Soros Warns of Market Crash

Money News ^ | 04/15/10

[TigerLikesRooster]

Soros Warns of Market Crash

Thursday, April 15, 2010 10:58 AM

Railway porter-turned-billionaire financier George Soros delivered a stark warning that the financial world is on the wrong track and that it may be hurtling towards an even bigger boom and bust than in the credit crisis.

The man who ‘broke’ the Bank of England (and who is still able to earn a cool $3.3 billion in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt the financial world towards another crisis unless tough lessons are learned.

Soros, who worked as a porter to pay for his studies at the London School of Economics after emigrating from Hungary, warned the financial world to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.

“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall.

“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.

“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”

One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another eight years to go before the next crash.

[originalbuckeye]

Yup. So his Puppet could get access to all our State secrets. We are in DEEP doo-doo.

[EBH]

I’m no economic guro or economic history buff, but I recall learning from my parents that the Great market crash was mostly the result of people using private credit to buy stocks. At least that is how it was explained to me years ago.

Now we have whole countries in the “markets” on credit. The scale of the crash will be beyond measure.

Add onto the now imminent volcano cooling issue, within the year things will be very different than today. The ash spreading across Europe and the globe will cool and shorten growing seasons, make winters more difficult etc. And if the other sister blows...well all bets are off.

Ok, I’ll put my tinfoil hat on now.

[blam]

"Add onto the now imminent volcano cooling issue, within the year things will be very different than today. The ash spreading across Europe and the globe will cool and shorten growing seasons, make winters more difficult etc. And if the other sister blows...well all bets are off."

These are real concerns...not as 'tin-foil' as you may think. If the other 'sister' blows, millions will probably starve to death.

[TigerLikesRooster]

You know, people propose many theories about rather abrupt and erratic nature of weather changes over many millenia. I wonder if many of those patterns are result of some catastrophic natural phenomena such as asteroid/comets or geologic events such as earthquake or volcanic eruption(on land and on the bottom of sea.)

[Bigg Red]

I’ll also bet that if he wanted to he could provide the exact date and time when this “crash” is going to occur.

&&&
My thoughts exactly.

[blam]

"You know, people propose many theories about rather abrupt and erratic nature of weather changes over many millenia. I wonder if many of those patterns are result of some catastrophic natural phenomena such as asteroid/comets or geologic events such as earthquake or volcanic eruption(on land and on the bottom of sea.)"

Most definately, YES!

The link below is the worst case, only 2,000-10,000 people worldwide survived:

Late Pleostocene Human Population Bottlenecks. . . (Toba)

This event is recorded in our DNA.

[blam]

The Dark Ages: Were They Darker Than We Imagined?

[mdmathis6]

Or the breath of God...we forget he is the masterfisherman drawing his nets up under all of us.

[ptcmama]

Me too. And I’m betting this coming October. Surprise!

[EBH]

Very interesting reading in your links. I’ll spend more time after work reading through them.

Thanks

[EBH]

The Little Ice Age
http://www2.sunysuffolk.edu/mandias/lia/little_ice_age.html

I do not support this guys disclaimer at the top of his essay, but the short description of the challenges from this time period may be instructional.

[blam]

"Very interesting reading in your links. I’ll spend more time after work reading through them."

Ahem, pick up some extra groceries on your way home.....

[Lazamataz]

Or the breath of God...we forget he is the masterfisherman drawing his nets up under all of us.

God is annoyed by me, and Jesus hates me.

[freekitty]

Arrest the you know what. Give him 300 years. Bernie got 150.

[Western Phil]

The videos of the Wisconsin fireball the other evening are quite interesting. It appeared to brighten as it went along, explode and then disappear off in the distance. I suspect that it was a rock (one guess was 1 meter diameter) which grazed the atmosphere, but came in fairly low, got quite hot and then bounced off into space.

[glorgau]

8 more years?

Nah, my opinion is that the period will get shorter as the collective consciousness of the people that make up the market recognizes the unsustainability of the whole mess.

The rule is “Don’t panic. But if you have to panic, panic first”. The panic will be sudden and once again Joe Six Pack is going to left standing when the chairs are pulled away.

[mdmathis6]

You may be a little closer to them than a lot of us are in someways...if you can catch an inkling of a vision of the yearning they have for you to be in the Kingdom, just a taste of that unmerited love and grace. I’ll pray that you do!

[Lazamataz]

Jesus kicked my ass the other day.

He brought two friends.

Jesus hates me.

He truly hates me.

[Freedom_Is_Not_Free]

[mdmathis6]

Well if you say so...though I suspect you do a fairly good job beating your own self up!