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Soros: If G20 Fails, Global Depression Ahead


Mr. T

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Soros: If G20 Fails, Global Depression Ahead

 

Wednesday, April 1, 2009 10:33 AM

 

By: Gene J. Koprowski Article Font Size

 

 

http://moneynews.newsmax.com/streettalk/so.../01/198390.html

 

If the G20 meeting of world leaders this week results in nothing but more hot air, billionaire George Soros says all bets are off — the global economy is heading for a huge 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 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 forever.”

 

 

While most investors are worried about the sorry state of the global markets, Soros finds the economic gloom-and-doom "exhilarating," and reckons a full-blown depression is inevitable.

 

 

“I have to admit that actually I flourish, I’m more stimulated by the bust,” Soros said in an interview with the Times of London.

 

 

"On the one hand, there's the tremendous human suffering, which is very distressing. On the other hand, to be able to handle the situation is exhilarating."

 

This recession, Soros said, is a “once-in-a-lifetime event,” particularly in Britain and the United States.

 

“This is a crisis unlike any other. It’s a total collapse of the financial system with tremendous implications for everyday life. On previous occasions when you had a crisis that was threatening the system the authorities intervened and did whatever was necessary to protect the system," said Soros.

 

"This time they failed.”

 

A financial mystic — Soros believes his body aches and pains give him signals as to when to invest, or when to short — he does not know how long the current climate will continue.

 

“That depends on how it’s handled. Allowing Lehman Brothers to fail was the game-changing event. That’s when the financial crisis went over the brink. The size of the problem is actually bigger than in the 1930s,” said Soros.

 

 

Things to ask yourself?

 

The only thing left to do then would be to start a global currency, who will be the King of the world then?

 

If things got to the point of a world wide depression would we then see WW3?

 

Would we America be compelled to except UN rule and give up our rights?

 

What will happen to those who wont comply?

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Billionaire investor George Soros said on Tuesday developing countries should be allowed to borrow from large countries' quotas of international reserve assets issued by the International Monetary Fund (IMS).

 

Speaking at the London School of Economics ahead of the G20 summit, Soros said large countries could lend their quotas of IMF special drawing rights (SDR) to help their financial system's stabilisation. Soros said Eastern Europe was a "prime candidate" for support. Soros, said the IMF in turn should issue up to $250 billion a year in SDRs for as long as the current recession lasts.

 

An SDR is an international reserve asset, created by the IMF thirty years ago to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas.

 

Soros said Eastern Europe was a "prime candidate" for International Monetary Fund (IMF) support. Continued...

 

http://uk.reuters.com/article/rbssFinancia...V71024320090331

 

sorosImage3.jpg

 

Imagine that Obama agreed to loan money to other countries while we are having a hard enough time getting any country to loan us money for Obama Bailouts & Stimulus, let alone we have his Fookin Budget that started out at 1.73 trillion and his freaking spending cronies like piglosi and Reid it is now over 3,8Trillion.

 

At this rate all of the taxpaying americans are going to become slaves to paying this back let alone dishing out to other countries, we are not in any shape to do this.

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Not for a lot of years.

It was bad enough just with Bush's wasteful spending.

Now......

 

WSS

 

 

Actually STeve I agree with you, the defecit spending and borrowing this much money from other countries is well scary.

 

However it is a catch 22 situation.... do we borrow and invest in ourselves out of this month or do we let it all crash and rebuild?

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Actually STeve I agree with you, the defecit spending and borrowing this much money from other countries is well scary.

 

However it is a catch 22 situation.... do we borrow and invest in ourselves out of this month or do we let it all crash and rebuild?

 

Depends on your definition of "invest."

 

To me investment is money that you expect to return some kind of profit.

Like George Will asked "was Studebaker to big to fail?"

 

 

 

WSS

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A Liberal Democrats definintion of Invest is taking you and your neighbors money and giveing it away. then they charge you intrest.

 

All in the name of Envy. A trick played by all socialists.

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The biggest issue long term about all this debt and spending is that we have no industry left.

We dont build anything anymore,thats the scary part.

 

Dan, I beleive we actually agreed on something here.

 

NAFTA & GAT Treaties need to be revoked! And we also need to close the borders and send all the wet backs back home.

 

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The biggest issue long term about all this debt and spending is that we have no industry left.

We dont build anything anymore,thats the scary part.

 

Well Dan, we found the common ground. I agree wholeheartedly.

 

We gave away our industrial capability in a rush to be the ones to service everything......to bad the majority of Americans are dumb as stumps and aren't smart enough to service anything.

 

We have become a paper giant. To bad the world is catching on and have decided they might be best served to service things themself.

 

This country needs to get back in to the pots and pans, underwear and socks business if it wants to maintain and grow its wealth..

 

We are quickly heading towards being a nation with 10 million good paying jobs and having 80 million wanting those jobs.

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Well Dan, we found the common ground. I agree wholeheartedly.

 

We gave away our industrial capability in a rush to be the ones to service everything......to bad the majority of Americans are dumb as stumps and aren't smart enough to service anything.

 

We are quickly heading towards being a nation with 10 million good paying jobs and having 80 million wanting those jobs.

 

Of course manufacturing giants get that way by finding the cheapest labor possible.

(among other factors)

Detroit isn'[t populated by second and third generation college professors, philosophers and doctors.

As generations pass no one wants to do a shitty job cheaply.

The Chinese are already getting tired of busting their asses for shit dough.

WSS

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