Self-admitted Nazi Collaborator, George Soros has called on Germany to leave the euro unless it willing to embrace the same over-spend strategy as the United States and the rest of Europe. The former convicted currency inside trader described Berlin’s austerity doctrine as a threat to democracy and political stability in Europe as it might help the country avoid the same ruination as Greece.
Investors are watching Soros very closel as it was his insider trading that once caused the British Pound to collapse. The Progressive Puppet Master, is often referred to as the “man who broke the bank of England” in the 1992 Sterling crisis. During that crisis, he made $1 billion in one day at the expense of British taxpayers. At the time Soros was suspected of dealing based on inside information.
The rumor then was that Soros was acting on insider information obtained from the French central bank and the German Bundesbank. The insider information was that they would not support the British pound, despite a pre-existing arrangement to do so.
After helping to secure Barack Obama into the Presidency and setting the United States onto the road of financial ruin, Soros is trying to bring down Germany.
“Unless Germany changes policy, its withdrawal from the currency union would be helpful for the rest of Europe. At the moment Germany is pushing its neighbours into deflation: this threatens a long phase of stagnation, leading to nationalism, social unrest, and zenophobia. It endangers democracy,” he said.
Well it endangers Soros’ version of Democracy, one world government being run by Soros puppets. Soros says he is trying to save the Euro, but back in February his company was attending meetings of the worlds biggest hedge funds. The topic, how to make money off the fall of the Euro.
President Barack Obama clearly had Germany in mind when he wrote a letter to fellow leaders before the G20 summit in Canada this week that surplus countries should do more to shore up global demand. “Our highest priority must be to safeguard and strengthen the recovery: we cannot let it falter or lose strength now. Should confidence in the strength of our recoveries diminish, we should be prepared to respond again as quickly and as forcefully as needed,” he wrote.
Maybe the President didn’t notice, his strategy hasn’t been working so great, so it would probably be better to play it save and keep his mouth shut.
Progressive Paul Krugman told the German press earlier this week that the country was committing the same error as the United States in 1936-1937, or Japan in the 1990s, by withdrawing stimulus before recovery has taken root.
“I don’t have a problem with trying to balance the budget in five or 10 years. The question is whether one should start when the economy is at 7 or 8 percent below its normal capacity and interest rates are at zero. Now is not the time to be worried about deficits.”
Krugman is not being very observant because the only thing taking root are the arses off the unemployed as they sit in their comfy chairs looking for employment.
Mr Soros said Germany was treating the deeply-flawed Maastricht Treaty as it were a “sacred text”, warning that monetary union cannot endure for long as a narrow construct based on debt and deficit ceilings. He said wage rises in Germany are imperative to help lift the whole eurozone, allowing peripheral economies to claw their way out of trouble without fighting the extra headwinds of deflation.
“The truth is that what we have in Europe is not a currency or sovereign debt crisis as many people think, but a banking crisis,” he said. Mr Soros argued that the weaker states cannot easily fund their deficits any longer because somebanks are purchasing fewer bonds as a result of damaged balance-sheets.
Investors are likely to pay close attention to the views of Mr Soros, whose Quantum fund played a key role in the crisis of the Exchange Rate Mechanism in 1992. He famously pounced on sterling and the Italian lira after a top Bundesbank official described both currencies as over-valued, an invitation for a speculative attack.
The crisis proved a blessing in disguise for Britain, which was liberated early from a destructive policy of job wastage. Mr Soros yet to receive a a knighthood for his services.
Knighthood? That isn’t going to happen very soon. But I do understand that Soros still has his swastika armband from the good old days. Be very careful folks, Soros made tons of money from the collapse of currency, he could just be angling to make a bit more by collapsing the Euro, or the entire nation of Germany.