Even a stopped clock is right twice per day.
I don't usually place much credence in what George Soros has to say. But this time he's right about the 'Class War' (it has already started, in case you haven't noticed.) Check out how liberals routinely disparage success, speaking of 'the rich' as if it's something you might have to wipe off your shoe after walking through a city park.
But, like a stopped clock, Soros is generally wrong. The article goes on to say:
But people who know him well say he advocates making long-term stock picks with solid companies, avoiding gold—“the ultimate bubble”—and, mainly, holding cash.
He’s not even doing the one thing that you would expect from a man who knows a crippled currency when he sees one: shorting the euro, and perhaps even the U.S. dollar, to hell. Quite the reverse. He backs the beleaguered euro, publicly urging European leaders to do whatever it takes to ensure its survival. “The euro must survive because the alternative—a breakup—would cause a meltdown that Europe, the world, can’t afford.” He has bought about $2 billion in European bonds, mainly Italian, from MF Global Holdings Ltd., the securities firm run by former Goldman Sachs head Jon Corzine that filed for bankruptcy protection last October.
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Uh, okay. The Euro is going to continue to be valued because . . . Europe will otherwise melt down? Whatever you say, George. (That's sarcasm on my part, in case it isn't coming through clearly enough.)
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“At times like these, survival is the most important thing,” he says, peering through his owlish glasses and brushing wisps of gray hair off his forehead. He doesn’t just mean it’s time to protect your assets. He means it’s time to stave off disaster. As he sees it, the world faces one of the most dangerous periods of modern history—a period of “evil.” Europe is confronting a descent into chaos and conflict. In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties. The global economic system could even collapse altogether.
So, in a nutshell, George Soros says that the Euro is going to survive because, well, it's just GOTTA! And gold is the "ultimate bubble" because . . . oh, he doesn't say why. But I guess it's because gold isn't backed by absolutely nothin' the way that fiat money - which irresponsible, liberal governments just love to keep printing and spending - is.
Soros is a liberal's liberal, btw. Why is that not surprising?
Finally, Soros is a BILLIONAIRE. I guarantee you he didn't become one by telling everyone what he's actually thinking and planning to do. If he's saying to sell gold and buy fiat, you can bet it's because he's ALREADY sold gold and bought fiat. Now he'd like gold's price to fall . . . so he can profit by buying back in, and fiat's price to rise . . . so he can profit by selling what he's already got.
Profit is the name of the game. You can't profit yourself if you freely tell everyone what the actual good and bad buys are.
Good article.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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