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Old 10-12-2008, 08:24 PM   #1
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Soros sees end of US-led globalized market system

Soros sees end of US-led globalized market system | Markets | Bonds News | Reuters


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WASHINGTON, Oct 12 (Reuters) - Billionaire investor George Soros predicted on Sunday that the financial crisis would mean the end of a U.S.-led market system that has dominated the global economy with debt and deregulation since the 1980s.

"Globalization, America as the center of the globalized financial markets, was sucking up the savings of the world," Soros said in a CNN interview.

......

"This belief became the dominant creed. And this, then, led to the globalization of markets, the deregulation of markets and the increased use of leverage and all the financial engineering," Soros said.

"This whole enormous construct is built on false conceptions," he added. "You can go a very long way. But in the end, reality rears its ugly head and that's what happened now."

......

"The age of Reaganism is over," Sachs said in a separate CNN interview. "The no-regulation, low-taxes (philosophy) has broken the back of our economy. We now have to get serious about reconstructing normal government that pays its way and a normal financial sector that's properly regulated."
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Old 10-12-2008, 08:33 PM   #2
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That's really shocking coming in from him. I always thought he loved the US.
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Old 10-12-2008, 08:37 PM   #3
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What exactly does that have to do with anything?
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Old 10-12-2008, 08:38 PM   #4
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Originally Posted by AEON View Post
That's really shocking coming in from him. I always thought he loved the US.
I assume this is something called irony.

He gave financial support to Kerry's campaign, and disagrees with Reaganomics.

You probably think that means he hates the US, right?
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Old 10-12-2008, 08:39 PM   #5
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Originally Posted by AEON View Post
I always thought he loved the US.
You being tongue in cheek?
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Old 10-12-2008, 09:03 PM   #6
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My aunt was an economist in the former Soviet bloc who was funded secretly by Soros for many years before the Berlin Wall came down. He is a remarkable fellow.

I think he has no respect for today's Republicans.

Quite stunning given his staunch anti-communist views.
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Old 10-12-2008, 09:14 PM   #7
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My aunt was an economist in the former Soviet bloc who was funded secretly by Soros for many years before the Berlin Wall came down. He is a remarkable fellow.
So it's true that Soros funds a lot of campaigns behind the scenes?
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Old 10-12-2008, 09:16 PM   #8
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I can't speak for what he does now since I have no personal knowledge, but behind the scenes back in the 70s and 80s he pumped tons of money into academics and intellectuals living behind the Iron Curtain.

*This was a pretty poorly kept secret too.
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Old 10-12-2008, 09:18 PM   #9
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Originally Posted by anitram View Post
I can't speak for what he does now since I have no personal knowledge, but behind the scenes back in the 70s and 80s he pumped tons of money into academics and intellectuals living behind the Iron Curtain.

*This was a pretty poorly kept secret too.
This can't be right, I have it on good authority he is an American hating communist.
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Old 10-12-2008, 10:21 PM   #10
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Old 10-13-2008, 01:04 PM   #11
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Soros is an a$$hole and he doesn't know anything about Reaganism or leverage. He even pays people to protest. When people get rich they fear envy of others so they go out of their way to push for "social conscious" politics to move the envy somewhere else. He even thinks success of the Jews increases hatred of the them by others. That even proves he's just trying to avoid envy.

Tell me how does regulation from the Community Reinvestment Act (with pushing from ACORN) have to do with conservatives or the idea that more regulation is good? It depends on the kind of regulation not just more of it.

What does Keynesian economics have to do with conservatives in particular when it is practiced by every western democracy? Reagan was a monatarist and had to compete with a democrat majority in Congress. John Keynes is more influential in his death than Ronald Reagan ever was. True conservatives believe in balanced budgets.

Are people so stupid that they don't even know the role of the President vs. Congress? They just blame everything on presidents as a scapegoat. There is a thing called a business cycle and the government has very little to do with it other than they can distort it with interest rates and taxes. If democrats win and don't eliminate the Community Reinvestment Act then they aren't really trying to solve the problem. The only real solution for individuals is to not go into huge debt and save as much as they can in safe investments over the long run. This is what creates jobs and financial independence. The government can't do anything about that other than create tax incentives for savings accounts. We have to do the effort. The big guys in government and business are not going to do it for us.
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Old 10-13-2008, 01:39 PM   #12
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Originally Posted by purpleoscar View Post
When people get rich they fear envy of others so they go out of their way to push for "social conscious" politics to move the envy somewhere else.

Your psycho-analytical babble is quite hilarious...

The rest of the post is all over the place and full of misinformation...
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Old 10-13-2008, 01:51 PM   #13
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Quote:
Originally Posted by BonoVoxSupastar View Post
Your psycho-analytical babble is quite hilarious...

The rest of the post is all over the place and full of misinformation...
This little vignette, in particular, is dodgy economics:

Quote:
Originally Posted by PurpleOscar
The only real solution for individuals is to not go into huge debt and save as much as they can in safe investments over the long run. This is what creates jobs and financial independence.
An individual saver investing in safe investments - though it is sensible for the individual saver - doesn't, by and large, create jobs. In fact, it is businesses investing in capital, and where necessary, borrowing to make those investments, that creates jobs.
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Old 10-13-2008, 02:03 PM   #14
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An individual saver investing in safe investments - though it is sensible for the individual saver - doesn't, by and large, create jobs. In fact, it is businesses investing in capital, and where necessary, borrowing to make those investments, that creates jobs.
Yeah I've noticed that oscar has used this exact line of logic in other threads. I think he often confuses concepts of personal economics and global economics and blurs the lines between micro and macroeconomics...
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Old 10-13-2008, 06:20 PM   #15
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Quote:
Originally Posted by BonoVoxSupastar View Post
Your psycho-analytical babble is quite hilarious...

The rest of the post is all over the place and full of misinformation...
In order to be funny there has to be some truth.
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