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Soros sees no bottom for world financial “collapse”

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NEW YORK (Reuters) – Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

“We witnessed the collapse of the financial system,” Soros said at a Columbia University dinner. “It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”

His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.

(Reporting by Pedro Nicolaci da Costa and Juan Lagorio; Editing by Gary Hill) –more–

HatTip whatreallyhappened

Written by morris

February 21, 2009 at 11:44 pm

Enjoying the crisis? It was all engineered

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I do solemnly  believe the financial crisis has been engineered. It stops the transfer of wealth to the oil producers. It surely will not go according to plan, very little in life does, but that is particularly true for the last eight years. Fortunately I have no inside info, so i can live longer.
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If the crisis was not engineered then it is such an indictement on the incompetence of our elite and the system we live under as to suggest our elite’s fall from power and grace.

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Oil is now 35$ a barrel, mission acomplished. Would our barrons inflict hardship on everyone in order to undermine Iran, Russia and Venezuela etc? Most definitely yes. Has there been a word about the cost of the wars? Not a whisper.

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In a timely essay on:

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Is the New World Order “Jewish”?

February 12, 2005

Central banks also control the supply of credit to businesses and individuals. Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta describes this untenable situation.

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“This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is… It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”

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When the Federal Reserve was inaugurated in 1913, a London banker acknowledged that it is a scam.

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“The few who understand the system will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class… The great body of the people, mentally incapable of comprehending, will bear its burden without complaint, and perhaps without even suspecting that the system is inimical (contrary) to their interests.”  Source

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I mean, If they had the gall to say Iraq had weapons of Mass destruction. Osama Bin laden did 9/11 even though he has never been charged and his family was in business with the Bush’s, why not have the gall to soak everyone?

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moneycount

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Bailout of 700 Billion is peanuts compared to what is going on:

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Written by morris

December 27, 2008 at 12:07 am

Money will cease to function as a meaningful commodity Sunday Times

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I was in Dublin last weekend, and had a very real sense I’d been invited to the last days of the Roman empire. As far as I could work out, everyone had a Rolls-Royce Phantom and a coat made from something that’s now extinct. And then there were the women. Wow. Not that long ago every girl on the Emerald Isle had a face the colour of straw and orange hair. Now it’s the other way around.

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Everyone appeared to be drunk on naked hedonism. I’ve never seen so much jus being drizzled onto so many improbable things, none of which was potted herring. It was like Barcelona but with beer. And as I careered from bar to bar all I could think was: “Jesus. Can’t they see what’s coming?”
Ireland is tiny. Its population is smaller than New Zealand’s, so how could the Irish ever have generated the cash for so many trips to the hairdressers, so many lobsters and so many Rollers? And how, now, as they become the first country in Europe to go officially into recession, can they not see the financial meteorite coming? Why are they not all at home, singing mournful songs?

 

It’s the same story on this side of the Irish Sea, of course. We’re all still plunging hither and thither, guzzling wine and wondering what preposterously expensive electronic toys the children will want to smash on Christmas morning this year. We can’t see the meteorite coming either.

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Written by morris

December 15, 2008 at 10:29 am

Millions of Monkees

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I came across the following story on Guerrilla News Network posted on bacchuss blog. Being a lover of monkeys, and always on the lookout for a good analogy, I thought it would be worth sharing:

Once upon a time a man appeared in a village and announced to the villagers that he would buy monkeys for $10 each.

The villagers, seeing that there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10 and, as supply started to diminish, the villagers stopped their effort.

He next announced that he would now buy monkeys at $20 each. This renewed the efforts of the villagers and they started catching monkeys again. Soon the supply diminished even further and people started going back to their farms.

The offer increased to $25 each and the supply of monkeys became so scarce it was an effort to even find a monkey, let alone catch it!

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Written by morris

December 10, 2008 at 10:50 pm

The ending of the Jewish financial system

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How can a free market economy fail? Simply based on supply and demand.

Because it was not a free market economy.
Supply and demand is an intrinsic law of nature.

2_great_depression

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Written by morris

December 8, 2008 at 12:21 pm

Wouldn’t a Debt amnesty cure the Credit Crunch?

with 2 comments

Year Amount it took to
equal $1 in 1913
1913 $1.00
1920 2.02
1925 1.77
1930 1.69
1935 1.38
1940 1.41
1945 $1.82
1950 2.43
1955 2.71
1960 2.99
1965 3.18
1970 3.92
1975 $5.43
1980 8.32
1985 10.87
1990 13.20
1995 15.39
2000 17.39
2001 $17.89
2002 18.17
2003 18.59
2004 19.08
2005 19.73
2006 20.18
2007 20.94
2008 21.57
Source: Bureau of Labor Statistics.

The Shrinking Value of the Dollar

The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913. For the current year, the latest monthly index value is used. In 2008, for example, it took $21.57 to buy what $1 bought in 1913. Note that in 1920, it cost $2.02, and declined in 1925 and through the 1930s, illustrating the effect of the Great Depression, when prices slumped. Prices did not pass $2 again until 1950.  Source

Debt amnesty to cure credit crunch.

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If all debts were canceled we could at least pick up where we were before the crash.

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All debt personal and corporate and sovereign.

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The wealthy who live in a mansion, would still be wealthier than those without a mansion. But all Mortgages would be canceled. Someone who spent 30 years paying off their mortgage would see their neighbour who has only lived there and made payments for a year get to own their place as well.

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Some countries would benefit more than others. Pakistan, Iceland and the Ukraine would be happy to forget their debts. And of course the USA.

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At first you might think China, Russia and Europe could be upset to lose the value of the bonds they are holding. But: China could say, ‘we have industrialised, we still have the factories, and we are still better off than we were’. Russia also has seen its fortunes rise over the last decade.

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And anyway, how much chance do Russia and China have of ever getting their dues for the bonds they hold? And the dollar has to devalue sooner or later, and probably such a big devaluation that the foreign dollar holdings would be greatly diminished.

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Europe anyway seems to be a big owner in the Fed, and has through its intimate ties with the US, shared in the easy life the US created through deregulation, the Subprime and massive borrowing.

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Even personal debts to the credit cards, and to one another are cancelled at a specific date, say with ten weeks notice, so everyone has time to come to some understanding and settlement.

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The international money system has a jewish feel to it, and it is a credit that the whole world has adopted this globalised system with Stock Markets and Credit cards. Until an alternative system can be found, we are stuck with it. Rather than play it all by the rules, so that all the books can be balanced, which seems to ensure a 1920s type crash. Why don’t we just start all over again. The gap beteen rich and poor will not be as great as it currently is. And scrapping all debt makes as much sense as the Fed pumping trillions into the world economy, and to seemingly little effect.

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No one in the civilised world wants a recession, this is a way to avoid it.

Written by morris

November 12, 2008 at 4:43 pm

Now the end of the financiers era

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It feels like an elaborate hoax. The money game. The Fed prints it, gives it out with interest and the Government insures that we are all a slave to it. It is even illegal to burn or deface it.

In recognition of that part of the human psyche that enjoys private ownership, private possessions are encouraged, there is a deluge of advertising, and again the police can be counted on to protect private property.

In reality it is the money that is keeping us separate from each other.

Alas the system really started to take off, in the last 50 years consumerism became a religion in itself.
Now just as we all adjusted to it, we are informed of an imminent crash. None of us really wished for it, nor willed it. But the big financiers had to balance their books.

When people could not pay their mortgage, they were evicted from their houses, in order to balance the books of the lending houses. So then a family is under stress, and goes and lives in a tent or a car, or the family splits up. And just then the Government comes to the rescue and gives the lending houses more money.

In the depression of the 1930s it was clear that everyone wanted to work, but they couldn’t, the whole economic crash came as a shock, there had been no precedent. It laid the groundwork for the rise of National Socialism in Germany.

An economist called Keynes said just print money and create jobs, road building or anything at all. And Keynesian economics are credited with bringing the world out of depression.

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Written by morris

November 10, 2008 at 10:31 pm

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