Soros Warns "Another Major Financial Crisis" Is Looming--and Trump Is Partly to Blame
Source: Slate
Legendary investor George Soros is worried that the global economy could be headed to the dumps in large part pushed downward by Europe, with a significant assist from President Donald Trump. Rising populism, the break-up of the Iran deal, a rising dollar, and investor flight out of emerging markets all mixes up to one dangerous cocktail for Europe, and the global economy as a whole. We may be heading for another major financial crisis, he said.
The billionaire didnt mince words at the annual meeting of the European Council on Foreign Relations in Paris on Tuesday, when he warned that the European Union is in an existential crisis. Why? Simple, really: Everything that could go wrong has gone wrong. In his speech, which was aptly titled How to Save Europe, Soros said there was no way around the fact that European Union lost its way after the 2008 global financial crisis. That led to cutbacks and austerity in which certain countries were forced to meet impossible goals. That means many young people now see the EU as the enemy and that has been a boon for populist politicians.
The continent has also failed to properly deal with the refugee crisis of 2015, which led to anger and resentment among voters and strengthened anti-European parties. Finally, there is Trump, who has managed to shock the whole world with his actions. His move to withdraw from the Iran deal meant he was effectively destroying the transatlantic alliance. That reality is bound to have a negative effect on the European economy and cause other dislocations, Soros warned.
As usual, Soros is putting his money where his mouth is and is shorting stocks from Stockholm to London, notes Bloomberg. His company currently has some $256 million in bets against European companies.
Read more: https://slate.com/news-and-politics/2018/05/soros-warns-another-major-financial-crisis-is-looming-and-trump-is-partly-to-blame.html
truthisfreedom
(23,140 posts)Jeeze, dude, you suck.
BigmanPigman
(51,568 posts)He isn't taking part in their childish, racist propaganda.
Trump Jr. retweets Roseanne's conspiracy theory about George Soros
Source: The Hill
Donald Trump Jr. retweeted a conspiracy theory promoted by Roseanne Barr saying in part that Democratic mega-donor George Soros was a Nazi.
The retweets from the president's eldest son come after Barr issued a string of tweets on Monday falsely claiming Chelsea Clinton was married to Soros's nephew and that Soros's goal was to overthrow the U.S. government.
Read more: http://thehill.com/blogs/blog-briefing-room/news/389766-donald-trump-jr-retweets-roseannes-conspiracy-theory-about
PatrickforO
(14,559 posts)What was done to Spain, Portugal, Italy was wrongheaded, small hearted and mean spirited. It was done by bankers who have greed where their hearts ought to be.
Let's not forget we taxpayers bailed out Wall Street for $750 billion in 2008. And what do we have to show for it? A decent, moral president who was hated by the right for eight long years because he had the temerity to be president while being black.
Now we have a disgraceful, ignorant, racist orange shitbag who is attempting to reverse everything Obama did. Wall Street is roaring, shaking off those pesky regulations, and big oil is rejoicing in the ignorant actions of Pruitt, who is as we speak committing crimes against humanity and the very earth on which we live.
Capitalism breeds divisiveness and hatred, mistrust and xenophobia.
If our national debt is money we owe to ourselves, then why are we paying it back to 'investors' with interest?
If our currency is fiat currency, which it is, then why is it so scarce for so many of us?
How come, if Article 1 Section 8 of the Constitution says Congress shall coin money, has that duty been surrendered to the supposedly 'quasi-governmental' Fed?
And what gives the World Bank the right to impose austerity on anyone?
What about Puerto Rico? Those people are suffering prodigiously and fucking Trump didn't even know they are Americans. Nearly 4,000 have died, and Republicans are still carping about how PR owes Wall Street a big debt. Fuck that. I told my Republican Senator that he should be approaching Wall Street bankers about FORGIVING that debt like we did theirs in 2008. TARP, remember? $750 billion.
A warning to the austere bankers: Dems in my state are talking about public banking, universal healthcare and debt free college. They are talking about reversing Citizens United. The Parkland kids have awakened an entire generation that is as idealistic as the beat generation and first wave of boomers, but more savvy and more cynical.
Wake up capitalists. The next big recession might very well be followed by another 'R'. A revolution.
Petrushka
(3,709 posts)bucolic_frolic
(43,062 posts)60 Minutes always could run a balanced, astute, insightful interview even if they all were Republicans. Never really liked Steve Kroft, though he is a first rate interviewer. "Donald Trump without the humility"? Jim Grant's cynical skepticism of everything hides his libertarian cutthroat capitalism beliefs I think. At least with Soros you get a great mind who has worked hard at his currency hedge fund craft. He would be a billionaire even if his efforts were fully taxed. He didn't just bilk the government for tax credits and stiff contractors.
Soros' world view and most importantly method of living and investing was clearly formed by the Holocaust period. He sees both sides of everything, profits from his actions, and tries to help a bit where he can. With good teachers and insight, economics can be a powerful mindset. It can also be an abstraction from reality with not much use.
LiberalLovinLug
(14,165 posts)Disaster Capitalism.
These scumbags WANT a depression. Then they buy up all the cheap real estate and businesses they can while the price is low. As long as you are rich enough to hold out the storm, you are rewarded 10 fold later.......after a Democrat comes into office again and puts confidence back in the marketplace. No money for progressive policies, everything spent on avoiding a depression.
bucolic_frolic
(43,062 posts)invest in emerging markets value fund ETFs, particularly eastern Europe, because the assets have not been bid up as much as in the US. Greed is its own reward.
SWBTATTReg
(22,077 posts)In today's world, especially in today's world, predatory or destructive capitalism (hostile takeovers, depreciation of one's currency in order to scoop up assets on the cheap, political winds that favor measures that are not prone in supporting beneficial economic growth for all (only just a few, e.g., very favorable tax laws not available to all) and so forth).
Before, we had governments that could effectively step in and deal w/ severe economic issues if and when they occurred, but w/ today's instant world, and number of large, well financed countries and/or persons (compared to the rest of us), distortions within a country or series of countries could be initiated by a group of individuals and/or countries, and massive distortions of asset values could occur overnight and lead to massive problems for the ill-equipped country or countries that were the least able to resist such efforts.
Africa is a good example, where mega companies took advantage of the incompetence of local governing bodies, in order to line their pockets (and this is still going on today). Massive corruption in today's world, right in front of us and no one is doing anything about it.
noneof_theabove
(410 posts)in the near future everything will be owned by 3 people.
Moe, Larry & Curly.
Everything will all upside down and backwards.
And Moe will be "bitch slapping" the entire country.
Welcome to the United Corporations and Churches of America [UCCA] [replaced USA Jan 20, 2017]
where the real product is the stock and
the true customer is the stock holder.
In god we trust, all others pay foreign loan shark interest.
How would you like paying only $2,000 Income Tax on $50,000 income?
And Wall Street and the mega rich pay the same fair share of 4%.
No more forms due by April 15.
IRS only need 10% of people, finance lawyers gone, H&R Block not needed.
And in 2-5 years maybe only pay 1% or $500 on $50,000.
First and 2nd year pay off the federal deficit, then all infrastructure, increase VA, medical for all [botox extra you pay],
at least BS degree for all or trade school if you want to be a welder or truck drive, MS/PhD possible free or you pay.
No more major debit on a 24 year old to get somewhere in life.
Well is is called FIETS, the Federal Ingress Egress Tax System.
Based in the banking system.
Ingress - coming in, Egress going out. 2% each side on ALL TRANSACTIONS.
So the Wolf of Wall Street needs an extra 10K for trophy wife necklace, gonna cost him the same 2% Egress.
Want a McMansion for $15 million, well 2% [$300,000] is paid by you Egress and same 2% on the seller,
this is the bank accounts, paid as the money is moved in or out.
Your boss/company pays 2% on you payroll check [no other FICA, IRS, etc payroll fees] and 2% will happen
when the direct deposit or check deposit goes in your account.
Grocery store pays 2% [out-egress] when they buy products to stock, they get 2% [ingress-in] when you pay and
you pay 2% [out-egress]. EVERYONE PAYS SAME FAIR SHARE ! !
A night at the diner and movie, each of them pay 2% on meal ticket [income] and you 2% on expense [payments].
Move funds within the system, saving <> checking, no charge it only when funds go in/out of you accounts, even
the banks transferring between themselves is not charge but all those fees are income and the banks will pay
their 2% income [ingress] just like all others.
A proven method that works, fully funds the fed/state/region/local governments and ALL SERVICES.
Oh, maybe 0.0001% can stay in the "system" to keep it running.
That is fair just like the phone and cell companies keep 4% [last I knew when retired in 2014] for handling
the fees [$0.50 per month per account here in Texas, different by state].
Send this to your political-critters at fed/state/region/local to make MAFA [Make America Fair Again].