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George Sorros: “This crisis has the potential to be a lot worse than Lehman Brothers”

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posted on Sep, 6 2011 @ 10:38 PM
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“This crisis has the potential to be a lot worse than Lehman Brothers,” said George Soros, the hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity. “That is why the problem is so serious. You need a crisis to create the political will for Europe to create such an authority, but there is still no understanding as to what the authority will do.”


Need a crisis to create the political will to create such an authority? Sounds a little NWOish Sorros. But we know you want a NWO so no major surprise here.

What is the so called crisis?


As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail, setting off a financial panic like the one sparked by Lehman’s bankruptcy in September 2008.

European policy makers, determined to avoid such a catastrophe, are prepared to use hundreds of billions of euros of bailout money to prevent any major bank from failing.

But questions continue to mount about the ability of Europe’s banks to ride out the crisis, as some are having a harder time securing loans needed for daily operations.

American financial institutions, seeking to inoculate themselves from the growing risks, are increasingly wary of making new short-term loans in some cases and are pulling back from doing business with their European counterparts — moves that could exacerbate the funding problems of European banks.

Similar withdrawals, on a much larger scale, forced Lehman into bankruptcy, as banks, hedge funds and others took steps to shield their own interests even though it helped set in motion the broader market crisis.


And of course the fallout from any banking crisis is not confined to the European continent alone.


Turmoil in Europe could quickly spread across the Atlantic because of the intertwined nature of the global financial system. In addition, it could further damage the already struggling economies elsewhere....

“It seems like the banking sector globally is being hurt on multiple fronts,” said Philip Finch, a bank strategist with UBS in London. “It’s definitely getting worse.”


So do we have another Lehman event to look forward to? And if so, will it prove worse than the GFC in 2008? The jury is still out on the potential for a repeat crisis and how much damage will be wreaked. But suffice to say, it remains interesting to watch developments. Because if there is such another GFC event, there isn't the tools available this time round to avert a meltdown.




posted on Sep, 6 2011 @ 10:44 PM
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Sorros is old. Rilly, rilly old. And he has more money than he could spend even if he was decades younger. Why doesn't he enjoy it?

There is something goulish and indeed a little sad about a man that old still trying to play God with the planet. He's not going to be with us much longer given his advanced age; so why can't he just let well enough alone and quit meddling and messing it up for the rest of us who actually will have to live here? What does he care? I can see somebody old striving to make the world a better place as a legacy or something, but why strive to make it a worse place?



posted on Sep, 6 2011 @ 11:17 PM
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reply to post by surrealist
 


Yes your are right. I watched the collapse of Lehman brothers and prompted me to stock up on a LOT more survival things. We havent recovered from that yet. HSBC was either sold out or in deep. Next I'm guessing is the "too big to fail BOA" bank by their purchase of Countrywide. This was only a ploy to create the size of the mortgages but wont work. It cant. Now the US is suing Bank of america for the sub-prime mortgage mess.

Europe should have had a bigger back-up plan when they created the EU. Back in 2009 they were being held together with duct tape. This is bigger than they want us to know. The Dow and S&P are on a roller coaster ride, and like the recession it hasnt bounced back. From the creation of the EU until now has only been 6 years. Scary!

By mid fall, around the time of the next G-20 summit the DOW will take another plunge! Wall street was never designed to control the economy n a negative way. The idea is that EVERYTHING will "always" go up in value, except cars and mobile homes. Gravity always wins and what goes up must come down.

We will have a new credit system, cashless global society. A NWO, just as they planned. When the IMF had all Countried add a few million to a few billion they assumed that would cover any issues. Wrong!, Now they have no options left. The US is in a fast second place to failure. We see it in our state and federal governments.

We'll weather the storm but I expect much civil uprising and protests, possibly around election time next year. Will they shoot the protestors? They might if they think the tea party is a government take over.

We've brought our nations down and it will only take one or 2 huge natual disasters and federal emergencies to bring down the house of carsds. There is no money left.

If wall street is wise enough to use their bank of mattress that should tell us something.

edit on 6-9-2011 by wonderworld because: (no reason given)



posted on Sep, 6 2011 @ 11:27 PM
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Originally posted by Partygirl
Sorros is old. Rilly, rilly old. And he has more money than he could spend even if he was decades younger. Why doesn't he enjoy it?

There is something goulish and indeed a little sad about a man that old still trying to play God with the planet. He's not going to be with us much longer given his advanced age; so why can't he just let well enough alone and quit meddling and messing it up for the rest of us who actually will have to live here? What does he care? I can see somebody old striving to make the world a better place as a legacy or something, but why strive to make it a worse place?

Imho:
Because: these global-ist; social-ists;commun-ists; nwo-ists" whatever-ist; All to the person believe they are doing good.and they "know" what you and I need whether we want it or not.



posted on Sep, 7 2011 @ 12:09 AM
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Oh how I despise that old scoundrel.



posted on Sep, 7 2011 @ 12:41 AM
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I truly believe that we are seeing history repeat itself. Most economists attribute the length & severity of the Great Depression of the 1930's DIRECTLY to European bank defaults which quickly spread to the US and other parts of the world.


The Great Depression was composed of two separate panics. As you can see from contemporary accounts ... in 1930 people thought they'd seen the worst of things.

Unfortunately, the economic conditions created by the first panic were now eating away at the foundations of financial institutions and governments, notably the failure of Creditanstalt in Austria. The Austrian government, mired in its own problems, couldn't forestall bankruptcy; though the bank was ultimately bought by a Norwegian bank, the contagion had already spread.


Source: georgewashington2.blogspot.com...

edit on 7-9-2011 by buskey because: (no reason given)



posted on Sep, 7 2011 @ 08:59 AM
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Don;t forget for one minute that his son's and daughters have control of hundreds of shell companies that siphon and direct money from the EU. They think just like he does and have a strangle hold used at his direction on monetary institutions around the world and the markets tied to them. The only way to minimize the Soros problem is to deal with the family as a whole. It's not just one unscrupulous man! It's an entire clan of contemptuous criminals!

Zindo



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