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By Walter Brandimarte
NEW YORK | Wed Oct 6, 2010 12:41am EDT
(Reuters) – Billionaire investor George Soros blamed Germany for leading the implementation of austerity measures that will throw the euro zone into a “deflation spiral.”
Additional fiscal stimulus –and not fiscal discipline– is the way out of the crisis for both Europe and the United States, Soros said in a speech at Columbia University on Tuesday.
“Deficit reduction by a creditor country such as Germany is in direct contradiction of the lessons learnt from the Great Depression of the 1930s. It is liable to push Europe into a period of prolonged stagnation or worse,” Soros said.
Germany is unlikely to change its ways, however, because its economy is doing well and because the difficulties of other countries can be blamed on structural rigidities, Soros said.
German Chancellor Angela Merkel also gained the upper hand in a recent G20 meeting where she joined forces with Canada and newly elected Conservative British Prime Minister David Cameron to put pressure on other countries to adopt austerity measures, Soros noted.
As a result, President Barack Obama yielded to the majority and agreed to cut the U.S. budget deficit by half by 2013.
“This may be the right policy but it comes at the wrong time,” Soros said.
Soros doesn’t think Obama should extend the tax cuts pushed by his predecessor George W. Bush. Instead, he says, the government should direct the extra money coming from higher taxes into fiscal measures to stimulate investment, not consumption.
(Editing by Kenneth Barry)
http://www.reuters.com/article/idUSTRE69447S20101006
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So according to Soros: Debt reduction is a BAD thing?
The only thing Soros wants is more $$$……and the POWER that comes with it.
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Soros funded and initiator of:
The Institute for New Economic Thinking
Overview
Founded in October 2009 with a $50 million pledge by George Soros, the New York City-based Institute for New Economic Thinking is a nonprofit organization providing fresh insight and thinking to promote changes in economic theory and practice through conferences, grants and education initiatives.
The Institute recognizes problems and inadequacies within our current economic system and the modes of thought used to comprehend recent and past catastrophic developments in the world economy. The Institute embraces the professional responsibility to think beyond these inadequate methods and models and will support the emergence of new paradigms in the understanding of economic processes.
The Institute firmly believes in empowering the next generation, providing the proper guidance as we challenge outdated approaches with innovative and ethical economic strategy.
The Institute’s objective is to expand the conversation to create an open discussion for a wider range of people. Some would say that present day dialogue is closed and polarizing. We recognize the need for an environment that is nourished and supported by discourse, a discussion that spans a much wider spectrum of thinking and incorporates the insights of other intellectual disciplines in both the natural and social sciences.
The Institute was conceived during the first half of 2009 through a series of discussions that culminated at a summit in July of 2009 in Bedford, NY.
***Interactive wave board and where George Soros positions himself at: http://ineteconomics.org/about-the-institute
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History
The need to take action began in early 2009 during a series of conversations between Anatole Kaletsky, George Soros, Roman Frydman and a number of scholars in Great Britain. Several months later, Robert Johnson joined the discussion and agreed to assume role of Executive Director. After Dr. Johnson held an additional series of conversations pertaining to the challenge with Willem Buiter, Martin Wolf, Charles Goodhart, Joseph Stiglitz and Robert Dugger, he and George Soros decided to hold a brainstorming session and invite 25 leaders in economics to Bedford, NY to discuss the economic crisis at the end of September 2009.
The conversations that took place investigated the role of the economic profession in the process that led to the worldwide meltdown of economic activity. The 25 leaders discussed the structure and evolution of academic thinking and the incentives for publishing, promotion and professional success in prestigious academic circles. The group then focused methods to enable the profession to progress and innovate and better serve policy makers, and ultimately, society in comprehending and guiding the economy. Two vigorous days of discussions pointed to the need for an independent organization that would catalyze new and broader thinking.
Summit Conversations included:
- A unanimous agreement that our economic paradigm must change
- The importance of empowering the young generation of economists to rethink our economic strategy
- A realization that the study of economics within graduate studies has been manipulated by the marketplace
- A conversation regarding the role of mathematics as the dominating language of economics versus an illuminating tool
- An understanding that economics have broken free from the planet and no longer reflects the real world
- The necessity of incorporating economic history and narrative in graduate education
- The realization of shared concerns
http://ineteconomics.org/about-the-institute/history
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WHO are included as some notables on the Board:
Drummond Pike of the TIDES FOUNDATION
Jeffrey Sachs (Goldman Sachs) Director of THE EARTH INSTITUTE.
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By Mark Whitehouse
More than three years after the global financial crisis hit, economists are still just beginning to grapple with a monumental question: Whether or not the debacle, which some of their most refined forecasting models failed to register, will require them to completely change the way they think about the world.
- Bloomberg News
- George Soros
On Monday, an organization called theInstitute for New Economic Thinking announced more than $6.5 million in grants aimed at catalyzing such a paradigm shift. The institute, started last year with about $50 million in backing from financier and free-market skeptic George Soros, seeks to fund work outside a mainstream that its founders believe has become detached from reality and too engrossed in mathematical models.
MORE here…..
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George Soros Perspectives
Financier George Soros, who initiated the Institute with a $50 million gift, gives his perspective on the Institute and some of the huge issues facing economists in the 21st century.
“Humans that act on imperfect knowledge” 3:50 to 4:30 in video.
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Soros Bets on U.S. Financial Collapse
by Cliff Kincaid
Another financial expert is expressing his deep disgust with the Federal Reserve’s decision to print more money and buy more U.S. debt, saying it is a sign that the U.S. capitalist system is moving closer to collapse.
“This is the type of stuff we accused the communist and socialist governments of doing — interfering in free markets through currency manipulation,” declared Zubi Diamond, author of The Wizards of Wall Street. “What the Fed is doing is not good for free market capitalism and it is not good for America.”
In an interview with Accuracy in Media, Diamond went on to say, “The Fed is following the economic models of Third World countries by printing more money and devaluing their currencies. If you keep doing what Third World economies do, eventually you will become a Third World economy.”
The Fed’s new action, labeled “quantitative easing” or QE2, follows a first attempt at “QE,” known as QE1. QE means that the Federal Reserve is printing more money and buying more government debt. In total, according to Investor’s Business Daily, “the Fed will have created $2.5 trillion out of the blue.”
Diamond said the result of the Fed’s policy will be to “increase the debt, devalue our currency and create a bigger problem that won’t solve the crisis.” Eventually, America could “collapse under its own weight of massive debt,” he warned.
The QE2 “will devalue the dollar and lead to higher commodity prices, asset and price inflation. It may even lead to the end of the U.S. dollar as the world reserve currency,” Diamond predicted. He noted that Obama Treasury Secretary Timothy Geithner floated the idea of the dollar losing its status as the world’s reserve currency, “only to backpedal from it when it raised some eyebrows.”
“What is most troubling to me about this,” Diamond added, “is that the Fed’s QE2 is in alignment with George Soros’s agenda to destroy global capitalism.” The decline of the dollar “is what George Soros wants and what he has proposed in the past,” he noted.
Soros, the billionaire hedge fund operator who finances various leftist and Marxist groups, including Media Matters, has made his fortune by betting on the collapse of national economies and currencies. He was convicted of insider trading in France.
Media Matters recently received $1 million from Soros so that it could try to mute the effectiveness of conservative media organizations and personalities, some of them critical of Soros.
In recent Fox News programs, Glenn Beck has been focusing on the decline of the dollar and how Soros has proclaimed that “an orderly decline of the dollar is actually desirable.” Programs like these have made Beck into a top target of Media Matters.
We have been warning for years about the intentions of Soros, noting in a 2004 report that he “specializes in weakening or collapsing the currencies of entire nations for his own selfish interests.”
We noted, “Despite his vision of an ‘open society,’ he operates an unregulated ‘hedge fund,’ open only to the super-rich.” His Soros Fund Management is a member of the “founder’s council” of the Managed Funds Association (MFA).
Diamond said that as Soros is betting on a U.S. financial collapse, his net worth and the amount of money under the management of his hedge fund have ballooned. The money that Fed chairman Ben Bernanke is putting into the economy, Diamond said, is designed to “replace the stolen money from American families and the capitalist corporations” under the cover of the financial crisis.
The collapse of capitalism will be “a big pay day for George Soros and members of the Managed Funds Association,” he said. “They are betting against the dollar and moving assets to gold and to the emerging economies. They are betting against U.S. survival as a capitalist nation.”
More here……
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George Soros Predicts Stagflation
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GEORGE SOROS and a NEW WORLD ORDER
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HAD ENOUGH…….YET……AMERICA?
TRUTH…..HONOR…..RESTORE.
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