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Soros Compares Mishandling Of Current Crisis To Great Depression
Billionaire investor slams Paulson, says we’re heading into a financial storm
Paul Joseph Watson
Prison Planet
Wednesday, September 17, 2008
Billionaire investor George Soros has slammed US Treasury Secretary Hank Paulson for behaving in the same manner as bankers in the 1930’s and mishandling a financial crisis that threatens a repeat of the Great Depression.
Soros told BBC Newsnight that the world was merely at the beginning of a financial storm and warned, “We mustn’t allow the financial system to collapse as it did in the 1930s.”
Referring to Hank Paulson, the US Treasury Secretary, Soros stated, “The way Paulson is handling the situation is reminiscent of the way the bankers handled it in the 1930s.”
He added: “The financial system has gone overboard and the financial engineering has grown to big, it takes up too big a share in the world’s resources.”
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“Now it is shrinking. When it becomes regulated it will be less profitable than the last 25 years.”
Soros, a former member of the Board of Directors of the Council on Foreign Relations, is ranked by Forbes as the 99th richest person in the world with a net worth of around $9 billion.
Ironically, Soros made his name by reaping the dividends of another financial meltdown when he “broke the Bank of England” by short-selling the pound sterling before the currency dropped out of the European Exchange Rate Mechanism in 1992, landing Soros a profit of around $1.1 billion.
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In 2006, the highest court in France upheld a conviction that Soros had practiced insider trading when he bought shares in French bank Société Générale after discovering that the bank was on the verge of a takeover.
Soros has repeatedly predicted fiscal armageddon, writing three books about a “superbubble” that is on the verge of collapse.
In response to those accusing him of crying wolf in an effort to panic financial markets and benefit from the fallout, Soros stated, “I have a record of crying wolf…. I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book (2008’s The New Paradigm for Financial Markets). So it’s three books predicting disaster. (After) the boy cried wolf three times . . . the wolf really came.”
Respondents to a Daily Mail article about Soros’ comments accused the financier of engaging in wanton hypocrisy.
“I don’t know why on Earth they interview Soros since he has been proven again and again to deliberately spread financial rumour for his own exploitation and gain,” wrote one, “Soros became a multi multi billionaire precisely through manipulating markets like this – if this man says that we are heading for a 1930’s style crash you can guarantee he already has plans to profit from it.”
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34 Responses to “Soros Compares Mishandling Of Current Crisis To Great Depression”
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September 17th, 2008 at 4:33 am
yeah… I dunno about this guy, but it echo’s what some “more respectable” fellows were saying on the charlie rose show yesterday.
September 17th, 2008 at 4:40 am
Yukos Oil Company (ОАО НК ЮКОС) was a petroleum company in Russia which, until recently, was controlled by Russian billionaire Mikhail Khodorkovsky and a number of prominent Russian businessmen. Khodorkovsky were convicted and sent to prison. Yukos was one of the world’s largest non-state oil companies, producing 20% of Russian oil—about 2% of world production.
In 2003 Khodorkovsky’s shares in Yukos passed to Jacob Rothschild under a deal they concluded prior to Khodorkovsky’s arrest.
This story is amazing when you dig in and consider that Schiff did finance the marxist revolution.
Watch the NWO next move will be run on Russian banks too . Hungry people go to war.
I remember that soros and kissinger were there in some freedom fostering group . It was a big time all the best Rothchild aganets were there.
September 17th, 2008 at 4:47 am
Oh no one is denying that Soros who is a jew is exploiting the financial imbalances of the developed world, particularly Europe, US and Britain.
However, his predictions or prognostications have proven correct and he has $9billion in evidence.
Sadly the jews in the financial world will have no more money to bribe US and Europe for special laws for jews like hate crime laws and hate speech, they will have no more money to bribe politicians for more financial aid for Israel or turn a blind eye to Israeli settlements or bribe politicians into more proxy wars on Israels behalf.
There is something else to consider….one could say that for the last 50 years the financials have exported jobs and outsourced industries because there was a higher rate of return overseas. You know, of the jewish liberal communist Chicago School of Milton Freidman economics: Free movement of labor and Free trade (mainly at US expense).
Now with the collapse of the financials, will the pressure be off to outsource and offshore jobs and industries via free trade mythos? Will the pressure be off immigration and free movement of labor mythos?
The only way to secure the future of the US now is for the jews and the Chicago School of economics alla Milton Freidman to be replaced with something much less utopian and much more focused on the US as a nation. We went from a parochial Keynesian to a utopian globalism under jew Freidman and now we need to move into something that is expanionist but rooted in nationalism or regionalism.
Regionalism (we already see regionalism being expressed in India, China, Korea and Japan increasing trade with each other rather than globally). Could the US be offering statehood to Central American nations like Panama, Costa Rica and Belize?
September 17th, 2008 at 6:18 am
Is it not time to admit to ourselves that the people who run the globally interwoven financial system are incompetent, failing to admit that, would it not be wiser to admit that these people are covertly organising the transfer of your last remnants of wealth into their hands??
Why take part in this fake reality that endeavours to totally rob you of your life, the financial system is akin to a game of monopoly… where the player who controls the bank is blatantly cheating and the players who go along with the game are blatantly acting dumb… just like the state – the bank(s) should solely exist as a service for the people, merely to facilitate the every day economics of the working world, with the authorisation of the people to make just enough money to keep afloat and to continue its service to the people.
Money was invented to divide and conquer, the only real asset people have worth trading is time and skill, and as we all know, time is priceless. People have been conned into selling their souls for as little as a few cents a day in some regions, how dumb could one possibly be?
Now we – the people stand on the brink of starvation again, everything by god given right from the day we are born is taken/stolen from us and then sold back to us in exchange for our life, basic every day essentials like food, water and shelter should be provided by the state FOR FREE, in reality the state should solely exist for the benefit of the people who create and maintain it – instead people have been brainwashed into believing that people solely exist to maintain the state, a matrix style scenario, where people are literally the battery cells powering the state.
Who would sit down at a texas-holdem poker table when all the other players can see your cards but you cant see theirs? if you did, you either have foreknowledge of the outcome failing that you are one very stupid person.
I AM SICK OF THE BULLSHIT – it is NOT real, when will YOU wake up and realise that this GAME is NOT worth PLAYING…
September 17th, 2008 at 6:19 am
“Soros – Your Enemy” at
http://www.larouchepub.com/lar.....pamph.html
September 17th, 2008 at 6:21 am
Soro’s is a known manipulator. But I really don’t understand the significance to be placed upon a man standing in the middle of a hurricane proclaiming to the world, “There is a storm on the way”.
What the Hell is he talking about? A very “keen” observation from the world’s most legendary “Economic Hitman”. Wow, your really “on top of it” George.
We are OVER a year into this financial collapse and Soro’s has proclaimed its existence. What a genius.
Perhaps after the run on the banks, we’ll have other “experts” step up to the plate with their bold “predictions”.
September 17th, 2008 at 6:35 am
“When it becomes regulated…”
These are the key words within the article. I expect an attempt by international financial powers to step in on top of the Fed in the not too distant future. And the global planned economy will fare no better than our nationally planned one.
I hear a lot of talk of taking up arms, and ‘fighting’ the beast. I would also suggest a large segment of the American population first needs an education on liberty and the power of the human spirit.
September 17th, 2008 at 7:01 am
Soros does not believe in freedom. He is a fascist.
September 17th, 2008 at 7:30 am
Soros is a CFR piece of filth. He is just another billionaire elitist who believes in an 80% population reduction, and a New World Order. He believes in an ideaology that doesn’t include Christ or God. He is just another empty soul occupied by demons and filth.
September 17th, 2008 at 7:41 am
Suckers will not get Bail Out only the “special ones with the Right Pedigree( like at a dog
show) But the Suckers will get the INTEREST payment always do …….
September 17th, 2008 at 7:50 am
George Soros is a thoroughly wicked man. Once a Nazi collaborator and now an agent of the British Empire.
Please see ‘The Secret Financial Network Behind “Wizard” George Soros’ by William Engdahl.
http://www.questionsquestions......soros.html
September 17th, 2008 at 8:02 am
Soros is just trying to play the crisis so that he and his scumbag cohorts in the offshore hedge fund business come out on top.
He should be locked up and the key thrown away.
September 17th, 2008 at 8:08 am
Soros is right about this Population control we do need to reduce it by 80% our Planet Cannot Sustain this current population growth.
September 17th, 2008 at 8:19 am
September 17th, 2008 at 9:05 am
It is really interesting to watch the Fed (read: private bankers) drive down the prices of the large institutions with news of melt-downs and then, disguised as a “bail out” essentially step in and own them. And just like that, the shareholders of these companies are getting wiped to zero, in some cases bondholder too, and the Fed (read: private bankers) financed by money they will never have to repay because they can just print more or use tax money are buying them at fire sale prices. Next, they will sell off pieces of these companies at higher prices. (perhaps a trick they learned from bilderberger Kravis of KKR fame)
In all the interviews and press releases I have seen, the Fed and government representatives are all saying the same thing like they are reading from a cue card:
…a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance.
Oh OK. They are just trying to help us. Silly me, I thought the government (oops, I mean Fed – private bank) was trying the take over the US financial industry.
September 17th, 2008 at 9:10 am
So ‘Greed is Good’ was the motto of Wall Street for the last nearly 30 years. Well I think now ‘Pain is Good’ should be the new motto. The average American on this planet needs some hard times to get his mind straight. All this luxury has made us soft. A depression would do us all some good. It’s seems like the NWO isn’t quite ready for a global economic breakdown. Look at them scurry. They only just started with the social controls necessary to keep a lid on a pissed American populace once we find out how screwed we’ve been and are now.
September 17th, 2008 at 9:26 am
And you guys sit there and take it, sitting comfortably in your computer chair. Things must not be THAT bad, certainly not bad enough to inspire you to leave your keyboard.
September 17th, 2008 at 9:31 am
Every person rich or famous or powerful enough can move markets when they speak.
When the KNOW what they will say, and set up trades to benifit from the direction they expect their markets to move, they engage in insider trading.
My bet is Soros is long gold. Gold is up $50 today
September 17th, 2008 at 9:35 am
Hey Rob,
You first, you psycho bastard.
September 17th, 2008 at 9:45 am
While I believe that Soros is correct, I also think it is wrong to give active billionaire investors like him such a public forum to make public statements that can be used by them to benefit from the market swings caused by their rantings. The average investor cannot do so. For these billionaire investors, their wealth is directly linked to their big mouths – every time they speak their investments profit. Whether down or up.
September 17th, 2008 at 9:47 am
Any volunteers for that 80 percent population reduction?
September 17th, 2008 at 9:47 am
And PS “Happy Constitution Day.” Does anyone other than me think the bankers picked this day to consummate these recent bank deals as a gesture of mocking our Constitution and flaunting their “power” instead?
September 17th, 2008 at 10:55 am
There was no mishandling , George, as everything went according to plan. By the way, George, how much will you clear on the depression redux? 2 trill? 5 trill?
Terry, George volunteers us.
September 17th, 2008 at 2:17 pm
ROB1121—you must hate ur life…you act like you wouldn’t be part of the population reduction…who is to tell, and why haven’t you killed urself yet? you think everyone else should die b4 you? what makes you so damn special?? u must not have children, or a heart, or any form of compassion…scum…but everyone is entitled to their opinion in my book…my opinion=ROB1121 YOU SUCK!!!
September 17th, 2008 at 2:36 pm
Go to http://www.larouchepac.com, and click on organizing material to download the “Your Enemy: George Soros” pamphlet to learn more about just who George Soros is, and what he has done, and is currently doing…
hint: he’s the number 1 financier of the Obama campaign, he helped consolidate European currencies into 1 central bank, under the guise of the Masstrich treaty, thus creating the Euro. He also has connections to Georgia, Sakashvilli… the list goes on…
To get a real look into why the man is amoral, we need to all realize that he is a Hungarian Jew, who pretended to be Christian, and then helped confiscate gold fillings, and other valuables from his fellow country mans mouths during the holocaust under Adolf Eichmann. All religion aside, it takes a sick man to do that, and then later go on to say that he has no sense of guilt or remorse during an interview. (the transcript can be found in the Soros flyer)
http://larouchepac.com/files/p…..ossier.pdf (magazine)
There is also a Your Enemy George Soros short movie on http://www.larouchepac.com in the media archive.
Also George Soros loves to point out the obvious when it comes to unfortunate events, but reap profits off of such happenings at the same time. After denouncing Bush and Cheney, and playing the Left/Right paradigm; George Soros invested $62.6 million into Haliburton (2 million shares of stock)
September 17th, 2008 at 3:12 pm
There’s no reason you too could not profit from this nose dive. We’re still nose diving, and we may not see the bottom until the Dow hit 8,000 or 7,000.
It will be the worst crash in history.
What’s going to stop it?
The U.S. has been living a great many lies for a long time. This may be the atonement that’s been a long time coming.
September 17th, 2008 at 6:11 pm
Dan J – you are right on.
September 17th, 2008 at 6:50 pm
The dollar is only as good as the ” full faith ” its holders have in it and as for “credit” does anyone think we have any or deserve anymore or that other nations will lend to us ? . The dollar is a stock , its a piece of paper and I fear it is going to litter the land as a sorrowfull reminder of just how right Dr. Paul was about fiat currency and how dangerous and financially suicidal our complacency has been.
September 17th, 2008 at 7:06 pm
rob1121, U should do some research before you come in here looking foolish. No amount of money would buy me to say what U do. Tell your bosses to stuff it, why don’t U?
Thanks however, for the opp to tell the facts of just where the remnant is headed thru the R3volution, after open-ended justice is fully behind us. (Which side are U & boss on?):
“People [even] living forever would cause overpopulation. False.”
“Only unconscious plants, insects, fish, animals, and mystics can experience overpopulation. With [the advent of] biological immortality, the required mystic-free business-oriented society allows each human being to produce more values than he or she consumes. Each additional person, therefore, becomes an [autonomous] asset to ’society’, not a liability or a drain. Thus, increasing population in a mystic-free society increases technology and values faster than is needed to support any expanding population. That includes expanding man-made inhabited real-estate into infinite space as needed. Indeed, population growth in which quality of life declines is impossible in a mystic-free society. For in such a society, population growth always increases the assets and prosperity of everyone.”
~Dr. Frank R. Wallace
As for U, rob1121; stop reproducing! The prescription here is for a mystic-free population. As part of the mysticism-riddled 80% group [U said it!] that create & perp problems where none exist, … U lose.
Write in Dr. Ron Paul, & supervise the vote w/ your family & neighbours, & get set for incredible prosperity under freedom w/ a gov’t U can luv, too! But, if U just don’t know how lucky U are to have the REAL Uncle Sam with U for only a short window of op, & don’t wanna’ give peace a last chance, he & your productive classes (ONLY, Please!) may come to make Atlantica your home base, where we all & Dr. Paul could put the Constitution to really good use. Spread the message.
September 17th, 2008 at 9:30 pm
The whole shebang is manipulated by insidious people like Soros and all those attached to the Syndicate/Illuminati/Bilderbergs et al. Those that run the world love to see all this happening as it squeezes the wealth of the world higher up the money pyramid. This then allows even fewer to have more of the wealth. God knows why but I guess that these guys are diseased and it reflects upon mankind. So you can bet your bottom dollar, sorry about the pun, that those behind the scenes are MAKING this happen for their own sickly ends
September 18th, 2008 at 12:23 am
When the rich and powerful speak the world’s markets listen. How many times has the chairman of the US Federal Reserve spoken and before he has folded up his speech, the markets have moved either up or down. They don’t even have to spell out what they want the world to think, just a hint is enough, after all there is always analysts on the various television shows to expand on their theme.
Over the past twenty years or so, there has been a major shift in many spheres of commerce. Education has been directed at academic pursuits as opposed to developments of trades’ persons. The result is there is now a shortage in virtually all trades.
Corporations have either outsourced downsized or off shored in a chase of more profits. Results are that the formerly called “third World Countries” have developed at expediential rates, while the developed world has become more reliant on those countries for goods and services that they need.
The theory of Eugenics has been around for a couple hundred years with its dire consequences if the world’s population is not reduced. The truth is that we do not know how many people this planet can sustain especially if the resources are used in a sustainable manner.
Within the developed world the populations are decreasing. The last real population explosion was the “Baby Boomers” and these are now looking at retiring, if they have not done so already.
If a baby boomer wishes to sustain the lifestyle he/she had while working there is no way that they could do it on the dividend check issued from shares. Most shares only pay about 1.6% if you are lucky. That equals $307 per week for every $1,000,000 invested. So what are these baby boomers doing? They are selling their shares and investing in other forms of investment that pays a better return. That is not good for the share market.
As economic growth is directly tied to the growth of consumer spending with this reduced population the eugenicists call for who is going to supply that growth. The elite will not spend their hard fought for wealth to support the system that I am sure off.
Another point is as most of the wealthy have their money tied to the stock exchanges would not they be as (if not more so than the general population) be effected as well. George Soros & co. have a lot more to loose if the Dow was to drop from 14000 points to say 6000.
September 18th, 2008 at 1:18 pm
the rockets red glare bombs bursting in air,i don’t think anyone will see the flag at night. these are very dark times. your sheperds sumber,tour nobles lay down to rest,your people are scattered on the mountains(those things that the politicans make for you),with no one to gather them. noyhing can heal your wound,your injury is fatal. every one who hears the news abouy you ,claps their handsat your fall, for who has not felt your endless cruelty. the bush administration has made many friends,as well as the ones before. i think the stars and stripes are long gone. except the the stripes administered at the fema camps
September 18th, 2008 at 11:11 pm
Soros slammed Halliburton is his propaganda films. This drove down the stock says Halliburton. Soros dropped the stock from 55 down to 30, then bought them out with majority shares.
Soros backs Obama, these guys are ruthless.
Maybe a ruthless bunch that knows the con game can pull us out of the war and financial mess ?
Take a Zbig SOB to beat a Kissenger SOB ?
Obama is the middle class SOB that has the muscle to “Change” the status quo ?
September 24th, 2008 at 2:23 pm
soros is a phony who works for israel