DonWassall
04-15-2010, 06:49 PM
Billionaire globalist super-subversive George Soros warns of another stock market crash. But what strikes me about this Reuters article is how it uses "we" and "us" over and over again, an increasingly standardized practice in the corporate media, including local news on TV. Who's "we," who's "us"? In this case, it's a group of fellow banksters and gangsters that Soros was addressing in London. This isn't reporting; it's cheerleading:
<DIV>Markets could be derailed again, warns Soros</DIV>
<DIV></DIV>
<DIV>Railway porter-turned-billionaire financier George Soros delivered a stark warning last night thatthe financial world ison the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.
The man who ‘broke’ the Bank of England (and who isstill able to earn a cool $3.3 bln in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt us towards another crisis unless tough lessons are learned.
Soros, who worked as a porter to pay for his studies at the London School of Economicsafter emigrating from Hungary, warned us to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.
“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist (http://www.economist.com/)at the City of London’s modern and impressive Haberdashers’ Hall (http://www.haberdashershall.co.uk/).
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
One crumb of comfortcould bethe 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another 8 years to go before the next crash…
<DIV></DIV> http://blogs.reuters.com/fundshub/2010/04/14/markets-could-b (http://blogs.reuters.com/fundshub/2010/04/14/markets-could-be-derailed-again-warns-soros/) e-derailed-again-warns-soros/</DIV>
<DIV>Markets could be derailed again, warns Soros</DIV>
<DIV></DIV>
<DIV>Railway porter-turned-billionaire financier George Soros delivered a stark warning last night thatthe financial world ison the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.
The man who ‘broke’ the Bank of England (and who isstill able to earn a cool $3.3 bln in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt us towards another crisis unless tough lessons are learned.
Soros, who worked as a porter to pay for his studies at the London School of Economicsafter emigrating from Hungary, warned us to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.
“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist (http://www.economist.com/)at the City of London’s modern and impressive Haberdashers’ Hall (http://www.haberdashershall.co.uk/).
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
One crumb of comfortcould bethe 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another 8 years to go before the next crash…
<DIV></DIV> http://blogs.reuters.com/fundshub/2010/04/14/markets-could-b (http://blogs.reuters.com/fundshub/2010/04/14/markets-could-be-derailed-again-warns-soros/) e-derailed-again-warns-soros/</DIV>