 3 months? Markets can stay irrational longer than you can stay solvent.
:-D
Who cannot be bought with money, gold? Or with assurances of money such as tenure, promotions in rank, or election to office? Money cannot buy someone who knows they will continue to be exposed to and vulnerable to an alert community against whose interest the bribing party is asking a person to act. In that case one has to bribe more than half the community itself, not just the leader. The best way to do this is to arrange it so that the community is bribed with its own money, but in a way they do not notice. Buy them with borrowed money using bonds that have the communities name as debtor. Just make sure that it's "no interest for two years!" loan. Use ZIRP. de Toqueville saw it more than a century ago....but we don't even teach the concept in public high schools. That would spoil the game, no? The US cops and fireman, teachers and clerks...are like the Greek rabble today. They are being bribed with promises of a prosperous future they will not live. The promisors will have secured their winnings and shipped them to safer climes long before they force the other peasants to tell the promised clerks and cops "screw you." Sweet strategy, really. Europe has maxed it. California's 'leaders' have come close. Who is next? Make the 'money' for the bribes super-cheap with ZIRP. Use new electronic dollars to buy all the longer-term notes. Just get the f'k out of town before the consequences become clear to the idiots.
California is a failed state, everything that betrayed the Republic, and served the Rotchild gangster bankster pretty pets of poiitics.
but...we still have checks!
I disagree that the Rothschilds give a flip about CA. I mean, why in the hell would someone with unimaginable riches worry about a failed and sinking state. As much as I hate predictions I will make one - CA (and IL) will continue to elect the same crew the deeper into disaster they sink. So don't blame the bankers - look at the voters.
Tyler: " If you could fight anyone, who would you fight?"
Top of my list is Herman Von Rompuy.
Who's yours?
Baroness Ashton?
The only solution to any crises that the politicians deal with is to use all the resources available to them to postpone the problem in the future while benefitting themselves and their sponsors for as long as it is possible. They want to be appear as to doing something to solve the problem in the eyes of general public while they kick the can down the road even though they are aware that it would create a much bigger problem later on. The European problem cannot be solved as those in charge do not have the spine to tackle the real issues of the problem i.e. speculation and living beyond their means.
http://www.marketoracle.co.uk/Article32741.html
It is extrodinarily dangerous to kick the can down the road on an exponentially growing debt.
The latest move seems to be to be "pro growth" rather than "pro austerity." It must be nice living in whatever fantasy world that is. There is no way to avoid austerity if you don't have enough money. No amount of coordinated central printing planning will fix a problem of living beyond your means. If it was possible we'd all just retire and have the US print enough money for us all to live on. But, I guess that is the fantasy world we live in now.
How on earth does auterity solve the problem? It only accelerates the demise by making it even more difficult to pay off debts as economic activity slows even further. How bout a global reset with bondholder haircuts and destruction of wealth? Then we can start over. Unwind the Too Bigs and face the music. Use increased productivity so everybody can work less instead of transfering wealth to the portfolios of the 1%. We have the resources, we just need to reset our priorities. Austerity will only make it happen sooner.
Austerity kicks the can down the road for the TBTF.. before a "reset/de leveraging/start over" can occurs the TBTF have to be weakened such that the politicians can be swayed by other voices.
In my view it will be some time before this happens.
It will be interesting to see how history treats this time period.
I'll say it again. The Left rails against "austerity" not because they want to "help folks". It is all about protecting the size and authority of the State. REAL austerity would reduce the power of the state but of course, nothing of the sort has remotely happened.
We have "austerity" (one hears) by cutting 1% from future spending increases. Greece's gov as a pct of the GDP continues to grow. Spain blithely overruns their "austerity" budget. True austerity backers know that if cuts are not made now, the crash will come even sooner. Germany, a demographic disaster in the making, gave itself another 10 years by making hard decisions in the 90's. Now it's too late for the PIIGS.
A WORD OF ADVICE TO EVERYONE HERE, TIME TO LOAD YOUR TRUCK WITH GOLD IF YOU CAN
Um, I'm not sure if a truck full of gold is going to go anywhere. A truck full of gold would weigh... I don't know, but I'm sure it would weigh a lot.
What happened to each country being free to act in the best interests of it's citizens, and able to walk away from any and every deal which does not benefit that country more than it hurts it.
Ah, the UNELECTED make more plans to FORCE this deadly political utopia deeper. Please, get real, the only way to even have a chance to fix this horrible mess is to break up the euro.
To me, it seems as if it is quite possible to solve the current problems if some countries leave the Eurozone.
Greece can default without causing major problems in Europe. The EU and the ECB could then help Greece get a new banking system working. The government of Greece may not be able to borrow any money for a couple of decades, but businesses and Greek citizens should be able to do so.
Spain could leave the Eurozone immediately, reintroduce the peseta which would depreciate about 30-40 % almost instantly. That would make Spain more attractive for tourists and facilitate exports. Thereby, demand for labour would pick up almost instantly which in turn would increase the demand for housing which in turn would reduce the bank problems in Spain.
Italy could probably use lower interest rates. So if the ECB lends all the money Italy needs at a 2 % interest rate without any intermediaries for some years the most serious problem for Italy is solved, at least in the short and medium term. France and Belgium could be compensated by getting the same amount of almost free money per capita as Italy. In the long term, this may not work. But it would probably a good quick fix in the short and medium term.
Perhaps Germany doesn´t like money printing to the same extent as France, or at least Hollande, does. Especially if they intend to print for consumption or non-productive investments like Japan. But if they don´t like that they can also leave the Eurozone and reintroduce the D-mark. In order to see to that the D-mark does not appreciate too much the Germans can print money and invest that in new energy production that can replace their nuclear energy (they have decided to scrap all nuclear plants in Germany). Perhaps Germany can also invest in Africa and South America in production of biofuels.
If the remaining countries in the Eurozone would be France, Italy and Belgium I reckon that the Eurozone could work quite smoothly. All three countries can probably use free money from the ECB and their competitiveness is quite similar: Better than Spain, but not as good as Germany.
The big problem in Europe seems to be that the politicians want as many countries as possible in the Eurozone for ideological reasons. They also seem to get poor advice from economists which don´t seem to like Europe and seem to wish for more problems in Europe. One example is the advice given by Paul Krugman and Ken Rogoff a few hours ago on BBC World. Their simple solution was to send the bill to Germany and let Germany produce less. Why not instead make Europe more competitive and see to that Spain can produce SEAT:s that can compete with Kia models from South Korea, for instance? Why not see to that a new, big shipyard in Greece could compete with the South Korean Hyundai ship yard by depreciating the Greek currency? I think that the ECB should lend money to a new shipyard in Greece rather than lend money to Greece so that they can pay foreign creditors.
Simply marvelous!
While you're at solving problems, would you please be kind and provide a solution to the Swedish housing bubble, the insolvency of Swedish banks and 400% debt-to-GDP ratio of your kingdom?
Oh, and I'd love to read your solution to the derivatives bubble too!
ThirdWorldDude:
My comments:
I think Swedish banks and the Swedish economy will face serious problems if Sweden will be forced to raise interest rates too much or if the Swedish krona depreciates too much (which makes loans that are not denominated in the Swedish currency krona more expensive). This is obviously an element of risk for the Swedish economy.
Therefore, I think that Swedish lawmakers should outlaw loan terms that enable homeowners not to pay any instalments. Unfortunately, both the current liberal-conservative government and the previous social democratic government thought that a housing bubble was a smart way to cover the increasing excessive supply of labour since a housing bubble would increase aggregate demand and reduce the unemployment. Just like countries like Spain and Greece Sweden also has a problem with politicians who don´t really care about what happens to their country and the electorate. Furthermore, just like in Spain and Greece, Swedish voters don´t know enough about economy in order to understand that their politicians are buying their votes with their own money. There is also no opposition party which tries to explain basics about how the economy works to the people.
The reason why there is no big crisis in Sweden currently is that the market considers public debt more dangerous than household debt. Furthermore, the chronic shortage of housing in areas in Sweden where there actually is a housing bubble makes it harder for the Swedish housing bubble to pop. The “solution” to the Swedish housing bubble has so far been continued, artificial shortage of housing by not granting building permits.
Printing only helps countries borrow more. In borrowing they are consuming today the fruits of their childrens future labor. They are making their children into debt slaves to their inability to live within their means.
Young people today are beginning to wake up to the reality that our generation has saddled them with an enormous debt because we were to greedy to simply spend only what we earn. We thought we were entitled to everything, we think making others pay for our free retirement, free healthcare, etc is a right. What's worse we don't mind making our children pay tomorrow for the free stuff we think we are entitled to today. The day of reckoning will come when our children realize what we have done to them.
"Young people" will wake up to what the elite and its duopoly have in mind for them when they see what austerity and cutting back on social safety nets have done to Europe. Particularly when they are under/unemployed and are acutely aware of the growing disparity of incomes in our country. Do you really think they won't notice the huge cost of unfunded wars to fight unseen terrorists throughout the world, the multinational outsourcing of jobs and crony capitalistic solutions that make health care unaffordable to them? That they will wake up to "printing" as the problem? lol. They will see that in Europe austerity ends up reducing economic output further as money is taken from the sheeple who would be spending it in the economy in order to preserve the portfolios of the 1%, whose piles are never big enough. I think its you that needs to wake up and stop listening to neocon pundits screaming about cutting entitlements as the answer to our problems.
Sorry, but you are so wrong. Massive sovereign debt is not due to terrorism or secret manipulations by the 1% (althought everyone on ZH knows all the intimate details of this conspiracy). Nor is war causing the problem (Japan, Europe don't fight). It is demographics (fewer and fewer workers) and the nature of the welfare state.
Europe is massively indebted despite having switched almost every euro from defense to social spending. And the ONLY way that "austerity" (trimming the size of the State) hurts employment is if the State has become the dominant player in the "free" market.
Take Care
PAx AMericana at the cross roads, as is surrogate Europe of Post-war creation.
All the debate in ZH around the implications of global capitalistic meltdown since 2008, possible "fix it" solutions and possible cataclysmic outcomes, needs for us to understand the pillars of the power structure that controls the world and that has created the driving momentum of the last sixty seven years since 1945; aka Pax Americana and its five pillars of strength and therefore weakness.
What is the legacy of this dominant world construct. What are the big levers that allow it to run the world?
1° The underlying principle of "we the people" in whose name democracy and the republic run the nation and consequently the world after the victory of that great generation in Europe and in the PAcific. The USA gained its legitimacy on the field of battle, to defend its universal values issued from the European Enlightenment : democracy, free people and free enterprise markets (which meant the subsequent dismantling of colonial european empires). The US model triumphed and was exported not only to totalitarian Europe for its own Renaissance but also to third, de-colonised rest of the world as template of modernisation.
2° As a continental, resource rich, nation state the US then instilled in the world, through the UN and Bretton Woods, world wide norms of good governance. It became the beacon of progress and BW allowed it to gain control of the Money Line of the world, thanks to the gold-USD standard. American industry and American USD fed the reindustrialisation of world through Marshall Plan type ventures. And it worked.
3° Thanks to its Massive military presence and NATO the USA also acquired military pre-eminence on all five continents. It could mobilise its troops at the drop of a hat, even if it had as challenger the communist theocracies of USSR and China.
4° As largest producer of Oil, it initiated the Oil/Automible model of society world wide. By controlling Big Oil it controlled the vital energy pipeline to the ONE commodity that ran the industrial world.
5° As the most innovative and Capitalistic nation, the US had the biggest Capital market in the world. In WS the US industrial entrepreneurs had the means to finance their projects both at home as abroad, as everybody copied the WS capital market construct, making the US multinational become through open market mechanisms and local capital formation the transnational behemoths that ran the world economy.
Over the decades, as we have so amply seen, (its not worth repeating), in the ZH forum discussions how the power structure of the US has morphed to protect these five pillars of its strength over time. As its political administration, (in the name of the people), time and time again, has overstretched itself and then sacrificed, for reasons of elitist hubris, the basic prinicples of its own nation state values; those incarnated in these three seminal words : we the people.
Now the 2008 crisis has shown us that the defense by the 1% (more like 0.1%) of these FOUR CONSEQUENTIAL pillars of strength has obliged them to sacrifice the FIFTH and most precious pillar of them all : the we the people principle. In order to save its power base the Oligarchy, created around the four pillars, has now gone fully cannibalistic and is prepared to sacrifice the 99% base TOTALLY and without ANY compunction; in order to protect its power bases built by the four surrogate pillars of PAx Americana world hegemony.
WHO IN HELL CARES ABOUT MILITARY SUPREMACY IF THE GUNS ARE TURNED AGAINST THEIR OWN PEOPLE BY THOSE RUNNING THE NATION. Who in hell cares about WS being uber-alles if the market is now manipulated by a handfull of TBTF bankstas. Who in hell cares about USD hegemony if it debases the real economic sustainance of the 99% to protect the ill gotten gains of the 1%. WHo in hell cares about what happens to BIG oil if it protects a bunch of Oil kingdoms who couldn't give tuppence for their own people, who promote fundamentalist religion as obscurantist ideology, who only care about their own wealth and are in cahoots with the Oligarchs of first world to make their precious RM the center of the geopolitical debate, thus keeping power in their own hands.
We are at a point where the Pax Americana construct has created its own monsters world wide, both within the nation and also around the world; over sixty years of political manipulation which has seen power getting concentrated in the hands of a few at the expense of the many. The merchants of death and destruction, in their hubrisitc greed, living off the four pillars of the temple, have destroyed the fifth totally, the very basis of the nation state; of democracy and the republic itself.
What is happening in Europe is a direct consequence of the Pax Americana global morph; its financial runaway spiral of 2008, aided and abetted by Europe's own asinine stupidity in defending a money that is common without having preinstalled fiscal cohesion amongst 17 nation states; having allowed their banks to get sucked into the financial vortex of WS and thus making them, the elected leaders of Eurocontinent as their non elected Eurocratic surrogates, accomplices of the rape of their very own people. Cannibalism is now an Oligarchy sport. All to protect the four pillars of globally incestuous PAx Americana now a temple of total decadence as it has forgotten the very reason why those four OTHER pillars were built : to protect the destinies of the PEOPLE.
For no other reason than that. There lies the rub of our present predicament in all its brutal simplicty. Where are "we the people" of the world today?
As far as this current post is concerned : it's lamentations of elitist fold crying about the run-away horse and talking about the urgency of shutting the barn door...Poor Oligarchy shills, your thrills and our painful bills.
BTW : in the Soros summary of Euro woes, he says the key moment when the seeds of Euro destruction were sown into its collective destiny was : when Merkel said after Lehman collapse and TARP; we will solve this in Europe COUNTRY by COUNTRY, not joint and several. Something I have been posting here for months on ZH. I assure you I am NOT Soros nor his zombie shadow.
George Soros Speech In Trento On The Euro Crisis - Business Insider
Up Arrow.
A quiver of up arrows!
Brutally accurate and concise
Excellent falak
I would suggest that Pax Americana was taken over long ago by internationalist agents who are using it to create their "utopian one world government". The evidence is abundant. We are an occupied land, and have been for some time now.
Good post, falak.
See pal. I don't think americans are "their people" for the ones running the US, the EU and the Commonwealth, as well as the Vatican. I rather believe "their own people" is their exclusive "family" club and their institution. Skulls & bones is what they're gonna make of us all if we keep allowing them to.
Another fabled past addicted US citizen.
There has been no change in US citizenism. Only the defeat of potential rivals before global hegemony.
The world has got US citizenized.
The MIC or the rest has nothing to fear, US citizenism has been from the start a business of extorting the weak and farming the poor.
Both entreprises requires coercion to perform.
The MIC is a product of US citizenism and has followed the expansion of US citizenism. The MIC has not diverted US citizenism from anything, especially not from being US citizenism.
One possibility US citizens constant denial of the most obvious reality is that for some of them, it is now their turn to be pushed under the train to feed the machine.
And that should not be.
Then US citizenism must be depicted as changed because it was not supposed to be that way.
Bravo!!! fp
"in the Soros summary of Euro woes, he says the key moment when the seeds of Euro destruction were sown into its collective destiny was : when Merkel said after Lehman collapse and TARP; we will solve this in Europe COUNTRY by COUNTRY, not joint and several."
Well, of course he says that.
Soros is a collectivist/global fascist (so long as he remains ultra-wealthy and powerful). He wants a one world government so bad he can barely contain himself, as that would even further increase his power and wealth and the power and wealth of his cronies.
WHO IN HELL CARES ABOUT MILITARY SUPREMACY IF THE GUNS ARE TURNED AGAINST THEIR OWN PEOPLE BY THOSE RUNNING THE NATION.
The seeds of destruction were sown by the 0.1% when they overshoot with their military obsession which went far beyond defending the US populations needs and interest. This is now harvest time for the US population, unfortunately. A bitter harvest.
Now the future is unclear. The system is in danger economically and therefore at its base. The spirit of America is stuck and paralyzed because all choices are bad. But it cant stay as it is now.
The time of drastic changes in the one way or the other is not anymore far.
The world is counting on you Americans, that you solve your problems in a way which is somehow acceptable for the rest of the world. And give order to your military to stop the ever ongoing, completely unjustified bloodshed in so many parts of the world.
After all, it looks like he is just a poor greedy-viagra old man...
George Soros 'offers ex-girlfriend $250,000 to drop $50million lawsuit after he reneged on promise to buy her $1.9million apartment' 03/2012...to 'persuade her' to drop a $50million lawsuit, it has been claimed.
...but it is difficult to deny György's perseverance.
Soros warns on euro rifts 03/1999
Currency speculator George Soros warns that the euro will slump in value due to political divisions within the EU.
Euro slumps as Soros sees gloom 03/1999A political crisis in Germany and a warning from financial guru George Soros sent the euro slumping to record lows.
Soros sees floor for the euro 05/2000 Financier calls for interventionJeezus! How much Viagra does that geezer need to eat in order to get a boner? I better go invest in some Pfizer stock right away!! :-D
I wish i could get a job and make some money , nothing will ever happen, if you have a well paid job and good degree you are not in recession but if you are jobless and has degree from normal college it may hurt your prospects for good future
more over Grades are even important
This is the ultimate truth-Guys from stanford and Harvard will never experience recession only people from normal colleges and degree in psychology or Modern history will experience recession there lot of jobs for researchers in USA and rest of the world
Nanotech research,cancer research, microfludics research and even Microfabrication with New Process mechnism's like LIGA are on hot demand
Only those countries who refuse to spend on research or job creation are experiencing downturn
Just look at Swiss,Sweden,norway,Denmark,Germany,Hongkong,Singapore,TAiwan --there is no Recession over there , enough jobs for highly qualified graduates and doctors
Only if you are from Low profile background you can see recession
It's wonderful to see these illuminati c___s panicking but i can't help wondering if chaos is really part of the plan. Will the chaos be extensive enough to rid us of the existing elite thereby preventing them from comng up with any wizzy new schemes like a global currency/ SDRs/WW III
If they truly want world hedgemony, they will allow the Euro to crash.
That brings down the dollar. In the ensuing panick, they roll up everyone.
But, they have to roll up the countries who don't play Red Shield. By creating war with Islam, they have a perfect storm.
I think that is why, since the Shah fell, we have seen fundamentalists winning in the ME.
Look at the faked revolution promoted by NATO in Syria. Once Syria is gone, like Libya, Iran is alone.
The Russian Tsars hated the Red Shield. When Britain threatened Lincoln during the American Civil War, the Tsar sent warships to America. He wanted to keep America free from Banksters. Red Shield killed off all the Tsar's family via Lenin after 1917.
They need not just Europe pummeled into submission, but also the US, so they can set up a central world government with 1 figurehead to rule.
These bastards are going to wreak total havcok upon the world. The time is now.
Ahhh, the Red Shield...how precious it is!
I would encourage everyone to read a book that can be found in pdf form written by an American Jew, Jack Bernstein, in 1985. He explains the close relationship with One World Government Marxism and Zionism. The most interesting thing to me was his explanation of the New York/Moscow/Tel Aviv Triangle.
Remember, this was a JEW talking! He explains the difference b/t Judaism and ZIONISM. There is a section towards the end giving his predictions for the future if the NY/Moscow/Tel Aviv Triangle is not put down. I almost fell off my chair, as he was describing EXACTLY what is happening RIGHT NOW!
I am not hating on all Jews...I am trying to point out the dangers of political Zionism. It will devour and destroy the whole world if not put down, both non-Jew and JEW alike!
Here is the link: http://ia600308.us.archive.org/12/items/TheLifeOfAnAmericanJewInRacistMa...
Ignore this book at your own risk!
There was a crooked man and he walked a crooked mile,?He found a crooked sixpence upon a crooked stile.?He bought a crooked cat, which caught a crooked mouse.?And they all lived together in a little crooked house.
I rest my case.
One would do well to remember "The Tale of Little Black Sambo" here too.
This is the moment when the European "leaders" become really dangerous. They're like a cat in the corner and will do ANYTHING to preserve their precious union. Not to help the people, but to keep their jobs and reputation. I truly fear their next step because it may be disastrous for democracy and freedom. My hope is that Soros is right and this failed project finally implodes to be replaced by something sustainable with respect for the people of Europe.
(from a European citizen)
...ending with the firebombing of Soros HQ...with the Soros cabal in it.
If you haven't already read it, read The Shock Doctrine.
This is just a classic example of players grabbing hold of the agenda to further their own aims during a time of crisis. A USE/federelism is the last thing your average European either needs or wants..... but they are going to have it thrust upon them anyway. It's what the real powers that be want so there's no choice. Bend over.
Of course we could just go and shoot them to stop them but Europeans aren't allowed to keep guns at home (other than rich elites and bankers who claim they keep them to go shoot game birds out of the sky at weekend as a means of social networking. Nothing to do with personal protection when the shit hits the fan no sirree.)
"...Spiderman towels (which are now trading at negative repo rates) and cross-rehypothecated kitchen sinks are also key components of all future master plans.."
Hey that's triple AAA rated collateral here in Europe
Don't you Yanks get any ideas the ECB will accept any old crap
That's funny, Soros is mentioned in this (illuminating) article:
http://www.pacificrimcoins.com/pacrim/content/rothschilds-and-hong-kong-...
As I've said elsewhere, all going according to plan: JPM controlled demolition, global reserve currency being brought in after global economic collapse, brought to you by the owners of the gold.
Problem-Reaction-Solution. Easy!
good pun!
Long "Ameros"
"My God, Nigel, these amero coins are.... soylent green!"
"It was an equitable solution, Cedrick. Now there is enough money AND food too go around....."
Man, you are soooooooooo right! And astute, at that!
People need to come to terms with the reality that this crisis is totally engineered, has been planned for decades (or centuies), and is Hegelian to the core.
Man, Soros must be a hundred. I bet he eats gold-gilted babies to stay young.
Soros is merely reading the Baltic Dry Index.
Also this from E de Rothschild, about China, is very interesting, entitled 'Governing is Planning':
http://www.edmond-de-rothschild.ch/news/viewpoint/governing-is-planning-...
He and his ilk caused this mess.
"It" was an impossible dream: financial union with no political union, that once enacted became a farce. And all the George Soroses in the world can't save a farce. Soros states that economics is a social science and therefore not subject to scientific "laws" but that is where he is wrong. There are natural laws in all human social interaction that are unbending and will never change, such as "flight or fight" and the instinctual act of "self-preservation". It is this natural law that will determine the fate of the EU and the Euro. Nature does abhore a vacuum. Nature does abhore a farce. And water will seek it's own level.
Goldman Sachs and their cronies seized upon the Europeans' dream of a financial union and egged them on with the intention of using the Euro as a place to secure and grow globalized financial corporations' profits while trashing the dollar to compete with China and the developing world. The bankers always knew the dream could never stand up to a real challenge, but the money was good while it lasted.
...which will only find a resolution once XO crosses 1000 as we and Citi suggested two weeks ago and when the world is truly on the verge of the abyss
really tyler? a resolution, as in a man-made one? or just a resolution as in the natural order of the universe....destruction before rebirth???
How many left wing organizations does he fund in the U.S? He turned over his own people. . It is probably less than 3 month. Remember in Davos,, Gold was in a bubble. Then it was found out that when he said that he was actually increasing his position in gold. He wants the U.S. to collapse.
see this :
http://www.freedomofthepress.net/leftgatekeeperschart.htm
chart of Soros funded organizations
Economics is deliberately confusing, but after fifteen years of study I have cut through the jargon and math and can now explain economics in just one sentence: Economics is the publishing of political agendas that are hidden within known-false assumptions. If one accepts these assumptions then one accepts the hidden agendas. This brilliant method for subliminal programming has been very effective in conditioning the minds of university students. However, I am getting ahead of the bigger picture...
http://jayhanson.us/index.htm
Economics is the publishing of political agendas that are hidden within known-false assumptions...
According to my theory financial markets may just as soon produce bubbles as tend toward equilibrium. Since bubbles disrupt financial markets, history has been punctuated by financial crises. Each crisis provoked a regulatory response. That is how central banking and financial regulations have evolved, in step with the markets themselves. Bubbles occur only intermittently but the interplay between markets and regulators is ongoing. Since both market participants and regulators act on the basis of imperfect knowledge the interplay between them is reflexive. Moreover reflexivity and fallibility are not confined to the financial markets; they also characterize other spheres of social life, particularly politics. Indeed, in light of the ongoing interaction between markets and regulators it is quite misleading to study financial markets in isolation. Behind the invisible hand of the market lies the visible hand of politics. --- GSoros 2012
…laws are above a prince and a tyrant; for the laws and ordinances are not wavering, but always sure and constant, while a human creature is wavering and inconstant, for the most part following his lusts and pleasures, if by the laws he be not restrained.
If a robber on the highway should fall upon me, truly I would be judge and prince myself, and would use my sword, because nobody was with me able to defend me; and I should think I had accomplished a good work; but if one fell upon me as a preacher for the Gospel’s sake, then with folded hands I would lift up mine eyes to heaven, and say: “My Lord Christ! here I am; I have confessed and preached thee; is now my time expired? so I commit my spirit into thy hands,” and in that way would I die. --- exerpt from "Of Constrained Defense" by the original Martin Luther
Your point is?
Your point is?...
Following on the view that political agendas follow known false assumptions only showing themselves in the economy of the land(s) that adopt the beliefs, it’s telling that according to GS, his “theory” assumes as fact that bubbles are a necessary occurrence. In reality as he says, unless his invisible hand governing (s)elected officials and their attempts to circumvent natural law, bubble, boom/bust cycles would not occur. I disagree.
Further, if virtuous people, including “Christians” fully understood that protecting oneself to the point of death against a foe is a virtue in the proper context, i.e. defending against the sort of GS influences that stand in opposition to natural law in our land. I cite the original M. Luther for this to defend the historical context of such a right as he shows a distinction between martyrdom and defense.
I apoligize for the lengthy response, I didn't have time to write a shorter one. ---- A.Lincoln (I think)
"Nowadays, although more and more of us understand the fact that we live, not in a democratic republic (as we were taught in school), but under a plutocracy, most still suffer from what Richard Grossman and Ward Morehouse call the "colonization of our minds [1], [2]", the corollary of which is the "TINA" (There Is No Alternative) phenomenon. The fact is, there are alternatives to this evermore distintegrative "way of life". But in order to change this society so the seventh generation yet unborn may, once more, have the opportunity to live their lives to the fullest, each one of us must transform our own conditioned thinking from that of programmed consumer into liberated citizen. " etc., etc., etc. http://www.ratical.com/corporations/
Isn't that old vampire, Soros, dead yet?
In sum, once Germany fails to save the Euro, my cronies and I will step in and take over Europe and everything else.
Sincerely, George
(P.S. The reason I'm calling for 3 months is that my doc has given me 2 years to live. I need to move this show along and command the world before I'm six feet under. Thx.)
Three months? More like three weeks.
Yeah I wondered about that too...
But I have been consistently amazed at how successful TPTB have been at kicking the can down the road...... so maybe 3 months or this fall is not that unrealistic...
Here's a great "master plan":
Get rid of the stupid euro and go back to what worked for thousands of years, each country defending their own currency. Or, surrender to Belgium.
Soros is kind of like a "Taint Boil" ! I told you Mubarak was faking it in Sharm Al Sheik (sp?)....check my previous posts ! I remember a year ago when Syrians stormed the Golan heights border fence....what did they know and when did they know it ? They didn't have a clue how profetic they were....I call it "Profetic Humour" ! How many of them are dead now ? Nothing like death to wipe the stupid smirk off their faces ? Hahahahaha ! Muslim incestual violence means a holiday for my Jews ! Enjoy ! Have a drink on a Haifa terrace and admire the sunset ! Europe implodes, Muslimdom (Muslimdumb) implodes ! How sweet it is ! Hey, Socialist scum, I shit in your mother's milk ! (Hemingway inspired) Socialism is Fascism ! Monedas 1929 Comedy Jihad Happy Days
The fact that soros is promoting an integrated Europe.
Should be enough to make most people Very,very, scared.
Run away good people, the "black hand" is coming to "save" you
Bwahahahah...
I get a kick out of Charlie Munger and Warren Buffett disparaging gold as an investment. To me it's kind of like Pfizer telling everyone sexual enhancement is really not a legitimate pharmaceutical product. Please take a look at Berkshire Hathaways gold portfolio. And yes it is Physical gold...
1) Ridgeline Group owns several gold manufactures and wholesalers whose inventory is yes, physical gold
2)Pease and Curren. A major refiner and purchaser of prescious metals. from their website...." Pease & Curren began refining in 1916 in Providence, RI and refines GOLD, SILVER, PLATINUM, and PALLADIUM. As a nationally recognized leader in the industry, we refine all of our own gold and do not sub-contract out any part of the refining process. Pease & Curren provides a true fire assay and does not rely on x-ray or chemical analysis. We continually invest in human capital and technology to improve the accuracy and efficiency of our processes. Our goal is to partner with our customers and assist the following types of businesses to reclaim their precious metal waste:"
3) This one you will love.."Richline Group will acquire the U.S. precious metals division of the Cookson Material Products Group in the second quarter of 2012. & from Cookson's U.K. website....."Cookson is one of the UK's largest scrap gold buyers, and has been processing gold scrap for over 10 years. As the UK's largest Bullion dealer you are guaranteed a reliable, fast and efficient service, backed by a dedicated team. We process scrap gold and scrap silver from all aspects of the jewellery business whether its from the actual jewellery manufacture process, old retail window stock, or simply unwanted old or broken jewellery."
4) Rumor is Bershire is negotiating to purchase Italy’s largest gold manufacturer, Uno a Ere. “A Richline spokesman declined comment on a Reuters report that suggested it is about to purchase Italian jeweler UnoAErre.”
5) Gold manufacturer Aurafin
6) Gold wholesaler Bell- Oro
7) Gold wholesaler and Home Shopping favorite ..Michael Anthony
8) Gold Jewelry wholesaler Sardelli & True Kay
Got give it to Warren. He buys physical below market and can either sell at market or added value to jewelry retailers and manufacturers. Perhaps coming to your neighborhood in the not too distant future a Warren Buffet “Cash for Gold” store.
Can you find an American who loves this country to comment on whats happening rather than this fucking trash?
I love the Libertarian concepts upon which this country was founded ! I hate the brain dead, zombie Socialists who have greedily destroyed it ! The world is so out of phase with Liberty....it defies explanation....perhaps it's a three ring, Socialist "Snuff Circus"....everyone's invited....to die ? Monedas 1929 Comedy Jihad Don't Blame Me
When the future looks less acquired, nothing more comfortable than the certainty of a fabled past.
Signed: a US citizen
What keeps this old fossil kicking is your hatred.
If you REALLY want him to go away, don't pay ANY attention to him. The side benefit is that ZH doesn't then look like a KINDERGARTEN FOOD FIGHT.
Manson said it best..."Keep that hate coming folks...it's all that keeps me going in here"
one rumor that Europe is on the verge of fixing everything, or failing that, planning for a master fix, OR failing that, planning for a master plan to fix everything.
Reminds me of Delta House being on double secret probation.
Great analogy..... lol...
Or the German's bombing Pearl Harbor ...
My suggestion to my Greek relatives was to organize a Toga party but they're too busy crying into their Nou Nou
Yeah ! Soros and Michael Fox hang out behind Planned Parenthood abortion clinics and suck the stem cells out of discarded babies ! They claim it taste just like cum ! Kind of a "Human Caviar" ! Monedas 1929 Comedy Fatwa On Michael Fox....may he suffer in Liberal Limbo until he mans up and apologizes to Rush Limbaugh !
Soros is nothing but a barbaric relic of ancient times! his comments and recomendations should be sewn in a mattress then burned..
http://thediplomad.blogspot.com/2012/06/mad-madder-and-madderer-european...
"The Euro-fanatics, in a bid to save their sacred coin, are going to provoke a global economic catastrophe. I have written before several times about the fallacious thinking behind the EU and the Euro, and its dire consequences for Europe and the world. To sum up, this EU/Euro project was motivated by envy of and animus for the United States. The EU is formed largely by a bunch of bureaucrats from nations that are has-beens, never-weres, and never-will-bes. The EU reps I have encountered in my career were the most insufferable and boorish dolts imaginable--but very well paid. They could barely contain their hatred for the United States, and liked to brag endlessly about how "Europe" was going to be the next super-power. They attributed all sorts of magical properties and events to "Europe," e.g., winning the Cold War, keeping the peace, designing an economic system that was the envy of the world, etc. The Euro currency would be the crowning achievement: a mighty amulet that would ward off the evil Americans and their almost as evil and deluded stooges, the British (Note: EU bureaucrats, as a rule, do not like the British, consider them only partially European, resent their rejection of the Euro, and, above all, detest the special military and intelligence relationship between the UK and the US.)"
Uhm, harsh words to follow?
Dude, those who run things in Europe are the same runnig things in the U.S.-
Different branch of the same family, but family quarrels over how things get divided (WW1, WW2, etc) happen every 50 years or so ... you know, the young whippersnappers dont like the deals their fathers signed and such ...
And Goldman et al used/played that animus to the hilt in aiding and abetting the creation of the Euro and profitted handsomely from it. What fools the Europeans were.
Soros is the man, he makes money consistently out of government ineptcies market delusions and people using fake economics. He is very bright and motivated by his self-interests. Brilliant man, brilliant speculator. If we had a Gold or bimettalic system, he could not have made much so much money out of governments´imbeciles so he would probably have ended-up as a philsophy professor. Go on Soros continue to make money out of the idiots.
Well, then, let's applaud North Korea, Assad, Pol Pot, Hitler and Stalin....for profiting from human misery ! All hail the visionary ghouls ! Monedas 1929 Comedy Jihad Barney Frank Admires George Soros, Too !
They deserve no applause when you have US citizens. Those people know how to profit from human misery as nobody else.
are you miserable? are you human? The US Citizen profiting from you?
Applause!
If the euro collapses, just imagine the dollar's fate. The strong dollar would crush exports and deepen our own recession perhaps.
ZH could post me and others as well; we've been saying this for months now:
"Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly valid laws governing reality. But economics is a social science and there is a fundamental difference between the natural and social sciences."
The orthodox applied to a social science will never lead to happy endings.
Plus, the Eurozone was born as a Frankenstein creature with very different country's economies coarsely sewed together with the "help" of Goldman Sachs and other finantial "genius" none of wich gave and give a shit about people whatsoever.
On the other hand at this point everybody knows there were other goals but a "United Europe" at the basis of the Euro creation. Fireworks will shine again on the sky, I'm afraid it's gonna be a different kind of fireworks. The "Euro success" lasted 10 years, same as "U$D convertibility" in Argentina. It now seems it's the time needed to plunder weak economies and sack misinformed people.
By the way, what can we expect from a finantial system shaped and ruled by this èlite, this "large family" (much like a mob, even worse) such as the Rotschilds, their lawsy cartel (Rockefeller's, Morgan's, etc.) and their perverse institutional architecture. We shouldn't expect any better on the horizon as well as these "masters" keep running things.
To save people the slog, I'd like to summarize the entire Soros post using only Yogi Berra quotes ...
On his philosophy of knowledge ...
On the history of the Euro ...
On the fate of the Euro ...
On the next 3 months ...
On the fate of the Euro ...
When you come to a fork in the road, take it.
Who the fuck listens to George "I-never-met-inside-information-I-didn't like" Soros? Him and his butt buddy Warren "you-pay-taxes-not-me" Buffett are crony capitalists operating in fascist states that bestow favored monies and information. Without inside info, neither one of these asshats could make a fucking dime.
http://vegasxau.blogspot.com
Snotty "Euro-Fucks" looked down on us "Amerrykin Hicks"....then they tried to imitate us ? Immitation is the sincerest form of flattery a monkey is capable of ! Monedas 1929 Comedy Fatwa On Socialist Visionaries
5 minute read and review of just the "speech":
So the first couple of paragraphs conclude that all economic theory that we are operating under is a failure. Next, is the realization that he was correct all along and we need to operate under Sorosonomics a new economic theory where you eliminate any "scientific" proofing. Interestingly, he is leaving out the part where you have some well connected friends that feed you information and the part where you blackmail, threaten or "negotiate" for more profit. It also looks like he wants to cash in on Reggies work regarding the Boom Bust blog. Of course he can't mention him by name, because he is black.
It 's hard to make sense of some of the delusional ramblings.. Authorities make money on interventions,only Greece is in a fiscal crisis, never heard of Nigel Farage talking about the Euro's unsustainablilty.
Ahhh here is the rub, it seems if nationalism is rising as banks consolidate in their home countries and may delay the takeover of the world by white Europeans. It seems like he wants to urge (threaten) Germany to once again to lead with an iron fist to preserve the Euro. Otherwise, they will be holding a shitload of worthless paper (where have I heard that before?)
So overall, he wants to right the path of history, to get back on the track that old white people in Europe are writing with no regard to the actual facts. This line of thinking is proven through Sorosonomics, the study of ecomonics with all actual science removed. This is a swing for the fences when someone knows they have no other options after finding out they or their idea has terminal cancer.
I would just like to point out that the money and power behind this small group of "white europeans" that you speak of are in fact not white europeans at all for example George Soros who is a zionist khazar. This isn't a race issue, all races are being subjegated and raped to varying degrees by this small minority who in NO WAY represent white european interests.
http://www.youtube.com/watch?v=QJ882QYzr-M
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"If you can never transcend the mediocrity of the Socialist mind set....you will never really have any genuine Karma !"....Monedas 1929 Comedy Karma Sutra Sitz Bad
Samuel Adams said it best:
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."
"No people will tamely surrender their Liberties, nor can any be easily subdued, when knowledge is diffused and Virtue is preserved. On the Contrary, when People are universally ignorant, and debauched in their Manners, they will sink under their own weight without the Aid of foreign Invaders."
Soros is a PUKE!
This article tells it like it is, he is souless...
George Soros, Nazi Obsessed
by Kyle-Anne Shiver • February 18, 2011
George Soros has a Nazi problem. I don’t say that lightly. In fact, I regard those who go around calling people Nazis without substantial verification of such an allegiance to be either without conscience or without strong mental moorings.
So, who was the most prominent individual of the past decade to use the Nazi smear against another public person? That would be George Soros himself.