View Full Version : George Soros sees a meltdown. What do you see?
Krazy P
03-28-2009, 04:28 PM
If anything he expected the tipping point to come earlier. “Everybody who realised that this was unsustainable expected it to collapse much sooner,” he says. “It is so devastating exactly because it took so long.”
The G20 summit in London next week is, he says, the last chance to avert disaster. “The odds would favour that it fails because there are such differences of opinion. It’s difficult enough to get it right in your own country let alone with 20 governments coming together, but if it’s a failure I think then the global financial and trading system falls apart.”
If the G20 is nothing but a talking shop then he thinks we are heading for meltdown. “That could push the world into depression. It’s really a make-or-break occasion. That’s why it’s so important.” The chances of a depression are, he says, “quite high” – even if that is averted, the recession will last a long time. “Look, we are not going back to where we came from. In that sense it’s going to last for ever.”
@ Krazy P
I think it will be a meltdown, but could take a couple years. That's a general impression of much reading. The latest is ex-IMF's Simon Johnson.
qwerty123
03-28-2009, 05:32 PM
I think depression, or very long drawn out recession. I don't think spending what 2-3% of our (USA) GDP is going to bring us out of this. (I think we hit 127% of GDP in spending for WWII). Job creation has not helped 3.5M jobs my a$$. The market has been up slightly, but I don't think it will last. Unemployment is surging, especially in ways that are not measurable by our flawed statistics (people who want full time work, but can only find part time, and people who work, but have taken jobs that pay 1/3 as much, and students).
There's the issue of national debt... So how are we going to create jobs, spend money, give everyone health care, tax the rich more (and thus disincentivize production and job creation). How are we going to pay off $11 trillion. Oh yeah… and then face tens of trillions in Medicare and Social Security costs. The only thing I can do is work out and remain healthy. Hopefully by the time I’m old it will be sorted out.
With the loose monetary policy will we see high inflation rates? How does one battle the inflation? Invest in property?
Krazy P, with knowledge of your background, it doesn't help make the picture any brighter.
LaoTzu
03-28-2009, 05:51 PM
So then, the question at the G20 should be:
- would we rather a short depression, or a long recession? -
I'm still a befuddled by it all, and a bit skeptical of the "Necessity" of action... It kind of reminds me of the lead-up to the Iraq war in a way. I try to be open minded about it, but All I can picture right now is that all this money is going 'somewhere'. I feel like it's just the biggest heist in the history of all history.... coupled with the rise of 'private security companies' (aka: mercenaries --Blackwater ex...) and you can guess what my opinion of a "worst case scenario" really is...
On the flipside... this is probably meant to drum up world support for a unified reaction, rather than fear-mongering.
I do so love how these people fear-monger, but offer no practicable solutions... he's probably just playing the market to his advantage anyway with this...
qwerty123
03-28-2009, 06:45 PM
I feel like it's just the biggest heist in the history of all history
The people who made their money are keeping quiet right now. (thats not a jealous comment, but clearly some made off big, and at least some of them knew what they were doing.) Shhhh...
Cicatrix
03-29-2009, 05:40 PM
Well until the debt to GDP ratio sorts itself out I can't see anything getting better.
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I'm no economist but my understanding is that the neo-classical economic view fails to factor in debt to their predictions. Not being able to service debt is a fundamental problem. To pay down debt will come at a cost to spending, which has a raft of problems such as increases to unemployment. Reductions in employment further intensify the problems. I can't see it getting better anytime soon.
Soros should know...he helped engineer it by supporting those who made foolish decisions. it goes back so far, though, i certainly can't blame him entirely. many of us second mortgaged homes to go on vacation or buy an suv.
i don't care....i got three goats coming next week, and another dozen chicken two weeks after. soros can't get them without a swat team. lol!
Soros should know...he helped engineer it by supporting those who made foolish decisions.
“Look, we are not going back to where we came from. In that sense it’s going to last for ever.”
Yeah, reb, and that's why my quote takes on special significance. George is an insider.
A meltdown is coming for sure. I was studying this for the last past months. Better be prepared for the worst.
Tenacious B
03-29-2009, 10:23 PM
Soros sees a meltdown because Soros wants a meltdown and actually has the capacity to influence it.
eternaltriangle
03-29-2009, 10:37 PM
I disagree. I predict a glorious new era of malaise!
Solus
03-30-2009, 02:28 AM
I just wonder why George the hitman didn't predict the Asian financial crisis 10 years ago.
Hanfgeist
03-30-2009, 05:22 AM
If anything he expected the tipping point to come earlier. “Everybody who realised that this was unsustainable expected it to collapse much sooner,” he says. “It is so devastating exactly because it took so long.”
The G20 summit in London next week is, he says, the last chance to avert disaster. “The odds would favour that it fails because there are such differences of opinion. It’s difficult enough to get it right in your own country let alone with 20 governments coming together, but if it’s a failure I think then the global financial and trading system falls apart.”
If the G20 is nothing but a talking shop then he thinks we are heading for meltdown. “That could push the world into depression. It’s really a make-or-break occasion. That’s why it’s so important.” The chances of a depression are, he says, “quite high” – even if that is averted, the recession will last a long time. “Look, we are not going back to where we came from. In that sense it’s going to last for ever.”
"Always with those negative waves, Moriarty, Always with the negative waves....."
I would'nt listen to anything he says, he makes huge amounts of cash by trading currencies and putting out a statement like that will cause some of them to be devalued if anybody takes it seriously, allowing some more profits to be made. Would be funny though if a collapse caused everyone to use currencies which were printed in and could only be used in their local area and used barter as well, what happens to Soros in that scenario? though doubtless he or somebody like him will end up owning all the wealth again in the new system....
I disagree. I predict a glorious new era of malaise!
But only till 2012 right eternaltriangle ?
darynthe
03-30-2009, 12:28 PM
A friend of mine who is conspirancy obssessed told me a couple of months before it all actually started to get all the canned food I could and buy gold. And I can to fly back to my country. I laughed at him for months. I am not laughing so much now.
A friend of mine who is conspirancy obssessed told me a couple of months before it all actually started to get all the canned food I could and buy gold. And I can to fly back to my country. I laughed at him for months. I am not laughing so much now.
The US has laws to deal with conspiracies.
But who needs to fly that flag when much is done out in public view ?
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For those who see George The Player and thus dismiss the problem because of George see The Quiet Coop by Simon Johnson (To view links or images in this forum your post count must be 2 or greater. You currently have 0 posts.) in this same sub forum.
Hanfgeist
03-30-2009, 04:30 PM
A friend of mine who is conspirancy obssessed told me a couple of months before it all actually started to get all the canned food I could and buy gold. And I can to fly back to my country. I laughed at him for months. I am not laughing so much now.
Yep, despite my earlier posting in this thread, I have been stashing food, fuel and other supplys since this crunch first hit, also started growing a backup food supply too (western countries us Just In Time supply systems which are vulnerable to financial shock and fuel shortages). Deflation is a media lie, we've got food and fuel inflation here now cause the currency has been devalued and imported stuff like most of our food is getting much more expensive......
Yep, despite my earlier posting in this thread, I have been stashing food, fuel and other supplys since this crunch first hit, also started growing a backup food supply too (western countries us Just In Time supply systems which are vulnerable to financial shock and fuel shortages). Deflation is a media lie, we've got food and fuel inflation here now cause the currency has been devalued and imported stuff like most of our food is getting much more expensive......
Ive read arguments by some VERY anti-media types that think deflation is a real possibility. One even says he can see inflation in energy and food, and deflation every where else.
Pandemonium
03-30-2009, 06:19 PM
Search Rex84. You will be quite amused.
Search Rex84. You will be quite amused.
Thanks for the search string.
Many years ago, probably in the '80's I learned something I had only previously suspected from fragments of things my dad had said through the years. My father was a system analyst at Strategic Air Command who worked in 'games' (see the movie "War Games"), more properly called 'exercises'.
He explained that in the pursuit of this countries security, all threats had been discussed and planned for. All.
This was the most direct statement he ever made to me about his job and his knowledge. The FEMA story is just the latest proof to his claim.
Hanfgeist
03-31-2009, 02:01 AM
Search Rex84. You will be quite amused.
They tried internment without trial here during the conflict in Ulster and made the situation worse......
based on what i saw over a quarter of a century of dealing with the power mongers, might not be quite as amusing as at first glance...
based on what i saw over a quarter of a century of dealing with the power mongers, might not be quite as amusing as at first glance...
It's the human nature aspect that causes me, ideologically. to backslide into doomerism. I can find many advantages in the lifestyle chosen by John at The Field Lab - assuming one has the right skill set/cash flow.
RBM,
even given 'a partially useful skillset, and barely adequate cash flow', it almost seems to me that 'the lab' is no more dangerous than what our leaders have planned for us. Beck is exploring the links between our government's evolution (as geithner recently called 'our drift from the Constitution') to fascism on his show today...used the old 'silver dime' reverse side...turns out the 'joined sticks and axe' were used by italy's fascists as their symbol. coont find the link on 'glennbeck.com', but it will likely show up in the next couple of days. the figure was put there, if i recall right, by the wilson administration. i bet no one under 40 has seen the reverse of a 1925/1930 silver dime:
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RBM,
even given 'a partially useful skillset, and barely adequate cash flow', it almost seems to me that 'the lab' is no more dangerous than what our leaders have planned for us. Beck is exploring the links between our government's evolution (as geithner recently called 'our drift from the Constitution') to fascism on his show today...used the old 'silver dime' reverse side...turns out the 'joined sticks and axe' were used by italy's fascists as their symbol. coont find the link on 'glennbeck.com', but it will likely show up in the next couple of days. the figure was put there, if i recall right, by the wilson administration. i bet no one under 40 has seen the reverse of a 1925/1930 silver dime:
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Beck's got to have a pile of material on this, cause the 'symbol analysis' has a long history in this country.
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