Soros sees end of US-led globalized market system

Source: Reuters

WASHINGTON, Oct 12 (Reuters) - Billionaire investor George Soros predicted on Sunday that the financial crisis would mean the end of a U.S.-led market system that has dominated the global economy with debt and deregulation since the 1980s.

"Globalization, America as the center of the globalized financial markets, was sucking up the savings of the world," Soros said in a CNN interview.

<snip>

"This belief became the dominant creed. And this, then, led to the globalization of markets, the deregulation of markets and the increased use of leverage and all the financial engineering," Soros said.

"This whole enormous construct is built on false conceptions," he added. "You can go a very long way. But in the end, reality rears its ugly head and that's what happened now."

<snip>

"The age of Reaganism is over," Sachs said in a separate CNN interview. "The no-regulation, low-taxes (philosophy) has broken the back of our economy. We now have to get serious about reconstructing normal government that pays its way and a normal financial sector that's properly regulated."

Read more: http://www.reuters.com/article/bondsNews/idUSN1242219120081012?sp=true

.

That much is fairly obvious at this point.....

Sorosonomics--learn it, we'll be hearing it for the next twenty years.

Wasn't he one of the big financiers of the Democratic resurgence? Why are you all so against him? Have I missed something??

...The guy is a British citizen and agent influencing U.S. politics. That says volumes right there:

<snip>
George Soros: Imperial Wizard/Double AgentCovert Action Quarterlye-mail: info@covertactionquarterly.org by Heather Cottin December 9, 2003

This is not a case of narcissistic personality disorder; this is how GeorgeSoros exercises the authority of United States hegemony in the world today.Soros foundations and financial machinations are partly responsible for thedestruction of socialism in Eastern Europe and the former USSR. He has sethis sights on China. He was part of the full court press that dismantledYugoslavia. Calling himself a philanthropist, billionaire George Soros' roleis to tighten the ideological stranglehold of globalization and the NewWorld Order while promoting his own financial gain. Soros' commercial and"philanthropic" operations are clandestine, contradictory and coactive. Andas far as his economic activities are concerned, by his own admission, he iswithout conscience; a capitalist who functions with absolute amorality.Master-builder of the new bribe sector systematically bilking the world Hethrusts himself upon world statesmen and they respond. He has been close toHenry Kissinger, Vaclav Havel and Poland's General Wojciech Jaruzelski. Hesupports the Dalai Lama, whose institute is housed in the Presidio in SanFrancisco, also home to the foundation run by Soros' friend, former Sovietleader Mikhail Gorbachev. Soros is a leading figure on the Council ofForeign Relations, the World Economic Forum, and Human Rights Watch (HRW).In 1994, after a meeting with his philosophical guru, Sir Karl Popper, Sorosordered his companies to start investing in Central and Eastern Europeancommunications.The Federal Radio Television Administration of the Czech Republic acceptedhis offer to take over and fund the archives of Radio Free Europe. Sorosmoved the archives to Prague and spent over $15 million on theirmaintenance.

A Soros foundation now runs CIA-created Radio Free Europe/RadioLiberty jointly with the U.S. and RFE/RL, which has expanded into theCaucasus and Asia. Soros is the founder and funder of the Open Society Institute. He created and maintains the International Crisis Group (ICG) which,among other things, has been active in the Balkans since the destruction ofYugoslavia. Soros works openly with the United States Institute of Peace -an overt arm of the CIA...When anti-globalization forces were freezing in the streets outside NewYork's Waldorf-Astoria hotel in February 2002, George Soros was inside addressing the World Economic Forum. As the police forced protesters intometal cages on Park Avenue, Soros was extolling the virtues of the "OpenSociety" and joined Zbigniew Brzezinski, Samuel Huntington, Francis Fukuyamaand others.

WHO IS THIS GUY?George Soros was born in Hungary in 1930 to Jewish parents so removed fromtheir roots that they once vacationed in Nazi Germany. Soros lived under theNazis, but with the triumph of the Communists moved to England in 1947.There, Soros came under the sway of the philosopher Karl Popper, at theLondon School of Economics. Popper was a lionized anti-communist ideologueand his teachings formed the basis for Soros' political tendencies. There ishardly a speech, book or article that Soros writes that does not payobeisance to Popper's influence.Knighted in 1965, Popper coined the slogan "Open Society," which eventuallymanifested in Soros' Open Society Fund and Institute. Followers of Popperrepeat his words like true believers. Popperian philosophy epitomizesWestern individualism. Soros left England in 1956, and found work on WallStreet where, in the 1960s, he invented the "hedge fund.""...hedge funds catered to very wealthy individuals... The largely secretivefunds, usually trading in offshore locations. . produced astronomically superior results.

The size of the "bets" often became self fulfillingprophecies: 'rumors of a position taken by the big hedge funds promptedother investors to follow suit,' which would in turn force up the price thehedgers were betting on to begin with."Soros organized the Quantum Fund in 1969 and began to dabble in currencymanipulation. In the 1970s, his financial activities turned to:"Alternating long and short positions... Soros won big both on the rise ofreal estate investment trusts and on their subsequent collapse. Under his20-year stewardship, Quantum returned an amazing 34.5% a year. Soros is bestknown (and feared) for currency speculation.. . In 1997 he earned the raredistinction of being singled out as a villain by a head of state, Malaysia'sMahathir Mohamad, for taking part in a highly profitable attack on thatnation's currency."Through such clandestine financial scheming, Soros became amultibillionaire. His companies control real estate in Argentina, Brazil,and Mexico; banking in Venezuela; and are some of the most profitablecurrency traders in the world, giving rise to the general belief that hishighly placed friends assisted him in his financial endeavors, for politicalas well as financial gain.George Soros has been blamed for the destruction of the Thai economy in 1997. One Thai activist said, "We regard George Soros as a kind of Dracula. He sucks the blood from the people."

The Chinese call him "the crocodile,"because his economic and ideological efforts in China were so insatiate, andbecause his financial speculation created millions of dollars in profits asit ravished the Thai and Malaysian economies.Soros once made a billion dollars in one day by speculating (a word heabhors) on the British pound. Accused of taking "money from every Britishtaxpayer when he speculated against sterling," he said, "When you speculatein the financial markets you are free of most of the moral concerns thatconfront an ordinary businessman.. .I did not have to concern myself withmoral issues in the financial markets."Soros has a schizophrenic craving for unlimited personal wealth and a desireto be thought well of by others:"Currency traders sitting at their desks buy and sell currencies of ThirdWorld countries in large quantities. The effect of the currency fluctuationson the people who live in those countries is a matter that does not entertheir minds. Nor should it; they have a job to do. Yet if we pause to think,we must ask ourselves whether currency traders.. .should regulate the livesof millions."It was Soros who saved George W. Bush's bacon when his management of an oilexploration company was ending in failure. Soros was the owner of HarkenEnergy Corporation, and it was he who bought the rapidly depreciating stocksjust prior to the company's collapse. The future president cashed out atalmost one million dollars. Soros said he did it to buy "politicalinfluence." Soros is also a partner in the infamous Carlyle Group. Organizedin 1987, "the world's largest private equity firm" with over twelve billiondollars under management, is run by "a veritable who's who of formerRepublican leaders," from CIA man Frank Carlucci to CIA head George Bush,Sr. The Carlyle Group makes most of its money from weapons expenditures.

THE PHILANTHROPIST SPOOKIn 1980, Soros began to use his millions to attack socialism in EasternEurope. He financed individuals who would cooperate with him. His firstsuccess was in Hungary. He took over the Hungarian educational and culturalestablishment, incapacitating socialist institutions throughout the country.He made his way right inside the Hungarian government. Soros next moved onto Poland, aiding the CIA-funded Solidarity operation and in that same year,he became active in China. The USSR came next.
<MUCH MORE>

http://left.ru/inter/2003/december/soros.html

in his seditious activities in Communist countries, and had no idea of the larger picture.

What a shame. I wanted to like him, if only for giving Pinochet-lovers, Lamont and Thatcher, bloody noses in the sterling debacle. That Carlyle Group business is the last straw.

He supports progressive causes to the degree that they corporate capitalism is propped up.

Some of them claim he was running the Dem Party and we all got our marching orders from him. Major tinfoilhattery.

I've dealt with Soros folks for almost two decades. I was there when he went to the baltics, donated seed money, funded their internet programs, educational, social, artistic stuff. I saw how he and his organization did more to bring medicines and other aid to those in need.

You may disagree with some of his decisions and tactics, but, unless you see how much good he has done worldwide, you have to be watching Fox news and listentin to Rush and Sean each day. That man is a hero and should be thanked by us.

money to plant programs for good.

and was more responsible for the fall of communism than anything Reagan ever did.

I agree with you wholeheartedly. He doesn't deserve the derision shown on this thread at all. He is NOT a tool of the CIA.

It's all about the money, everything else is PR.

In the baltic states, he created, funded, hired, and supported several groups, and when they were able to hire locals, train them about the nuts and bolts, he did the next best thing. He wrote off his seed money, and let them sink or swim on their own. Banking, arts, literature, publishing, medicine, transport infrastructure, internet access, and more all became self supporting because he allowed people to have enough support to get started, and to succeed. Even if a project had a huge start up cost, he provided it. If they needed more training, he made that possible.

OK, so you have an understandable distaste for brilliant, lucky rich foreigners. Too bad for you. Some of them have done a lot of good in this world. Pity your mind is too closed to understand that.

Republican economist any day of the week. You don't make sence.

program, supported NAFTA and GATT who gave money to the Democratic Party also. Soros is Shock Doctrine disciple. He may give to good causes but he helps create them also. Talk to the Asian Nations about happened to them in the late 90's because of him.

"Six Years After Cheney Said ‘Deficits Don’t Matter,’ The National Debt Hits A 50-Year High"

This will be 1/2 of junior's legacy. Iraq is the other half.

Two colossal blunders. Two blunders our children, grandchildren and great-grandchildren will be paying for.


I love the chart in this article:

http://wonkroom.thinkprogress.org/2008/10/02/cheney-deficit-debt/

:grr:

:argh:

I just didn't think it would take so long for everyone else to figure it out.

long before he retired several years ago, that DE-REGULATION and TRICKLE DOWN ECONOMICS was just a blatant way for the RICH TO GET RICHER!!

Ronnie RAY-Guns made many friends EXTREMELY rich, too bad TOO MANY PEOPLE never paid attention!! I've been screaming about it since it happened. The usual reply from those who disagreed with me was... "what do you have against capitalism?"

Nothing wrong with capitalism if it's shared fairly, but that's ONE THING that never happened! I could go on, but it would take much too long and I'm too fed up! We've been paying for this idiotic pipe dream of his for more years than we should have! I blame an uninformed public for this too!

Yes, reality's a bitch isn't it? What have we, the victims of this fiasco, been saying forever?

Too bad the "successful" financial "experts" of Reaganomics couldn't figure that out with logic (like the rest of us) instead of having to crash into the ultimate, real, endpoint of their mass delusion they spun around the globe.

They never would've admitted it otherwise. And if the financial elites weren't so incredibly greedy, they probably could've kept the misery for the rest of us going for a lot longer.

Whatever it'll cost us, it's worth it if those whacko ideas never gain credibility or power again.

USA! USA! USA!

Get your bullhorn. We're Number 1. Oh that's right. We're not.

This is where hubris will get you.

For undermining the US economy. A few years late, but better late than never.

Reality is Ronald Reagan was a president of ideals which he never saw and certainly never understood were being trashed by all the "neo-conservatives" who tagged along with George HW Bush. Most if not all of this was put into motion by George HW Bush and then by Bill Clinton and then by George W Bush. And will be continued with McCain. Although they would have preferred it to have been continued with Hillary Clinton. The Republicans always know, particularly these "neo-conservatives" whom Nancy Reagan referred to as extra-chromosome conservatives, who is most loyal to them. But then, again, along came Barack Obama.

He trusted his advisors. And obviously shouldn't have. Nancy Reagan never did. The one times she should have set her foot down as she was known to do was when those advisors insisted on George HW Bush and even George Will who along with everyone else in Washington blows with the wind on everything knows it. She wanted Paul Laxalt. Not George HW Bush.

In all likelihood he knew very little about Iran-Contra but it makes for good propaganda. And Democrats are good with propaganda as well apparently.

Rough Rider Ronnie was Mr Trickle Down economics, and even Bush called it voodoo economics when he ran against him for the republican nom.
Give credit where it is do. Ronnie was an economic nightmare, and the start of this nonsense

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...and he started that shit in my state, doing things like cutting social programs, shutting down state mental hospitals, which put their inmates out on the street. Then when he was president, the homelessness in the US got out of control! Honestly, when I was young we would see a few "bums" every once in awhile, but that bastard Reagan put whole families on the street.

I'm so sick and tired of the beatification of Saint Ronnie of Reagan! The man started the economic meltdown, the breakdown of the middle-class, and abetted the spread of AIDS (he ignored it when he could have funded it in its nascent days, saving countless lives). We in California know him for what he is!

That being said, the wrong Republican president's son got elected! I'd love to see a Pres Ron Reagan Jr.

with his shitty policies...then infected the rest of the country with the same madness...said decline is now showing up in the rest of the country...once again, California leads the way!!!:sarcasm:

P.S. And the idiots who fell under his spell wanted Raygun on Mt Rushmore! :rofl:

was announced? Thanksgiving weekend during Reagan's term. A Happy Holiday sort of thing.

support? I don't know how old you are, but I was 31 yrs old when that union busting, torturing- murderous- RW dictator -supporting, poor and minority killing, AIDS ignoring homophobic Fundi kissing, piss-down economics old fraudulent murderous bastard was elected. And I've probably forgotten a few of his sterling values.

Maybe your brain is addled by the recent economic turmoil. Turmoil directly traceable to that smiling monster's policies and their fruit.

Goddess, I hope we see pilgrimages to piss on his grave.

I only referred to this. You don't want to deal with the reality because reality is that Bill Clinton was part of it. So you try to divert attention to something else. Doesn't work that way. And most of what you accuse him of again really is laid at the feet of George HW Bush.

But keep hating Ronald Reagan since obviously that it easier than accepting the reality of Bill Clinton.

strange how clinton is always dragged into everything... oh, yeah, that's because everything IS his fault. :shrug:

still, ronzo bonzo was the start of the complete takeover of the gop by the rabid rightwing "so-called christian" fanatics. he was the ultimate sock puppet. at least up until that point.

we have been on a downhill slide ever since that two-bit actor charmed the poor rubes of california.

there MUST be something in the water out there that causes complete stupidity.

i never thought i could hate anyone as much as reagan. boy, was i wrong.

:grr:

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Gramm-Leach-Bliley supported by the Republican Congress. If a bill is veto-proof, can a president refuse to sign it? If so, what does veto-proof mean?

You know, Iran-Contra, supporting the dirty wars in South America (including Negroponte's death squads), selling arms to BOTH Iran and Iraq at the same time...

I cannot BELIEVE anyone here is so misinformed they offer apologia for reagan. Get your head out of the fucking sand!

a tool of GE.

have their nose rubbed in the reality of this economic wreckage. Over and over again.

Then I want to hear them say "I'm sorry".

Then I want them to go off to a desert island and leave us the hell alone.

A nice, warm, luxuriously equipped (perhaps one of the Cayman?) islands, where they can live in luxury off of the money they sucked out of our economy over the last 28 years, leaving the rest of us to try and live in the gutted shell.

Besides, Reaganomics was completely successful at its true objective; bankrupt the commons, bankrupt the public sector, suck as much wealth as possible out of everyone and everything to put in the pockets of the top 0.1%.

Government may not be so small that they can drown it in the bathtub, but it (meaning, We the People) will be so broke that all of us will be living and working on the 21st Century Poor Farm for generations to come.

Sounds like the most frightening words really were:

"I'm from the Republican Party, and I'm here to help (myself)."

This partisan blame gaem doesn't solve a thing. Ronald Reagan was not competent at the point Herr Financial Wizard took over the Federal Reserve. Maybe those who knew believed it was wiser to keep him in the White House and try to prevent George HW Bush from succeeding him.

The 5 (or 6 cant remember) certified, heavily regulated banks in Canada are doing fine (so far).:hide:

and he made more sense than anyone I've heard about this "meltdown" and the causes and cures.

and other important venues. He supported Gore and Kerry, and he puts his money out there for the public good.

pots you don't know about.

Stop looking for heros...start thinking for yourself. That requires research.

It is time for a new day.

While this is painful for the time being, all is well. Obama is the right man, at the right time. We are going to see a tide of change, good things will come from this over the long haul under the Obama presidency.

History is in the making, right before our eyes. Things have to get this bad before real change can be realized. Make no mistake, the transformation is necessary. The only thing we can be thankful for from Bush, is that his failures brought about the end of Reaganomics! He leaves behind a major screw-up, and Obama will rise to greatness with the team he's assembled because of it. Sweet irony...truly, truly, the silver lining in this storm cloud. (Just hold on to your hat on this ride.)

He knows that the bulk of these overnight cash markets are made up of private investors who loan as much as $100 million overnight or did until this began unraveling several years ago and they are not putting one dime into that cash market because they are not willing to lose even the dime. Would you?

The latest puppet of this administration said the world must not move towards protectionism. The world, Mr. Paulson, really has no choice.

Alan Greenspan acts shocked. Why would he be shocked? This is all the result of his economic policy.

but, enjoy your spew.

:eyes: I will never trust them. A slave that thinks his master cares for his well being out of the goodness of his heart is a fool.

Anyone can look at his involvement in South America to see clearly Soros doesnt give a flying f about the small, weak, and often overlooked South American middle class. They lose everything in his chess matches. But people who want a steady supply of drugs running into the US from SA should be thrilled.

edit: to add one interesting tidbit few want to talk about is Soro's interest in uranium in SA and the connection to Iran's being able to enrich it. The further Obama can seperate his presidency from this world changing man, the better.

the Rothschild Banks, in the 60's.

SO is Soros and others trying to tell us that consumerism is a dead animal?? It would have to take much more than this little crisis for the lazy American to change is buying ways..

We have $10 trillion of recognized debt. But behing that is another $50 trillion of liability for future social security recipients, medicare and other obligations that are not recognized as part of the national debt. If a business did this kind of accounting, they would be exposed to crimilar charges (although under the Republicans, those crimes would not be punished. nonetheless, accepted accounting practices require businesses to recognize their future obligations as liabilities. This is a basic tool that shareholders and lenders can use to decide whether to invest in that company.

Under Reaganomics, it is a mad dash to push everything off the books. As a result, if we honor our commitments, it will cost every family in this country almost A HALF MILLION DOLLARS. This is because the Republicans have been dealing themselves bug tax cuts and building up these liabilities off the books. Honest republicans (of which there are a few) knew that it would eventually explode. But most of them welcomes this explosion because the only way forward would be to cut those social programs brutally, and that's what they wanted all along.

I can't believe we haven't been hearing more about McCain's statements that he will cut Social Security. It is time that the public was told the truth. The fascists that have been running this country have extracted as much wealth as they can without completely busting up the system. That's where we stand now.

Everybody's talking about the housing crisis. What caused that? It was a deliberate strategy by the moneyed elite to encourage Americans individually get deeper and deeper into credit. They opened up easy credit for home loans and second mortgages. That led to inflation in home values, which in turn led to people being willing to borrow more and more against the properties in order to maintain "an American lifestyle" even though many of the best jobs had been exported and many of the best companies had been sucked dry by greedy and crooked executives.

It is all part of a plan to extract wealth from Americans individually and nationally.

But don't look now. The only way they got this far was by concealing the vast problem that lies just ahead on the off-budget obligations of Social Security and Medicare. On paper, we have funded these programs well for the next 30 years. But that "paper" is just IOUs. The fascists already too all that money and gave it to their war contractors or other wealth extraction machines. There is not a penny in those funds. The way the system works is that, until now, there have always been more young people funding the programs than there were older people receiving benefits. It has always been known that by 2012 or so, that situation would be reversed. That's why there is supposed to be this big find. All those excess contributions over the years are supposed to be in funds that have tens of trillions of dollars. But those funds have been raided. There is nothing left.

What this means, in practical terms, that by 2012, there will be more benefits paid than there are new contributions. And because there is no fund to draw on, the taxpayers will have to make up that difference. In effect, we will have to fund our social security TWICE.

This is not a distant thing. It starts to happen in just over 3 years, and then gets exponentially worse every year after that.

when a Democratic President is in charge?

equality. Bunch of sh*t is what it is.

:kick:

DO NOT sign on to a NEW WORLD ORDER monetary system!

If there is ever an anti american person in the world - I dont know who it is

He is very pro-American but he has an immigrants perspective.

:shrug:

An end to rightwing policies of economic annihilation like NAFTA? BRING IT ON!

Stop blaming Americans.

Paulson is not fully competent.

Besides that he supports medical marijuana not exactly a popular cause.

And it's very beneficial - my doctors and I have concrete evidence it saved my eyesight.

but Soros funds the campaigns for it... so my point is that he's not such a sold out insider as earlier posts stated...