Wednesday, October 18, 2006

George Soros and George W.

Finacier and rich chap, George Soros has said that if George W. Bush left his post, he would renounce all his wealth. As if.... Though I could manfully shoulder the burden of extreme wealth if Soros were to transfer his fortune over to me. Alas, George W. is there for the duration.

3 comments:

Colin said...

Actually he should transfer his fortunes to you since he is in favour of leftist ideology, i.e. redistibution from the rich to the poorer.

Llewellyn H. Rockwell published an interesting article about him "Inside Soros". Here his main point:

" So long as we are psychologizing about billionaires turning to leftist ideology, we must not forget the all-important motive of self interest. In Soros's case, this was on ugly display during the Russian debt collapse. Desperate for hard currency and facing a fiscal crisis, the Russian government guaranteed wildly high returns on its debt instruments. Believing that Russia would never be allowed to fail, Soros took huge positions in its bonds.

His conversion to the cause of financial socialism began as Congress refused to bailout Russia, and Soros's fund started bearing the weight of margin calls. Eventually, the losses would total $2 billion. His new book admits that he burned up the phonelines calling for governments to loot their taxpayers on his behalf, with additional panicked calls to central bankers and finance officials to pressure them into doing so.

Soros made the wrong bet, lost one of his shirts, and turned against capitalism. He believed himself to be the most powerful man in the world. It turned out that there is something more powerful, which is the market itself.

So Soros, the new poster child of the left, turns out to be nothing more than a disgruntled rich guy tired of the risks that made him wealthy. In similar fashion, we see Netscape, Oracle, and Sun Microsystems calling on the government to crush Microsoft because it beat them in a free and competitive marketplace.

Speculators like Soros have done great good for the world when they have used their talents within the framework of the market economy. But when they decide to cozy up to politicians, pose as philosopher kings, and urge government planning on the world, they are capable of doing enormous evil. Recall that Friedrich Engels was a wealthy businessman too. "

istanbultory said...

Yep. I can relieve Soros of the burdens of his wealth and use a large chunk of it to re-energise the UK Conservative Party. I'm sure he wouldn't mind. Did you know Soros was fined $2 million by a French Court in 2002 for insider trading? I wonder what his lefty causes reckon of that....

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