From TAPPED:
George Soros, a major funder of progressive causes, criticized President Obama today for giving in to deficit hawks amid an economic recession. "To cut government spending at a time of large-scale unemployment would be to ignore the lessons of history," he said.Wouldn't it be nice to know what his currency positions are today vis a vis the dollar??
He made an estimated $1.1 billion on the pound; it's not hard to imagine a scenario where he invests $50 million or so to drive US policies, and by the way, takes a strong position against the dollar and makes a billion or two.
Farfetched? You decide. But he ought to disclose.
-
Somebody has to sock puppet groups like Center for American Progress, Media Matters, and J-Street in their fight against income inequality. Muhhahahahaa.
"They came to do good, and did very well indeed." - James Michener
He's also not particularly popular in Thailand and the other emerging Asian economies he helped crash in the late '90s.
Speaking of tigers, they don't often change their stripes, do they?
What's George Soros's currency position? He's short. Hell, his position on the United States is short. It's always been short; it will always be short. Or at least until he achieves what he desires above all things: the destruction of capitalism and the overthrow of America's representative republic in favor of a totalitarian communist rule.
Schizophrenic? Yeah. But true nonetheless. Just as it was with another "Comrade Capitalist", Armand Hammer.
Is he any different than Blankenfein, et al. The state of Capitalism today is the faults of people who believed in 170 to leverage. synthetic securities, etc.
Soros' few billion is peanuts compared to what was pillaged by our Investment Banks. I am not defending Soros, but he is one of the lesser daemons in the Satanic Hierarchy.
Talking about the economy with a friend today, he came up with the solution. Let Madoff out of prison and give him control over Wall Street that way everyone can get 12% a year.
The destruction of Capitalism happened between the Battery and City Hall
Robert Reich has an article today about how politics is being corrupted by oligarchs. He's speaking of undisclosed financing to influence elections.
Mark's observation here is different: he's suggesting that we should be suspicious about Soros' advocacy of the Krugman line (government should spend now to stimulate the economy) because Soros may be attempting to influence policy to profit from a weak dollar.
Hidden money behind political campaigns is pernicious because the beneficiaries of such funds will be beholden to the big money that got them elected. Self interested economic advice is different because the advice is public, and everyone is free to evaluate the effect this will have--and to place their currency bets accordingly. Soros, like you or I, may benefit from making currency bets that might be influenced by stimulus spending--it doesn't say anything about whether the advice is good or bad.
That Robert Reich post is the dumbest thing I've seen in an entire week, and this is election season.
I understand Reich's grief. The worst minds in the country are taking their best shot at wrecking capitalism, and by some cosmic injustice Robert Reich has been left out of it.
The problem, Roland, isn't that Soros is speaking out - that's obviously fine. The problem is that Soros has funded (sometimes less than transparently) a bunch of policy shops that take positions that will certainly impact the dollar.
That's a problem, and should be. Transparency is a good first step, hence my call for disclosure.
Marc
And Roland, while I'm deeply unhappy about the wealthy swinging politicians by the tail, I won't take anyone seriously who mentions the Koch Brothers who doesn't mention Democratic oligarchs.
Marc
Marc:
I agree that transparency and disclosure is a good thing. But I don't think a rule that you must report to the governemnt and the world your stock positions everytime you advocate some policy that might impact the economy is practical or realistic.
I think Reich correctly identifies a problem, secret big money in politics. With Soros here, you are pointing to secret big money in the market--that's less of a problem I think.
Let's start with beefing up public disclosure laws, as suggested by Citizens United. I'm less concerned with funding of think tanks because, ultimately, ideas have to stand on their merit.
Your observation about Reich mentioning right wing funders is fair enough. They are the ones who have been in the news lately. I'm not sure it follows, however, that you don't have to take seriously the point he's making: that our democracy is secretly being corrupted by big money. Isn't that your point as well?
Glenn: Do I correctly deduce from your comment that you don't believe secret big money in politics is a problem?
I guess I'll quote Robert Reich:
Yeah, right. "Takeover of America", my ass.
What I have a problem with is a bunch of hopelessly out of touch political mandarins who ought to be trying to understand why the voters hate their policies. Instead they're preparing for their defeat by claiming that the election is being bought, while desperately gobbling all the cash they can.
This is all good for Republicans, because the Democrats learned absolutely nothing from 1994, and they are resolved to learn even less this time.
Roland, you're missing a key point; Soros is a major political actor - many if not most of the major left-wing think tanks and organizations get at least some of their money from him.
He funds Think Progress, funded J Street, etc. etc. etc.
So it's not just a matter of him having 'secret big money in the market.'
Marc
I would like to see where every cent a politician puts his or her hands on strictly accounted for. Especially since we all are forced to be bookkeepers by these same people when the pass income taxes.
I have always found it less than amusing that I have to both, personally and professionally keep a set of books for the Government to make sure that they get their taxes and if I make a mistake, I am fined for it.
Talk about involuntary servitude.
Every single last cent should have a name attached to it. anyone that would trust a poitician with a penny is a fool.
Oh you want some hypocrisy? I've got some for you:
Our president and vice president come out in the national media attacking the chamber of commerce for using foreign funds for campaign ads (a specious charge, as the NYT admits).
And where did this charge originate? A little blog called Think Progress, run by the Center for American Progress, funded by.... international billionaire George Soros.