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Wednesday, October 12, 2011

George Soros was right about the Global Economic Collapse

George Soros predicted global economic collapse , George Soros is predicting Global Economic Collapse... We've been talking about it for nearly 18 months ~ He also stated that Gold is the Next Bubble to Burst... Which is True The protests in the Middle East ("Arab Spring") was about economics as much as about justice. Food prices have risen and many of the poorest members of society are feeling the pressure. ---------- The Slovaks made the right choice for their people. Greece should default. The actions of the bankers and Eurocrats will only prolong the agony. Better to let the bankers take the hit why is obama not addressing our nation about any of this>?

Saturday, October 8, 2011

Leaving the eurozone would make it easier for the most distressed countries to regain competitiveness

George Soros : Preparing for the possible default or defection of three small countries from the euro does not mean that those countries would necessarily be abandoned. On the contrary, the possibility of an orderly default – financed by the other eurozone countries and the International Monetary Fund – would offer Greece and Portugal policy choices. Moreover, it would end the vicious cycle – now threatening all of the eurozone’s deficit countries – whereby austerity weakens their growth prospects, leading investors to demand prohibitively high interest rates and thus forcing their governments to cut spending further. Leaving the eurozone would make it easier for the most distressed countries to regain competitiveness. But, if they are willing to make the necessary sacrifices, they could also remain: the EFSF would protect their domestic bank deposits, and the IMF would help to recapitalize their banking systems, which would help these countries escape from their current trap. Either way, it is not in the European Union’s interest to allow these countries to collapse and drag down the entire global banking system with them.- in www.project-syndicate.org

Wednesday, October 5, 2011

The European banking system would have to be recapitalized

George Soros : Moreover, some banks in the defaulting countries would have to be kept functioning in order to prevent economic collapse. At the same time, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision. Finally, government bonds issued by the eurozone’s other deficit countries would have to be protected from contagion. (The last two requirements would apply even if no country defaulted.) - in www.project-syndicate.org

Tuesday, October 4, 2011

The Financial markets are driving the world towards another Great Depression

George Soros : “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”

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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.