Billionaire George Soros on the global economy (14)
ooby_dooby: Aside from being a genious on making large sums of money, George Soros has a beautiful Hungarian accent which, if you've never heard one you're in for a treat.
Sorry conrad I know you hate this guy but I would rather see him as head of the FED instead of Bernanke and certainly instead of Allan Greenspan who, IMO was a pawn of the Republican party who sold out his principals to get the chimp (GWB) re-elected.
Sorry conrad I know you hate this guy but I would rather see him as head of the FED instead of Bernanke and certainly instead of Allan Greenspan who, IMO was a pawn of the Republican party who sold out his principals to get the chimp (GWB) re-elected.
"If you are an honest man, you want the rules to be better, even if its not to your advantage." - George Soros, Emphasis added
An honest man playing finance? That's like a unicorn in Times Square.
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Is that all you got out of that interview?
Everybody wants a level playing field. Everybody that is except con artists and thieves. People like Bernie Madoff are looked down on by the investment community because they poison the well.
Everybody wants a level playing field. Everybody that is except con artists and thieves. People like Bernie Madoff are looked down on by the investment community because they poison the well.
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Talking about stuff for which he is to a big extent responsible!
Get the Goat(SOROS) to watch the Cabbagepatch?
Get the Goat(SOROS) to watch the Cabbagepatch?
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Conrad73: Talking about stuff for which he is to a big extent responsible!
Get the Goat(SOROS) to watch the Cabbagepatch?
In your opinion what did he do that was so terrible? If he broke the law he would be in a cell next to Bernie Madoff wouldn't he?Get the Goat(SOROS) to watch the Cabbagepatch?
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ooby_dooby: In your opinion what did he do that was so terrible? If he broke the law he would be in a cell next to Bernie Madoff wouldn't he?
Bernie is an Orphan-Child compared to Georgie!
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OK, now I see what it is you guys have against Soros!
In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004. (Iknew there was something I liked about him)
As to his wealth:
Soros is the founder of Soros Fund Management. In 1970 he co-founded the Quantum Fund with Jim Rogers, which created the bulk of the Soros fortune. Rogers retired from the fund in 1980. Other partners have included Victor Niederhoffer and Stanley Druckenmiller.
In 2007, the Quantum Fund returned almost 32%, netting Soros $2.9 billion.[
Currency speculation
On Black Wednesday (September 16, 1992), Soros's fund sold short more than $10 billion worth of pounds sterling[citation needed], profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England withdrew the currency from the European Exchange Rate Mechanism, devaluing the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England." In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.4 billion.
The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position."
So it was the dumbness of the bank of England which caused Black Wednesday not George Soros. All he did was profit from it. "Some gotta win & some gotta lose"
In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004. (Iknew there was something I liked about him)
As to his wealth:
Soros is the founder of Soros Fund Management. In 1970 he co-founded the Quantum Fund with Jim Rogers, which created the bulk of the Soros fortune. Rogers retired from the fund in 1980. Other partners have included Victor Niederhoffer and Stanley Druckenmiller.
In 2007, the Quantum Fund returned almost 32%, netting Soros $2.9 billion.[
Currency speculation
On Black Wednesday (September 16, 1992), Soros's fund sold short more than $10 billion worth of pounds sterling[citation needed], profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England withdrew the currency from the European Exchange Rate Mechanism, devaluing the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England." In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.4 billion.
The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position."
So it was the dumbness of the bank of England which caused Black Wednesday not George Soros. All he did was profit from it. "Some gotta win & some gotta lose"
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OK, now I see what it is you guys have against Soros!
In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004.
In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004.
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jlw45: OK, now I see what it is you guys have against Soros!
In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004.
oops...i don't know why...GWB's a big globalist too....In the United States, he is known for having donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004.
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Hey Ooby, hows it going?
Had the Fed never been authorized by congress and signed into law by Wilson in 1919, there never would have been a Greenspan or Bernanke. There never would have been inflation either, since prior to the fed, all coinage had to be backed by gold or silver. The treasury does not have the authority to "print" money, only coin it.
The Federal Reserve Act did however give the Fed the authority to print money and debase the currency. Look at your folding money, it says Federal Reserve Note, which is only a promise to pay, not a hard asset.
Had the Fed never been authorized by congress and signed into law by Wilson in 1919, there never would have been a Greenspan or Bernanke. There never would have been inflation either, since prior to the fed, all coinage had to be backed by gold or silver. The treasury does not have the authority to "print" money, only coin it.
The Federal Reserve Act did however give the Fed the authority to print money and debase the currency. Look at your folding money, it says Federal Reserve Note, which is only a promise to pay, not a hard asset.
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toranoga: Hey Ooby, hows it going?
Had the Fed never been authorized by congress and signed into law by Wilson in 1919, there never would have been a Greenspan or Bernanke. There never would have been inflation either, since prior to the fed, all coinage had to be backed by gold or silver. The treasury does not have the authority to "print" money, only coin it.
The Federal Reserve Act did however give the Fed the authority to print money and debase the currency. Look at your folding money, it says Federal Reserve Note, which is only a promise to pay, not a hard asset.
Hi toranoga, I'm doing good how bout you? Yeah I know about the fed dollar. Hey, I found a pretty good article you might like about the history of the gold standard.Had the Fed never been authorized by congress and signed into law by Wilson in 1919, there never would have been a Greenspan or Bernanke. There never would have been inflation either, since prior to the fed, all coinage had to be backed by gold or silver. The treasury does not have the authority to "print" money, only coin it.
The Federal Reserve Act did however give the Fed the authority to print money and debase the currency. Look at your folding money, it says Federal Reserve Note, which is only a promise to pay, not a hard asset.
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ooby_dooby: Aside from being a genious on making large sums of money, George Soros has a beautiful Hungarian accent which, if you've never heard one you're in for a treat.
It doesn't take a "genius" to do what Soros does. Just a total lack of morality.
If you have enough money to play with you can wreak economic havoc in poor countries and then profit from the resulting
collapse of their economies.
Soros is one of the most hated men on the planet, and deservedly so.
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A good piece that everyone should read. Some things you may want to look into are Whiskey&Gunpowder, The Daily Reconning, Implode-O-Meter and Debt Clock. The first two have daily newsletters and some good charts can be found at The Elliot Wave Theorist.
As a note, one of my college econ profs was Dr. Wayne Angell who later went on to be a Fed Gov. One night in the Union over a couple of beers we were debating the same topic and he told me the Fed is there, it ain't going away, so live with it. So far he has won the argument!
As a note, one of my college econ profs was Dr. Wayne Angell who later went on to be a Fed Gov. One night in the Union over a couple of beers we were debating the same topic and he told me the Fed is there, it ain't going away, so live with it. So far he has won the argument!
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Sorry conrad I know you hate this guy but I would rather see him as head of the FED instead of Bernanke and certainly instead of Allan Greenspan who, IMO was a pawn of the Republican party who sold out his principals to get the chimp (GWB) re-elected.