George Soros on G20 Deal - TV interview

First a little background:

George Soros... (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is an American currency speculator, stock investor, businessman, philanthropist, and political activist.

Soros is estimated currently to be worth around $11.0 billion in net worth; he is ranked by Forbes as the 29th-richest person in the United States and has given away $6 billion to charities and his favorite causes since 1979.

Soros is chairman of Soros Fund Management and the Open Society Institute and is also a former member of the Board of Directors of the Council on Foreign Relations. He is also one of three initial funders of Center for American Progress, and is represented on the board.

His funding and organization of Georgia's Rose Revolution was considered by Russian and Western observers to have been crucial to its success, although Soros said his role has been greatly exaggerated. In the United States, he is known for having donated large sums of money in a failed effort to defeat President George W. Bush's bid for re-election in 2004...

Source

Council on Foreign Relations, eh? A Bilderberger no doubt.

Here's something I can agree with:

In an interview regarding the economic crisis of 2008, Soros referred to it as the most serious crisis since the 1930s. According to Soros, market fundamentalism with its assumption that markets will correct themselves with no need for government intervention in financial affairs has been “some kind of an ideological excess”. In Soros´ view, the markets´ moods — a “mood” of the markets being a prevailing bias or optimism/pessimism with which the markets look at reality — “actually can reinforce themselves so that there are these initially self-reinforcing but eventually unsustainable and self-defeating boom/bust sequences or bubbles”.

(Source as above)

As to that last remark, all I can say is: the recent suckers' rally is a perfect microcosm!

Anyway, what's he's got to say about the outcomes and achievements of the G20? Let's see how much reading between the lines we can do here folks (remember, we are talking CFR here):


Link to video


Here are a couple of things from his final remarks that got me thinking:

It's not enough to regulate money - you also have to regulate credit.

Sounded very pointed: a pre-prepared sound-bite, dare I say it? It strikes me one possible explanation is to divert attention away from the derivatives bubble as the prime cause of the systemic breakdown by focussing public attention on the sub-prime fiasco.

He then talks about the "special drawing rights" - as "the creation of international money" - being something new (and clearly very positive in his estimation). This is then followed up with a PR gloss about how the richer countries could donate their drawing rights to developing countries. But surely that would only place the latter in big debt to the IMF? OK George, what you really mean is they've agreed a wonderful new strategy for gaining major leverage over countries as yet not a part over the globalist movement. How very, very philanthropic...

And one last subtle message he was promoting: the G20 has taken important steps in the right direction, "but not all the steps".

Can't wait.

I love George Soros. I think the following lines sum up why he's an OK guy: "Soros is estimated currently to be worth around $11.0 billion in net worth... and has given away $6 billion to charities and his favorite causes since 1979."

I think he's right about the market fluctuations -- but this has existed forever. It's how speculators/traders make money (himself included). So it's beneficial for "market players," but detrimental to "amateur investors" (myself included). I'm not sure if there is anything really in need of being corrected here, and I don't think you could correct that problem without a very complex overhaul to the way stock exchanges work.

Despite how much China and other countries seem to praise the IMF, I still think it stinks . Their SDR basket is comprised of: 44%USD, 34%EURO, 11%JPY, 11%GBP. Not a terrible basket, really. I don't think the SDR is going to be replacing anyone's currency, though -- except maybe Zimbabwe .

Also, regulating credit and regulating money seem to go hand in hand, as they are both essentially the same thing. We all know (or at least I hope we all know by now) that the issuance of credit from lending institutions is a form of monetary creation, which adds money to the existing supply, and thus water's down your koolaid -- so to speak. I think all he is asking for, as most people have been complaining about lately, is that banks stop lending out 30$ (or more) for every 1$ they have on deposit. Which is a great idea, if I don't say so myself .

pause4thought
It strikes me one possible explanation is to divert attention away from the derivatives bubble as the prime cause of the systemic breakdown by focussing public attention on the sub-prime fiasco.

What derivative bubble are you talking about? I don't think there's been any mayhem caused by any derivatives (yet, at least), and honestly, I don't think there will be (unless you include credit default swaps). Maybe I just need to learn more about the situation, but so far, everything looks relatively settled and non-apocalyptic.

It's always irritated me about how people tend to ignore the issues around George Soros.

He is the one who pretty much carried the Obama team to the Whitehouse through his pets ACORN, DemocracyNow, etc.
This guy has always given me bad feelings and I never have liked him.
Much of his charitable work in my opinion is a smoke screen to make him look like the good guy or at least the innocent one.

You people want answers, here's your answer as to who one of the main players pulling the strings behind the scenes is. George Soros.

What derivative bubble are you talking about? I don't think there's been any mayhem caused by any derivatives (yet, at least), and honestly, I don't think there will be (unless you include credit default swaps). Maybe I just need to learn more about the situation, but so far, everything looks relatively settled and non-apocalyptic.

I beg to differ. Here's a succinct summary, including some definitions:

Originally posted by HimWhoHathAnEar

We must first identify the immediate cause which has detonated the present unprecedented turbulence. That cause is unquestionably the $1.5 quadrillion derivatives bubble. Derivatives have provoked the downfall of Bear Stearns, Countrywide, Northern Rock, Lehman Brothers, AIG, Merrill Lynch, and Wachovia, and most other institutions which have succumbed. Derivatives have made J.P. Morgan Chase, Bank of America, Citibank, Wells Fargo, Bank of New York Mellon, Deutsche Bank, Société Générale, Barclays, RBS, and money center banks of the world into Zombie Banks.

Derivatives are financial instruments based on other financial instruments paper based on paper. Derivatives are one giant step away from the world of production and consumption, plant and equipment, wages and employment in the production of tangible physical wealth or hard commodities. In the present hysteria of the globalized financial oligarchy, the very term of "derivative" has become taboo: commentators prefer to speak of toxic assets, complex securities, exotic instruments, and counterparty arrangements.

At the time of the Bear Stearns bankruptcy, Bernanke warned against "chaotic unwinding." All of these code words are signals that derivatives are being talked about. Derivatives include such exchange traded speculative instruments as options and futures; beyond these are the over-the-counter derivatives, structured notes, and designer derivatives. Derivatives include the credit default swaps so prominent in the fall of AIG, collateralized debt obligations, structured investment vehicles, asset-backed securities, mortgage backed securities, auction rate securities, and a myriad of other toxic variations. These derivatives, in turn, are pyramided one on top of the other, thus creating a house of cards reaching into interplanetary space.

www.rense.com...

Until the root cause is arrested we will see bailout excitement as the only tradable commodity. The only way to break these contracts is an Economic Emergency Declaration from the president. That would mean an admission that something is wrong and probably won't happen until it's too late. Much easier just to print money.

JP Morgan holds some $90 Trillion of derivitaves by itself!

Grateful acknowledgements to HimWhoHathAnEar (-taken from this post).


[edit on 7/4/09 by pause4thought]

reply to post by pause4thought


Pause...you and I think along the same lines...

Soros is an interesting man...
I think that George Soros is no friend of the U.S. economy, and has been betting, hoping and hedging that the American economy would fail for quite some time. He seems gleeful as he drools over his comments that the U. S. recovery is far off and banks are basically insolvent.

And he ultimately is wishing for the US dollar being replaced as a world reserve currency...

The largest problem I see with Soros, and the U.N. Panel that are reccomending a currency basket comprised of dollars, euros, yen and sterling...is that they will take away the rights of the people. As with the new FSB -Financial Stability Borard-outlined in the G20 summit they are creating a ruling group that will not be accountable or elected by a voting people.

And that is a problem...unless we think that these men who will end up ruling the world are benevolent. Not!

reply to post by burntheships


Well said. I sure don't remember any politicians asking the people whether they wanted any of this.

Let's listen to the man again. Here are a couple of short clips courtesy of RetinoidReceptor:

George Soros speaks again

Source

He admits the system has been on artificial life support since the collapse of Lehmann Brothers. Then:

"This has had an unintended negative consequence for the rest of the world..."

Not convinced by the "un" part. Can anyone say 'problem, reaction, solution'?

Here it comes:

Ostensibly countries that were unable to put their banking systems on 'artificial life support' can now only be saved by the lifeline offered by the G20.

"Particularly I'm very keen on the issue of special drawing rights..."

Really? Increased potential for debt enslavement to a non-elected body sounds great to me too.

"It effectively puts buying power into the hands of the least developed world..."

Very flowery language, George. You mean debt, really, don't you? Aka obligation.

Nothing to do with sucking / suckering yet more nations into the globalist agenda...

"We did not succeed in recapitalizing the banks to the point where they can lend freely to business..."

Once you get away from international politics you make a lot of sense George. Except some believe your globalist agenda signifies you don't actually want the national financial systems to succeed.

***

Second video:

"What is your view on the dollar keeping its status as the world reserve currency?"

"-I think the system will have to be modified, because the way the system worked, we imposed discipline on everybody else except ourselves, because we could print our money..."

So why not consider insisting on a prudent framework on the home front instead of jumping to a solution based on a global non-elected supra-governmental body. Nothing to do with your time at the Council on Foreign Relations, I suppose?




[edit on 7/4/09 by pause4thought]