Tag Archives | George Soros

It’s Not Just George Soros Anymore: Plutocrats Worry About Income Inequality

UMP regional elections IlM 2010-02-18 n07“What does it mean when the capitalist vanguard starts talking about inequality?” asks Chrystia Freeland at Politico:

Earlier this year, the most reliable way for a billionaire to make the headlines was to compare suggested tax increases to Nazi Germany. Lately, though, the more interesting shift in the politics of the plutocracy has been more genteel.

There will be more Hitler analogies, of course, but another camp among the superrich is starting to tack in the opposite direction. Some plutocrats accept the evidence that capitalism is no longer working for the middle class, and are trying to figure out what to do about that.

It is not just George Soros, the hedge-fund billionaire, who cheerfully describes himself as a class traitor and has been worrying about the shortcomings of what he calls free-market fundamentalism for decades, anymore. Among the plutocrats, this once-radical perspective is going mainstream.

You could see that in London in late May, at a conference on “Inclusive Capitalism.” In the graceful, gilded rooms of the Guildhall, the historic seat of the City, one of the world’s two centers of finance, international investors controlling $30 trillion worth of asset–one third of the global total—gathered to discuss, as Paul Polman, the CEO of Unilever, put it, “the capitalist threat to capitalism.”

Capitalism, Polman and Lynn Forester de Rothschild, the conference’s organizer, wrote in an introductory essay, “has often proved dysfunctional in important ways.

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The 12 Most Infamous Economic Conspiracy Theories

The digital rag Business Insider (run by Henry Blodget, the unabashed Wall Street Internet booster) goes for more SEO-friendly conspiracy bashing:

The economy has sparked a wide variety of truly bizarre conspiracy theories. Despite the fact that they have no basis in truth, people continue to believe them with almost religious zeal.

The internet has given them a wider forum and audience, and has proved to be fertile ground for these ideas to spread.

These are the myths, conspiracy theories, and flat out falsehoods that just won’t die.

The Federal Reserve is a private corporation run for the profit of its shareholder banks.

Origin: This one’s been kicking around almost since the creation of the Federal Reserve in 1913. It’s the subject of a three hour documentary called “The Money Masters”.
The reality: Nationally chartered banks do hold stock in their regional Federal Reserve Banks, and receive a small portion (6 percent of their stock) of the profits of their regional banks, which is presumably the origin of this theory.

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George Soros On The New World Order

George Soros, the Hungarian-American financier, is known as "the Man Who Broke the Bank of England" after he made a reported $1 billion betting against the British pound sterling in 1992. He's also a famously generous underwriter of liberal activist causes. In this FT video interview he discusses the imbalances of international currencies, in particular the fading utility of the American dollar as the world's default reserve currency. Whether or not he intentionally uses the loaded term "New World Order," or if it just slips out I'll let you decide...
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George Soros: ‘Why I Support Legal Marijuana’

SorosBillionaire hedge fund manager and liberal philanthropist George Soros clearly doesn’t care what his establishment peers think any more — but he can still get his opinions published in the Wall Street Journal:

Our marijuana laws are clearly doing more harm than good. The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.

Law enforcement agencies today spend many billions of taxpayer dollars annually trying to enforce this unenforceable prohibition. The roughly 750,000 arrests they make each year for possession of small amounts of marijuana represent more than 40% of all drug arrests.

Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually. It also would reduce the crime, violence and corruption associated with drug markets, and the violations of civil liberties and human rights that occur when large numbers of otherwise law-abiding citizens are subject to arrest.

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Media Matters Receives $1 Million Donation From Soros

Soros

George Soros

If you’re a millionaire and are think right wing conservative media should be held “accountable for their reporting,” then donate to a left wing activist group. The New York Times reports:

Media Matters, the liberal activist group that wages a rhetorical war against Fox News Channel and others in the conservative press, will announce on Wednesday the receipt of a $1 million donation from the philanthropist George Soros.

In a statement obtained by The Caucus, the organization says it plans to use the money to intensify its efforts to hold the Fox host Glenn Beck and others on the cable news channel accountable for their reporting.

“Fox has transformed itself into a 24-7 G.O.P. attack machine, dividing Americans through fear-mongering and falsehoods and undermining the legitimacy of our government for partisan political ends,” the group will say in the statement, to be released Wednesday afternoon.

In an accompanying statement, Mr.

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Left And Right Agree: Buy Gold!

goldWhen the New York Times runs a front page story suggesting that now is the time to buy gold and they quote Peter Schiff saying that paper money may become useless, is it time to buy, or a classic signal that the hype exceeds reality? Personally I think buying land, livestock and seeds might be a better bet…

It is the resurgent passion of the doomsday crowd, a bet that everything will go wrong. No matter what has you worried, they say, the answer is gold.

Inflation, deflation, government borrowing or the plunging euro — you name it — the specter of these concerns has set off a dash to gold, driving the precious metal to new highs and illustrating how fears of economic turmoil have moved from the fringe to the mainstream.

And gold bugs, often dismissed as crackpots who hoard gold bars in the basement, are finally having their day.

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