Monday, June 28, 2010
Friday, June 25, 2010
The world economy is "eerily reminiscent of the 1930s," Soros said, with governments under pressure to narrow their budget deficits at a time when the economic recovery is weak.
Wednesday, June 23, 2010
"That would be tragic, because then Europe would be threatened by the sort of conflicts between states that have shaped European history," Soros added.
Tuesday, June 22, 2010
It is hardly a sign of confidence in the banking sector when one of the worlds most famous investors sells out of his shareholding. But that is exactly what George Soros has done with Citibank, his fifth-largest punt at the end of last year. In the first quarter of this year he sold off most of his 94.7 million shares, probably doubling his money, and netting over 300 million euros
Thursday, June 17, 2010
Billionaire investor George Soros said, “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen.
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.”
Concern that Europe’s sovereign-debt crisis may spread sent the euro to a four-year low against the dollar on June 7 and has wiped out more than $4 trillion from global stock markets this year. Europe’s debt-ridden nations have to raise almost 2 trillion euros ($2.4 trillion) within the next three years to refinance maturing bonds and fund deficits, according to Bank of America Corp.
“When the financial markets started losing confidence in the credibility of sovereign debt, Greece and the euro have taken center stage, but the effects are liable to be felt worldwide,” Soros said.
One wonders if Soros, who made a name for himself originally in the currency markets, is involved in the current record FX volatility. Of course, with animosity toward "speculators" at unprecedented levels, it probably would not be very prudent of anyone to disclose they are now taking on Central Banks direct.
Tuesday, June 15, 2010
Friday, June 11, 2010
Wednesday, June 9, 2010
Monday, June 7, 2010
Anatomy of Crisis The Living History of the Last 30 years: Economic Theory, Politics and Policy
George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.
In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.
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