New York – Railway porter-turned-billionaire financier George Soros delivered a stark warning last night that the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.
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The man who ‘broke’ the Bank of England (and who is still able to earn a cool $3.3 bln in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt us towards another crisis unless tough lessons are learned.
Soros, who worked as a porter to pay for his studies at the London School of Economics after emigrating from Hungary, warned us to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.
“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall.
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another 8 years to go before the next crash…
I believe America is standing on the threshold of an imminent financial collapse, sooner or later. The government is spending way, way beyond it’s means – which will lead us to government bankruptcy and eventual collapse.
All the public spending at this time is only going to increase this. Instead of this, opening up the markets by reducing red tape would be better in the long run.
George Soros is saying all this with straight poker face , because he wants to protect himself and make lots of more money.
A communist that makes money like a capitalist should not allowed to lecture anywhere much less be a “news story”
Very interesting that it’s HIS MAN IN WASHINGTON that’s supposedly running the country to the ground. Soros endorsed Obama and even campaigned for him. Hey George (not Bush) – what happened now? You don’t like him anymore? Do you also miss Bush already? How about putting up those billboards.
George TZOROS makes his money by saying what he does. Lets see how much he will make of this. He made lots of money when the EU financial system had major problems.
Mr. Soros is an international financial speculator. Once he attacked the Pound Sterling and caused a devaluation of the pound and lately he has speculated on the Euro and maybe now he can create havoc on the American market. Mr. Soros has only one interest his financial gain.
Coming from a man who increased his holdings last quarter in CitiGroup to more then 170 million shares, I would assume he has an agenda!!
Maybe he wants to squeeze the market, and then make a profit on the way up!!
I don’t trust him a second, he is one of the most well connected liberals to the white house and he has something up his sleeves.
GUARENTEED
This guy is a true enemy of the state. In any sane country he would be labeled a traitor & he would have a meeting with the noose.
His liberalism is phony, his concern for other people is phony and he hurts klal yisroel. He speculated on one South Asian currency which eventually had to be devaluated and of course he is “Jewish”??? came forth. He crtizes Eretz Yisroel and a disgrace when he identifies himself as a “Jew”!!!!
What he truly is , is a financial pirate
Soros’ past and present aim is to profit from market panics and the like, so he loves to create them. His support for Obama fits this pattern.
There is nothing good that comes from Soros as far as pro American and Pro Israel people are concerned. Hashem certainly acts in mysterious ways. Why he was “blessed” with his wealth is just mind-boggling!!
In 8-10 years he may not be around to be proven wrong .