Friday, August 05, 2011
LIKE THE 1930'S?
In June 2010, George Soros said (full transcript/summary Seeking Alpha):
1. The current economic situation is like the 1930s.
Governments are under pressure to cut spending.
At the same time the economic recovery is weak.
2. Keynes taught that governments should spend more and create jobs when the economy is weak.
With governments now reducing budget deficits, the global economy may be pushed into a double-dip.
3. Europe's nations have a lot of debt.
Europe's debt-ridden nations have to raise almost 2 trillion euros ($2.4 trillion) within the next three years to refinance their debt, 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 centre stage, but the effects are liable to be felt worldwide."
"Hedge funds profited by selling short the collapsing market in 2008, and chief among them was George Soros' hedge fund.
"Soros may have personally had the motivation, method, and opportunity to trigger the crash." (Cached)
"Soros made hundreds of millions betting against the Greek economy and helped it crash."
(Did Soros Cause the 2008 Crash?)
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