Love or hate his politics, there is no doubt George Soros is one of the brightest investment minds of the past few generations.
Hence, when you have Soros on one side saying we have only begun the second stage of the financial crisis, and on the other hand you have "Unicorns and Butterflies" Bernanke telling us all is well (kumbaya!) [coming off one of the worst economic forecasting records the past half decade], you can guess which side one might be better off listening to.
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Mr. Soros said at a conference in Vienna. “Indeed, we have just entered Act II of the drama.”
NYTimes DealBook has a full transcript of the speech Soros gave at the Institute of International Finance in Vienna. Remember, you can choose to accept the red pill or the blue pill. If you choose the blue pill, Ben Bernanke has solved all your ills... if you choose the red, please read on for some excerpts.
- Soros, 79, said the current situation in the world economy is “eerily” reminiscent of the 1930s with governments under pressure to narrow their budget deficits at a time when the economic recovery is weak.
- “We find ourselves in a situation eerily reminiscent of the 1930s. Keynes has taught us budget deficits are essential for counter-cyclical policies, yet many governments have to reduce them under pressure from financial markets. This is liable to push the global economy into a double-dip.”
- Europe’s debt-ridden nations have to raise almost 2 trillion euros ($2.4 trillion) within the next three years to refinance,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.
Obviously, the big fear here is what Nassim Taleb described yesterday: one day we wake up to a failed bond auction. I mean how much money is there in the world? China only has $2 Trillion in reserves and can't buy everyone's debt. And for all we know central banks are already doing bidding behind the primary dealers to make everything appear rosy. Without audits we know nothing.
"Without audits we know nothing"
ReplyDeleteThat's the Reader's Digest version of the story.
Soros is a Master Criminal that hates the US and is 100% participatory in our collapse. This NWO Scum and Villainy should be first in line at the Bastille!
ReplyDeleteHe is the Emperor... What is thy bidding my Master? Ooooooh, Puh (Darth Vader breathing)
Long live Le Résistance!!
Sharpen up the blade on the gallows and lube the wheels of the tumbril. We will need both soon and Bernanke and Greenspan go first, with many more to follow.
ReplyDeleteHave a wonderful day unless you are murdered by an illegal alien felon invader future democratic Obama voter.
Let's hold hands and sing Kum Ba Yah! Repeat Often.
and he still espouses the other criminal, Keynes,theories as the way out. Keynes is the economist of failure and poverty.
ReplyDeleteLet's not forget that Soros stated Gold was a bubble, then after making that statement, he went out and bought 10s of millions in physical gold. He's no dummy.
ReplyDeleteBernanke may just be another puppet, but yes, it would be nice to see him hang. When SHTF I am sure these scumbags have their pre-planned escape routes in place.
ReplyDeleteShall we make the Fed Building the new American Bastille? This is only fitting considering the Banksters reside there! ...and just down the street our Marie Antoinette-AKA-Barry Soetorro is having Cake & parties...in our face! Let the American People Eat Cake!
ReplyDeleteWhere’s Robespierre?
"Liberté, égalité, fraternité" (liberty, equality, fraternity (brotherhood)
aj leaders are now needed, if you have a following now is the time to lead.a person who has a following but does not lead is complicate(sp)to the conspiracy.ready
ReplyDeleteThere is no longer any argument about the trouble we face. There is still debate about how severe it will be. We also have no idea how long it will take until the governments actions of staving off the collapse are no longer effective. Will it be a week or a couple of years? No one knows. It will happen. The welfare and inner city families will not be able to buy food as they always have. Their children (teens through 30's) will ransack grocery stores and then the rioting will begin. The people in the suburbs will watch it on tv and will jump in their cars and drive to the store to buy everything they can. It will turn into a complete zoo within 2-6 hours. Pharmacies will be hit next. People who need insulin will panic within 24 hours as the drugatics start to hit the pharmacies. At first word all diabetics and other critical needs people will pack the pharmacy. Snap your fingers... The President just declared Marshall Law. Your life just changed. Obama will be the first holdover President without an election. It will be considered a necessity util order is restored in the country. Hold your breath, 3 EMPs just blew 250 miles above the US. We have now been set back to the dark ages. No water, no food, no electricity, no travel for years. Within 3 days all ambulatory patients are dead. All planes fell from the sky at zero hour. One week later most diabetics are dead. Disease begins to spread due to lack of proper hydration and sewage issues. Bodies are stacking up like crazy. If there was a way to get the news you would now hear that California has just suffered the largest earthquake in its history. The oil spill in the Gulf has killed so much wild life that Americans cannot fish for food, there is none. Soylent Green is people! Sorry just having a bit of fun. Seriously, We are in an unrecoverable situation and I hope and pray that we will be able to survive it.
ReplyDeleteWhatever happens it has been planned for some time. The Oligarchs know exactly what day SwillHTF.
ReplyDeleteAll this fanciful tumbrels talk and fantasies of lamppost revenge may be intellectually satisfying to some people.
ReplyDeleteThe reality tho,is apart from leaving in place a few military controllers for property guards and armed drones ,the Elite and their families now in their gated communities will be out of there,at the first sign of big trouble from economic collapse and armed riots , to secured areas and cities ,or to at least to one secured State .
The excess cockroaches in that state not useful for supplying services will be easily shipped out to FEMA camps.
Those rich with Dual Citizenship will claim “racial persecution” and pogram and find a preference passenger list for escape to other countries, under federal protection from “racist mobs”
Just as some Rich Saudis and princes were flown out of the US after 9/11 on special flights . The frustated rabble will be encouraged to vent their frustration on having empty Tumbrels and bare lamposts , on each other and on "unamerican" criminal blackmarket silver pedlers Gangs, trying "undemocraticaly" to beat food and petrol rationing "law and order."
It may be that real democratic law and order may only be restored in the US ,with control establishedd over fanatic beleivers in the old system , even while living in its ruins and rubble, like the German supporters of Empire and Fascism after WW2.
Civilisation re-imposed by an international dictatorship by other saner countries tired of american imposed wars and environmental plunder on a world scale. The Americans (The Sheeple)used to living in corruption and TV induced cultural surviver fantasies ,may prove incapable of doing this themselves.
After all they are Americans that think the world owes them an easy living and a free ride.
There are only so many paper US dollars in the world that can circulate to service interest payments on past Treasury bill issues .Just so many dollars that can be used to re- purchase and rollover past treasury bills issues and for commercial bonds. The competition Under the Dollar Hegenomy in world trade and finance between commercial interests and Treasury bonds to get foreigners to invest their dollars back in the US Trerasuries is huge.
ReplyDeleteDeficit spending by the government reguires more printed dollars. If the US cannot achieve its aims to sell Trillions of bonds for Dollars the US must print extra dollars and buy its own Treasury bills. Creating inflation.
In the current economic crisis the bondholders call for a cut in government spending so the Government continues to keep their bond investments serviced and profitable.
Right now the government is spending more than a Trillion Dollars a year to bail out the rich by socialising past losses of Capital. Therefore “austerity” or short rations for working people are demanded by the Bondholder class.
Past deficit spending on wars and militarism is the main reason that the US government has so many Treasury bonds that need to be serviced with interest /dividends . Another way these deficits were financed interest free was by stealing money from social security payments by taxpayers and replacing this money by Government IOU. But this particular Ponzi of paying entitlements out of current contributions will no longer be possible as it has reached a crossover event this year.
Less income will be got than paid out for this years entitlements of pensions unemployment benefits and food stamps. More deficits spending will be required for social security.
One big help in the current difficult situation would be to cut the probable trillion dollars in deficit spending that goes to wars and militarism But Obama and the Democrats “Peaceniks” are not willing to give up any spending for Empire and are in the Austerity camp of cutting benefits to pay for more wars.
If you have not seen "Meltup", I think it is an important video to spread to the world also:
ReplyDeletehttp://www.youtube.com/watch?v=eb1n1X0Oqdw
It should help awaken some, not all, who are stuck in slumber.
YoBama sent a "letter" to Congress yesterday
ReplyDeleteWe desperatly need 50 Billion dollars to relieve those states that currently are facing funding crises for teachers, police and firefighters.
There is your answer people
This sonofabitch will keep on spending until the very last minute,
I don't know the exact time either, but the fat lady has just walked on stage
Definetely we are in for some very hard times, and soon. Just look at the comments above! For once everyone seems to be on the same page...gotta start really worrying when all people who post (liberals and conservatives) start saying the same thing.
ReplyDeleteTrue the elite have dug large well stocked underground bunkers. It is well documented. But I think they forgot the other use for these facilities. Mass graves. A little cement, a few air intakes disabled, their guards removed and we have no more problem with them. Rule the world? It will never happen, I do like watching them dream.
ReplyDeleteSure it will get bad. People will die. Violence will spread and a lot of the gangs will be destroyed. Unfortunately people never act till it is already too late. And that time came already the oil spill and the next false flag will seal the deal.
It was once a great country so I am told. I have lived here all my 52 years looking for that great country.
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