Posted on 02/27/2005 7:59:17 PM PST by jb6
Jeddah: George Soros is warning all oil-producing countries about pegging their currencies and oil revenues to the dollar.
"The US dollar is weak, and is expected to deteriorate more," said Soros.
The famous currency trader and financier warned Russia and other oil-producing countries to sell their oil and price it in euros rather than US dollars, because the US dollar continues to fall against the euro.
The US dollar poses a danger to oil-producing countries and their economies, he said.
Many central banks intend to peg their currencies to the euro and increase their balances of European currency against the dollar.
Soros's remarks came during at a press conference on the sidelines of the Jeddah Economic Forum, which ended on Monday.
Soros rejected allegations by some economists who held him responsible for the collapse of financial markets and creating an economic crisis in South East Asia.
He was accused of leading an international campaign to weaken currencies of a number of South East Asian countries when he withdrew his funds from Asian stock markets in 1997.
Soros said he sold all his Malaysian and Asian currencies six months ahead of the crisis, and has insisted he had nothing to do with the carnage in the markets.
Soros attributed the crisis to short-term investments in stock markets and the property boom as many investors withdrew their funds and pumped them into real estate.
Ironically, Soros's comments about the dollar may find support from at least one of his old antagonists.
In an interview with Gulf News last month, Dr Mahathir Mohammad, former prime minister of Malaysia, also warned against relying too much on the US dollar.
"Why are we clinging to the US dollar when we know we are going to lose money [as it declines in value]?" Dr Mahathir said.
He and Soros clashed in 1997, when Mahathir blamed global currency traders for the decline in the Malaysian currency
Is Soros the anti-Christ?
Yes. He's a Hungarian Jew who collaberated with the Nazis and then escaped ahead of the Red Army. He's also one of the biggest leftists in the world, and I'm not kidding. He's caused financial ruin and revolutions in many countries: Indonesia, England, Phillipines, Georgia, Ukraine, Romania, Bulgaria, Armenia (next target).
Yes. Like Peter Jennings, some no-talent-@ss-clown at INS decided he could become a naturalized U.S. citizen. Personally, I'd revoke it and deport him back to Europe where he belongs.
Nice guy,.....is Soros a Hindu?
"The famous currency trader and financier warned Russia and other oil-producing countries to sell their oil and price it in euros rather than US dollars, because the US dollar continues to fall against the euro.
The US dollar poses a danger to oil-producing countries and their economies, he said."
Will Russia/Putin listen? Wonder what currency Iran paid Russia for nukes?
Radical governments (good and bad) are almost always elected during economic troubles. FDR in the depression(bad). Reagan in 1980(good).
Perhaps Soros has his pants in a bunch because he spent all that money trying to bring Bush down ... and lost big. I think he is just determined to get him. Should be in that cage with Saddam.
This guy is a more dangerous threat to world stability than the terrorists-he should be dealt with no less severely.
I doubt if he believes in a higher power. He probably believes HE is the higher power.
Oh, now he's also blaming Russia for breaking the dollar. Only an idiot can believe that. Russia has tranferred 13% of their reserve and aim at 25% to the Euro, but that amount is still less then 100 billion dollars, petty change. I don't know what Russia will do, but I'd worry more about China and Japan, they're the big time owners. What this turd is trying to do is get the oil in Euros so it will be much more expensive for us, as countries will dump the dollar to buy Euros and the market will flood, pushing the dollar value down and our interest rates up.
Yep. I think they both should go back where they belong. Neither one of them acts nor thinks like an American, so let them go home and shake the beautiful earth of America off their feet as they go.
It's time this guy got squeezed, big time.
Hungarian Jew by nationality, Atheist (or maybe Satanist) by faith and enemy of Israel, US, Russia, England and even France.
Its amazing that a single man can destroy the US Dollar.
Yeah, but you don't have to be an American citizen to owe U.S. taxes. Besides, the few in or near Soros' income class no doubt have permanent, full time IRS agents assigned to their cases.
If he collaborated with the Nazis, why wasn't he brought up on charges after the war? I can't believe that anyone would have anything to do with him. I wouldn't let my dog urinate on him. Harm might catch something from him.
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