You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

George Soros: "We Are in the Midst Of The Worst Financial Crisis Since the 1930s." [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-04-08 08:21 AM
Original message
George Soros: "We Are in the Midst Of The Worst Financial Crisis Since the 1930s."
Advertisements [?]
from HuffPost:





Blake Fleetwood
George Soros: "We Are in the Midst Of The Worst Financial Crisis Since the 1930s."
Posted April 3, 2008 | 04:27 PM (EST)



George Soros, who is famously known for "breaking the Bank of England" by shorting the British Pound on Black Wednesday in 1992, and earning $2 billion for himself, now says that "We are in the midst of the worst financial crisis since the 1930s."

Soros knows about declining societies. He also predicted, and helped bring about, the collapse of Communism in Eastern Europe in the 1990s.

With an estimated current net worth of more than $8.5 billion, Soros is ranked by Forbes as the 80th-richest person in the world. He has given away more than $4 billion dollars to various political causes.

His new book was released today exclusively as an e-Book (the hardcover will be available mid-May). The book is called The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means.

"The United States is facing both a recession and a flight from the dollar. The decline in housing prices, the weight of accumulated household debt, and the losses and uncertainties in the banking system threaten to push the economy into a self-reinforcing decline.

"Measures to combat this threat increase the supply of dollars. At the same time, the flight from the dollar has set up inflationary pressures through higher energy, commodity, and food prices.

"The European Central Bank, whose mission is to maintain price stability, is reluctant to lower interest rates. This has created a discord between U.S. and E.U. monetary policy and put upward pressure on the euro. The euro has appreciated more than the renminbi, creating trade tension between Europe and China.

"The renminbi can be expected to catch up with the euro both to avoid protectionism in the United States and increasingly in Europe, and to contain imported price inflation in China. This will, in turn, increase prices at Wal-Mart and put additional pressure on the already beleaguered U.S. consumer."


Soros, who spent $26 million trying to beat Bush four years ago, is a key supporter of Barack Obama. But he also says he will back Hillary Clinton as well.

Of George Bush, Soros says, "Unfortunately this administration shows no understanding of the predicament in which it finds itself." ......(more)

The complete piece is at: http://www.huffingtonpost.com/blake-fleetwood/georgie-soroswe-are-in-th_b_94932.html




Printer Friendly | Permalink |  | Top
 

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC