Skip to comments.SOROS: 'What Japan Is Doing Is Quite Dangerous'
Posted on 04/05/2013 4:06:26 AM PDT by blam
SOROS: 'What Japan Is Doing Is Quite Dangerous'
April 5, 2013
Legendary investor George Soros is in Hong Kong for the INET conference.
He took a few minutes to speak with CNBC's Bernie Lo.
"Reports say you made a billion dollar shorting the yen," Lo said. "What are you trying to do? Break the Bank of Japan?"
"I think the Bank of Japan is eager to have people do that," joked Soros.
On Thursday, the BoJ's Haruhiko Kuroda announced extremely aggressive monetary policy, an effort to stimulate Japan's stagnant economy.
"It is a sensation because he broke some of the monetary taboos," said Soros about Kuroda. "It's a very daring undertaking."
He continued by discussing how to fight deflation.
"In the conditions of deflation that Japan has been in in the last 25 years, one way to break that is to have monetary policy, which buys in the market government bonds and the government providing fiscal stimulus so that it effectively doesn't increase the debt outstanding," explained Soros. "Because what the government sells in bonds on one hand, the bank buys with the other hand. The government owns the bank. That doesn't increase the debt."
"But if it stimulates the economy, using unused resources, then the economy grows," he said. "If you go to Japan, you will find people are quite excited."
Soros, however, warned that Japan's efforts to devalue the yen is risky.
"What Japan is doing right now is actually quite dangerous because they are doing it after 25 years of just simply accumulating deficits and not getting the economy growing," he explained. "So if what they're doing gets something started, they might not be able to stop it. If the yen starts to fall, which it has done, then people in Japan
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Russia still has a warrant for Soros for shorting the Rouble, causing it to devalue by a factor of three in 1999-2000.
Because he’s a U.S. citizen, countries having mutual defence pacts with the U.S. will not extradite him, because the U.S. does not have an extradition treaty with the Russian Federation.
Extradite? He should be hung, save the airfare.
The big story is Japan, which at one point was up nearly 4.5%, in the wake of aggressive action from the Bank of Japan.
But in the end, the Nikkei only ended up 1.5%.
A market up 1.5% is called a fizzle... What exciting times!
That vile maggot needs to be at the top of the list . . .
What's dangerous, George? Be specific.........oh wait, that would be a problem, wouldn't it?
I’d love to see Soros caught a billion on the wrong side of a short.
It would be like a freight train running over a bug.
Never happen though.
Soros lost his soul when he sold out to the Nazis.
“Where that evil bastard is concerned, karma has completely fallen down on its job.”
Well, he’s fat, old, and ugly.
Soros is Dr. Evil incarnate. The guy appears to enjoy manipulating whole government economies and societies from his evil lair. He would make a good James Bond villain. Problem is I think he would enjoy the role way too much.
dangerous? they’re printing more money? just like 0failure did after 1 month in office... and has 2 times since
would he admit that 0failures policies, and that of all big govt types, are all dangerous and designed to fail?
Translates as: "I bet on another horse."
Yeah, but he's still alive. I hope that changes soon.
I am surprised IVAN has not taken care of him.
He must have some very good sequrity on staff. Also, I would not want to be his food taster.
Sorry, very tired this morning, almost pulled out in front of a car this am.