Tag Archives: Soros

George ‘Greed is Good’ Soros is at it again.

soros

Writing in the Guardian, currency speculator George Soros has said sterling would “decline precipitously” if the Leave camp won Thursday’s referendum vote. Once again, he is talking as if sterling will be throwing itself over a cliff. Nothing could be further from the truth.

In effect what he is doing is putting the United Kingdom  on notice.

Currencies such as sterling  do not fluctuate by themselves. They fluctuate because people such as Soros and their armies of Forex screen monkeys bet against the currency in the pursuit of profit.

Nothing in the UK will have changed by midnight on Thursday – except Soros and his ilk kicking off a worldwide currency trading orgy : “Let the sell-off begin!”

We voters should understand that everything bad that Cameron and the Remain camp have been prophesying in the event of Brexit will have its roots in the future behaviour of the banking community. It is they and heads of companies who owe them money who are calling the shots – not the politicians. Just think back at the ‘suits’ who have been squealing the loudest for a Remain outcome!

Soros has warned of “serious consequences” for British jobs and finances if the country leaves the EU.

It is time we all called the bankers’ and the financiers’ bluff. They could quite easily have said that in the event of either a Remain vote OR Brexit, they would offer full support to our economy.

Even the Governor of the Bank of England has failed to confirm that he and his bank will do everything that they can to support the British economy irrespective of the referendum outcome.

They have failed us yet again.

The fires of capitalism

 

A twisted  fusion of capitalism and socialism is being forged in the white-hot heat of political panic.

 

No-one should  complain because we  are all being forced to run  blindfold towards  a world where profits are privatised and losses are nationalised. We cannot lose.

 

Competition will be a quaint throwback to the last century because both the US and UK governments have now demonstrated that if a company is big enough, it will have Federal and Treasury support. It is the smaller companies who will be allowed to go to the wall because it is only then that they can become financial fodder for their fat hungry cousins.

 

The new financial conglomerates now know that they cannot fail because the State will bail them out.

 

The lesson that has not been learned  is that the sheer size of companies is what  makes them difficult to govern. The only way to manage these fiscal behemoths is to impose rules that are so draconian that eventually, the spirit of capitalism will be totally expunged. The State will be calling all the shots.

 

There has been debate as to who is to blame for the current chaos. The bankers know very well what has happened but  they mutter vague generalisations, citing worthless  sub-prime bonds and a general lack of confidence.

 

There is no way that sub-prime (the greatest euphemism ever?) lending is to blame for the entire financial house of cards tumbling down. The real issue is that  the banks DID NOT HAVE THE MONEY that they were lending. They have behaved like a banana republic which prints more money in order to pull itself out of  the financial quicksand.

 

Yes, they have been using “pretend” money. Mugabe is doing it now, the Wiemar republic did it  70 years ago and  the entire banking system is still doing it.

 

The banking system has relied on “electronic money” for years. It was not real money and they have probably known for years that they were sprinting towards meltdown. George Soros knew.

 

The regulators are not to blame because 90% of their efforts are designed to control the “little man”.  The big picture eludes them . A few days ago the FSA was still issuing statements as to the solidity of HBOS – that’s in spite of the “investigation” that it carried our six months ago on the possible manipulation of HBOS shares.

 

If the current chaos eventually does go from “boil” to “simmer”, the Government must take the opportunity not only to take a close look at the regulatory regime but also think about a complete restructure of the financial services industry.

 

The FSA grew out of a need to control mis-selling in the Pensions and Life Assurance industry. That is still its main thrust.

 

In spite of the increasingly bureaucratic Pensions and Life industry, the bandits are still out there and always one step ahead – they can never be eradicated.

 

A new global authority must be formed that specifically carries out high-level audits and ensures the implementation of  proper business controls within the banking sector.

 

However, we do have to accept that the ratcatcher can never catch all the rats.