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Soros Says: Print More Money, Please- But I Propose the Soros Rule.

Obama Failed Soda Head Chief Opi 2012/06/04 09:36:49

It’s time to create the Soros rule. We need to protect financial markets from a guy who’s too big to fail and just can’t help himself.

You can be sure that even as he gave a speech over the weekend nagging Eurozone officials into more of the easy money policies that have the world teetering on a the brink of a depression, that George Soros has something at stake.

“In my judgment the authorities have a three months’ window,” said Soros at the Festival of Economics, in Trento Italy, “during which they could still correct their mistakes and reverse the current trends [of requiring austerity]. By the authorities I mean mainly the German government and the Bundesbank because in a crisis the creditors are in the driver’s seat and nothing can be done without German support.”

Translation: Soros has either got a long or short position in some currency, or commodity, or other investment.

Hedge fund manager George Soros, chairman of Soros Fund Management LLC, is sworn in to testify before a U.S. House Oversight and Government Reform Committee hearing on the regulation of hedge funds. George Soros invests in Flybe

And he plans on making a bund

Why mince words: The guy is a vampire when it comes to currency crises.

And in Europe, as he has elsewhere, he’s looking for blood.

He broke the Bank of England with $10 billion in 1992. In 1997 he was implicated in the currency crisis in Thailand, which eventually moved to the U.S. stock markets, which crashed in October of that year.

He was convicted of insider trading in France and in 2003, according to Dan Gainor at the Media Research Center, Russian authorities raided Soros’ offices in Moscow, essentially driving him and his fund out of the country. He’s long been suspected of manipulating Russian currency and creating the crisis that saw the rise of Putin in Russia.

Russian authorities raided Soros’ offices in Moscow, essentially driving him and his fund out of the country. He’s long been suspected of manipulating Russian currency and creating the crisis that saw the rise of Putin in Russia.

In short- pun intended- wherever there is financial pain around the world, expect Soros to show up and make himself money- and hated too.

“Large speculators, like George Soros or Julian Robertson, have not only been blamed for destabilizing the market unnecessarily during the turmoil of contagious currency crises,” wrote Kenshi Taketa, an economist who specializes in currency crisis, “but also for triggering these contagious crises by themselves. For instance, during the turmoil of the Asian Flu [in 1997], the then Malaysian prime minister, Mahathir Mohamad, accused George Soros and others of being ‘the anarchists, self-serving rogues and international brigandage.’”

Taketa argues that large currency speculators, such as Soros, help spread financial contagion by creating a feeding frenzy amongst smaller speculators.

“Two main conclusions are derived,” writes Takea. “First, financial disclosure of speculators eliminates contagion, but may make countries more vulnerable to crises. Second, regulating the size of speculators (e.g., prohibiting hedge funds from high-leverage) makes countries less vulnerable to crises, but makes contagion more severe.”

That’s why we need to implement new rules- the Soros Rules- that require large, systemic speculators, which can cause the collapse of financial institutions and countries- like Soros can- to fully disclose their purchases and sales in the same way that we require insiders to report inside trading.

In addition we need to limit their ability to use leverage thereby limiting their ability to attack countries and destabilize their currencies by sheer volume alone.

We already require systemic financial services companies to limit risk so as to limit the danger to the nation’s financial system.

Why would we allow one bad actor to get away with actions we allow no one else?

Even liberal economist Paul Krugman can agree: "[N]obody who has read a business magazine in the last few years,” writes Krugman in The Accidental Theorist: and Other Dispatches from the Dismal Science, “can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit. These new actors on the scene do not yet have a standard name; my proposed term is 'Soroi.’”

When Obama and company get up on their soapbox and demand draconian regulatory schemes to fence in the financial industry, how can they ignore the folks, like Soros, who apparently create mayhem on purpose?

They protect us from the stupidity of banks at great cost to the banking system, but allow the predations of the speculator done with intent to harm, at great cost to the rest of us.

After spending literally trillions in taxpayer money in bailing out our financial system, should we put it all at risk just because a speculator writes big checks to progressive causes?

Don’t get me wrong: I believe in free markets.

But in a free society we also have the right to self-defense.


http://finance.townhall.com/columnists/johnransom/2012/06/04/...

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Top Opinion

  • Matt 2012/06/04 14:14:51 (edited)
    Matt
    +4
    George Soros is heavily invested in oil and foreign currencies. When the value of our money goes down, the price of oil and select currencies go up. He is inflation proof. Our elected leaders, who know exactly when things are going to happen, reap an even higher percentage on their investments. That is why they spend outrageous sums to get their relatively low paying jobs.

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  • Michaelene 2012/06/05 22:30:23
    Michaelene
    +1
    I agree with you, the USA is in danger in more places than the economy.
    We can prevent Soros from participating in our economy by banning everyone convicted of insider trading.I think most Americans would approve and if it dosen't pass anonymously, vote out the thief Nancy Pelosi et al.
  • Obama F... Michaelene 2012/06/06 00:34:03
    Obama Failed Soda Head Chief Opi
    +1
    I agree
  • Tink123 2012/06/04 16:40:08
    Tink123
    +3
    He would, he's also sitting on a crap ton of gold. In other words, our loss is his gain.
  • Obama F... Tink123 2012/06/04 17:00:21
    Obama Failed Soda Head Chief Opi
    They the he play the game, but you don;t anyone for the left , getting on a about it We no why he pouring million in to cause.
  • Matt 2012/06/04 14:14:51 (edited)
    Matt
    +4
    George Soros is heavily invested in oil and foreign currencies. When the value of our money goes down, the price of oil and select currencies go up. He is inflation proof. Our elected leaders, who know exactly when things are going to happen, reap an even higher percentage on their investments. That is why they spend outrageous sums to get their relatively low paying jobs.
  • Fashionable60s 2012/06/04 14:13:40 (edited)
    Fashionable60s
    +3
    Yes, the billionaire (#22) and self professed Messiah is still actively pushing for his personal and socialist agenda in the US and the world via his puppet in the White House. What were our troops doing in Uganda, a country we had no issue with, allegedly to crush the rebels? Bet you did not know that it was at the behest of Soros since he wants to explore oil and gas in Uganda that was in the areas controlled by the rebels. The last Obama's trip to Brazil? That was also for George Soros who got about $100 million investment in Petrobras. Find any left wing causes, you see his dollars are supporting all of them. He is a wanted felon in Malaysia, France, and other European countries but he does not care. But he is 81 and time is running out. He had said he "owns" the Democratic party and yes, he is the shadowy man running the Democratic party.
  • Michaelene Fashion... 2012/06/05 22:35:25
    Michaelene
    +1
    You got it. Soros is convicted and wanted in many countries yet he walks around a free man. Why? The UN. Obama is owned by both.

    FYI it was $4 billion to Brazil's nationalized energy, plus equipment during the gulf spill.
  • Fashion... Michaelene 2012/06/05 23:37:22
    Fashionable60s
    +1
    The UN does not own any person or country. They have 191 members state the comprise the General Assembly. Their annual budget is $2B, a chump change compared to the US' but they do make policies that may be taken up by sovereign countries that may impact their sovereignty. Right now Hillary Clinton, and Obama want the US to participate in the Law of Sea Treaty (LOST) whereby our sea lanes we have been using may be brought under the jurisdiction of the LOST and as an example, America will have to share the profits of fishing or ocean explorations with the member states of the UN rather than to the private enterprises who funded both. Soros has this megalomaniacal vision of one global nation sharing everything.
  • Michaelene Fashion... 2012/06/06 00:26:17
    Michaelene
    +1
    yes, I agree that is the Soros philsophy, while he manipulates and capitalizes upon nation destruction.
    The Un is getting it's plans implemented by Obama and CO.
  • Obama Failed Soda Head Chie... 2012/06/04 13:17:23
  • Jackie G - Poker Playing Pa... 2012/06/04 13:09:30
    Jackie G - Poker Playing Patriot
    +4
    Soros thinks it is great fun to crash countries and he is after ours and has been since 2008 - he has the perfect puppet in the WH. We must oust Obama and his minions - no sense in letting Soros have this power unabated as he does now.
  • Obama F... Jackie ... 2012/06/04 13:15:22
    Obama Failed Soda Head Chief Opi
    +2
    yeppp, and glad Beck spent, all that time he on him, i

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