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Rockntractor
01-24-2012, 03:26 AM
George Soros on the Coming U.S. Class War
The situation is about as serious and difficult as I've experienced in my career.'
by John Arlidge | January 23, 2012 12:00 AM EST

You know George Soros. He’s the investor’s investor—the man who still holds the record for making more money in a single day’s trading than anyone. He pocketed $1 billion betting against the British pound on “Black Wednesday” in 1992, when sterling lost 20 percent of its value in less than 24 hours and crashed out of the European exchange-rate mechanism. No wonder Brits call him, with a mix of awe and annoyance, “the man who broke the Bank of England.”

Soros doesn’t make small bets on anything. Beyond the markets, he has plowed billions of dollars of his own money into promoting political freedom in Eastern Europe and other causes. He bet against the Bush White House, becoming a hate magnet for the right that persists to this day. So, as Soros and the world’s movers once again converge on Davos, Switzerland, for the World Economic Forum this week, what is one of the world’s highest-stakes economic gamblers betting on now?

He’s not. For the first time in his 60-year career, Soros, now 81, admits he is not sure what to do. “It’s very hard to know how you can be right, given the damage that was done during the boom years,” Soros says. He won’t discuss his portfolio, lest anyone think he’s talking things down to make a buck. But people who know him well say he advocates making long-term stock picks with solid companies, avoiding gold—“the ultimate bubble”—and, mainly, holding cash.

He’s not even doing the one thing that you would expect from a man who knows a crippled currency when he sees one: shorting the euro, and perhaps even the U.S. dollar, to hell. Quite the reverse. He backs the beleaguered euro, publicly urging European leaders to do whatever it takes to ensure its survival. “The euro must survive because the alternative—a breakup—would cause a meltdown that Europe, the world, can’t afford.” He has bought about $2 billion in European bonds, mainly Italian, from MF Global Holdings Ltd., the securities firm run by former Goldman Sachs head Jon Corzine that filed for bankruptcy protection last October.

Has the great short seller gone soft? Well, yes. Sitting in his 33rd-floor corner office high above Seventh Avenue in New York, preparing for his trip to Davos, he is more concerned with surviving than staying rich. “At times like these, survival is the most important thing,” he says, peering through his owlish glasses and brushing wisps of gray hair off his forehead. He doesn’t just mean it’s time to protect your assets. He means it’s time to stave off disaster. As he sees it, the world faces one of the most dangerous periods of modern history—a period of “evil.” Europe is confronting a descent into chaos and conflict. In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties. The global economic system could even collapse altogether.
george-soros-fe01-aldridge

George Soros.

“I am not here to cheer you up. The situation is about as serious and difficult as I’ve experienced in my career,” Soros tells Newsweek. “We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.”

Soros’s warning is based as much on his own extraordinary personal history as on his gut instinct for market booms and busts. “I did survive a personally much more threatening situation, so it is emotional, as well as rational,” he acknowledges. Soros was just 13 when Nazi soldiers invaded and occupied his native Hungary in March 1944. In only eight weeks, almost half a million Hungarian Jews were deported, many to Auschwitz. He saw bodies of Jews, and the Christians who helped them, swinging from lampposts, their skulls crushed. He survived, thanks to his father, Tivadar, who managed to secure false identities for his family. Later, he watched as Russian forces ousted the Nazis and a new totalitarian ideology, communism, replaced fascism. As life got tougher during the postwar Soviet occupation, Soros managed to emigrate, first to London, then to New York.

Soros draws on his past to argue that the global economic crisis is as significant, and unpredictable, as the end of communism. “The collapse of the Soviet system was a pretty extraordinary event, and we are currently experiencing something similar in the developed world, without fully realizing what’s happening.” To Soros, the spectacular debunking of the credo of efficient markets—the notion that markets are rational and can regulate themselves to avert disaster—“is comparable to the collapse of Marxism as a political system. The prevailing interpretation has turned out to be very misleading. It assumes perfect knowledge, which is very far removed from reality. We need to move from the Age of Reason to the Age of Fallibility in order to have a proper understanding of the problems.”

Understanding, he says, is key. “Unrestrained competition can drive people into actions that they would otherwise regret. The tragedy of our current situation is the unintended consequence of imperfect understanding. A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.” Still, Soros believes the West is struggling to cope with the consequences of evil in the financial world just as former Eastern bloc countries struggled with it politically. Is he really saying that the financial whizzes behind our economic meltdown were not just wrong, but evil? “That’s correct.” Take that, Lloyd Blankfein, the Goldman Sachs boss who told The Sunday Times of London at the height of the financial crisis that bankers “do God’s work.”

To many, the idea of Soros lecturing the world on “evil” is, well, rich. Here, after all, is an investor who proved—and profited hugely from—the now much-derided notion that the market, or in his case a single investor, is more powerful than sovereign governments. He broke the Bank of England, destroyed the Conservative Party’s reputation for economic competence, and reduced the value of the pound in British consumers’ pockets by one fifth in a single day. Soros the currency speculator has been condemned as “unnecessary, unproductive, immoral.” Mahathir Mohamad, former prime minister of Malaysia, once called him “criminal” and “a moron.”

In the U.S., where the right still has not forgiven him for agitating against President George W. Bush and the “war on terror” after 9/11, which he described as “pernicious,” his prediction of riots on the streets—“it’s already started,” he says—will likely spark fresh criticism that Soros is a “far-left, radical bomb thrower,” as Bill O’Reilly once put it. Critics already allege he is stoking the fires by funding the Occupy movement through Adbusters, the Canadian provocateurs who sparked the movement. Not so, says Soros.

Soros’s fragrant personal life will also prompt many to pooh-pooh his moralizing. Last year, Adriana Ferreyr, his 28-year-old companion for many years, sued him in New York Supreme Court in Manhattan, alleging he reneged on two separate promises to buy her an apartment, causing her extreme emotional distress. Ferreyr, a former soap-opera star in Brazil, said Soros had given the apartment he had promised her to another girlfriend. She also claimed he assaulted her. Soros has dismissed Ferreyr’s claims as “frivolous and entirely without merit” and “riddled with false charges and obviously an attempt to extract money.”

Despite his baggage, the man who now views himself as a statesman-philanthropist is undeterred. Having profited from unregulated markets, he now wants to deliver us from them. Take Europe. He’s now convinced that “if you have a disorderly collapse of the euro, you have the danger of a revival of the political conflicts that have torn Europe apart over the centuries—an extreme form of nationalism, which manifests itself in xenophobia, the exclusion of foreigners and ethnic groups. In Hitler’s time, that was focused on the Jews. Today, you have that with the Gypsies, the Roma, which is a small minority, and also, of course, Muslim immigrants.”

It is “now more likely than not” that Greece will formally default in 2012, Soros will tell leaders in Davos this week. He will castigate European leaders who seem to know only how to “do enough to calm the situation, not to solve the problem.” If Germany’s Angela Merkel or France’s Nicolas Sarkozy nurses any lingering hopes of finding their salvation outside the continent, they are mistaken. “I took a recent trip to China, and China won’t come to Europe’s rescue,” Soros says. Despite all its woes, he nevertheless thinks the euro will—just barely—survive.
read more>http://www.thedailybeast.com/newsweek/2012/01/22/george-soros-on-the-coming-u-s-class-war.print.html

BadCat
01-24-2012, 09:39 AM
When that commie fuck dies, who do you think will get his $$?

fettpett
01-24-2012, 10:15 AM
When that commie fuck dies, who do you think will get his $$?

probably the same people he started his mutual fund for (or w/e it was).

DumbAss Tanker
01-24-2012, 12:22 PM
In the U.S., where the right still has not forgiven him for agitating against President George W. Bush and the “war on terror” after 9/11, which he described as “pernicious,” his prediction of riots on the streets—“it’s already started,” he says

Yeah, I had to shoot my way through two riots just to get in to work this morning.

:rolleyes:

AmPat
01-24-2012, 12:36 PM
King George should know all about this topic, he orchestrated it.
If I'm still around when the shooting starts, I volunteer to be this man's body guard.;)

Novaheart
01-24-2012, 12:39 PM
I reiterate: It's debatable if it's healthy, but it's inarguably interesting for a society to round up and execute the ruling class every couple of hundred years or so. Their houses make such nice orphanages, museums, and old soldiers homes.

Rockntractor
01-24-2012, 12:41 PM
I reiterate: It's debatable if it's healthy, but it's inarguably interesting for a society to round up and execute the ruling class every couple of hundred years or so. Their houses make such nice orphanages, museums, and old soldiers homes.
I once saw a Christian parked at a liquor store!:confused:

AmPat
01-24-2012, 12:47 PM
I once saw a Christian parked at a liquor store!:confused:

It's a bad idea to put bananas in the refrigerator.:eek:

Novaheart
01-24-2012, 12:50 PM
I once saw a Christian parked at a liquor store!:confused:

Did you take him to meeting and sit him down on the sinners' bench?

Do you have no idea what a serious rural Methodist church is like?

NJCardFan
01-24-2012, 02:51 PM
I reiterate: It's debatable if it's healthy, but it's inarguably interesting for a society to round up and execute the ruling class every couple of hundred years or so. Their houses make such nice orphanages, museums, and old soldiers homes.

Nice to see you advocating for the murder of innocent people. You are such an asshole it isn't funny.

Elspeth
01-24-2012, 03:39 PM
George Soros is bankrolling Occupy Wallstreet. He will produce the next class war.

Arroyo_Doble
01-24-2012, 03:41 PM
George Soros is bankrolling Occupy Wallstreet. He will produce the next class war.

Who will direct?

Elspeth
01-24-2012, 03:52 PM
Who will direct?

Quentin Tarantino.

It will be a slick, violent class war with often obscure allusions to previous class wars no one has seen.

:D

AmPat
01-24-2012, 03:58 PM
Who will direct?

King George has many willing puppets. They are prevalent in the DIMoRAT party. The only prerequisite is that you follow the progressive template and blindly follow the orders of your masters. Current director is Karl Barry O Blah Blah.:cool:

DumbAss Tanker
01-24-2012, 07:42 PM
Quentin Tarantino.

It will be a slick, violent class war with often obscure allusions to previous class wars no one has seen.

:D

:popcorn:

Well said, Elspeth!

:thumbsup:

fettpett
01-24-2012, 08:04 PM
Did you take him to meeting and sit him down on the sinners' bench?

Do you have no idea what a serious rural Methodist church is like?

He was an Adventist, sure he knows

fettpett
01-24-2012, 08:05 PM
Quentin Tarantino.

It will be a slick, violent class war with often obscure allusions to previous class wars no one has seen.

:D

oooh...I'd watch it :D

Novaheart
01-24-2012, 10:34 PM
Nice to see you advocating for the murder of innocent people.

Oh please.

NJCardFan
01-25-2012, 12:24 AM
Oh please.

So this was a joke:

I reiterate: It's debatable if it's healthy, but it's inarguably interesting for a society to round up and execute the ruling class every couple of hundred years or so. Their houses make such nice orphanages, museums, and old soldiers homes.

Rockntractor
01-25-2012, 12:26 AM
So this was a joke:

He really has the class envy down pat.

Elspeth
01-25-2012, 01:07 AM
oooh...I'd watch it :D

Tanker's already got the popcorn.:popcorn:

Novaheart
01-27-2012, 01:19 AM
He really has the class envy down pat.

It's not class envy, it's an historical perspective and an Anglo-Saxon tradition. Off with their heads!

Rockntractor
01-27-2012, 01:24 AM
It's not class envy, it's an historical perspective and an Anglo-Saxon tradition. Off with their heads!

Take your drugs the pendulum is swinging to far again.

Tecate
01-27-2012, 07:21 PM
I always love reading these candid interviews with insiders who pretend that they somehow aren't insiders.