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
Well, he was run out of Russia, Indonesia and several other nations. France sued him and won for $2 million. He was persona non-grata in England but is back buying up land and probably prepping for an English Orange (Limey? Blood pudding? Shepard's Pie?) Revolution on the next elections.
Soros is a traitor.
He has a very large short position along with his pal Buffet. He certainly isn't going to talk the dollar up.
First he's Jewish, second he passed himself off as an escapy. He's a piece of work alright, he, his brother and his two sons (one is a flamer). He was still a kid, around 18 or 20 after the war.
"Its amazing that a single man can destroy the US Dollar"
He didn't destroy it. Congress and the Federal Reserve destroyed it.
That is Hinduism,..........Ultimate realization of re-incarnations!
Hindu mysticisms,...Kaballah mysticisms,...etc,.....'At ONE with the ONE',...Ego Trip!
/illusions
Thanks for the ping!
I thought he was married.
/Islamic $$$$$$ U.N. connections
I am beginning to think he could be. He collaborated with the Nazis and someone allowed him to become an American citizen? I want his citizenship revoked! My father fought the Nazis! Why the heck should a Nazi collaborator be allowed to become an American citizen, become rich off of our country, and then try to tear it apart? He should be tried for treason!
Is anyone asking whether the guy is right or wrong? I don't like him either; but, that doesn't necessarily mean he's wrong.
If he were just a bit younger, I'd be betting on it.
He can't. Soros is, by international monetary standards, a loud-mouthed pipsqueak.
The oil-producing nations are free to peg their product to any currency they want. And the dollar is, indeed, falling in value with respect to the Euro.
Of course, it isn't just the short-term arbitrage that's involved here. The underlying economies are a much more reliable indicator of where the currencies will be 10, 20, or 50 years from now. Hard-eyed traders are going to be looking at this: which economy do you want to depend on, the U.S.'s or the EU's? And if the latter, how much pain will you be willing to stand when it turns south?
Soros is not a bridge you can use to span the widening chasm between America and Putin's Russia.
He's fixing to short dollars. Personal gain is his motive, maybe so that he can try to purchase a President again.
It's time for the CIA to do their job for the national defense.
Duh!(slaps self in forhead) - he's been shorting dollars, now he's fixing to buy them ... cheap.
No, but he's the glue that will bind Hildabeast's presidency to the EU socialists. Try not to show glee. Oh and he loves the Islamics you seem to champion too.
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