When Soros broke banks and governments he was really breaking millions of innocent human beings, many who now treat him as a savior. He broke the US too, the state of California being exhibit 1 (with help from US politicians of course). A Malaysian official tried to protect his country's currency from speculation so Soros called him a "menace."
12/6/1998, "The man who broke the Bank of England," BBC
"Hedge funds can cause currency movements in minutes"
"This week sees the arrival in Britain of George Soros - the international speculator who now aims to reform global capitalism. He will be addressing the House of Commons Treasury Select Committee, and giving a number of press interviews,
- on the dangers of unregulated free markets.
Mr Soros, who operates one of the world's biggest private investment funds, is famous for having made $1bn by betting on the devaluation of the pound sterling in 1992.
His Quantum Investment Fund claims to be the world's most profitable. This year, an article he wrote in for the Financial Times newspaper on the need for Russia to devalue its currency precipitated the fall of the Russian Government, a massive default on its debts, and widespread financial panic....
He set up the Quantum Fund in 1969 as one of the world's first hedge funds. Registered in Curacao in the Caribbean, but run from Manhattan, the fund took money from rich individuals and invested in risky, but potential highly profitable international deals.The fund profited hugely from the collapse of fixed exchange rates in the l970s and the deregulation of global capital markets. By l980 Soros was worth $25m and his fund $100m. ...
But he is part of a group of international private investors with an estimated $100bn in assets who can
- significantly affect global markets.
In September, another hedge fund, Long Term Capital Management, had to be rescued by the world's major banks for $3bn - at the behest of the US Federal Reserve - because of
- the risk to the whole world's financial system if that fund were to fail.
In October, Mr Soros had to restructure his own investment companies. He closed the Quantum Emerging Growth Fund, which lost one-third of its value after taking a big loss on its Russian investments, and merged another, after disclosing losses of $2bn.
It has perhaps been the experience of the past year, where global financial turmoil swept through the markets, that has led to his call for further international regulation of capitalism.
What Soros fears more than anything else is a protectionist backlash which would close markets and lead in his view to the strengthening of authoritarian regimes.
He has clashed repeated with Dr Mahathir Mohamad, the Prime Minister of Malaysia, who has imposed capital controls on his country's currency. Dr Mahathir has criticised "immoral financial speculators" while Mr
- Soros has described Dr Mahathir as a "menace to his country."
Many of George Soros's prescriptions for reform - for more information about bank lending in developing countries, and for an IMF lending facility to prevent crises -
- are now being adopted by Western leaders."...
The UK loves their jailer. As if by magic, he's quoted from the sewer of the UN:
10/3/2011, "George Soros' sympathy for Wall Street protesters," BBC
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3/31/2009, "'I'm having a very good crisis,' says Soros - who made £1billion as the world plunged into recession," UK Daily Mail foreign service
"A hedge fund manager who predicted the global credit crunch has said the financial crisis has been 'stimulating'
- and the culmination of his life's work.
And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year.
'It is, in a way, the culminating point of my life’s work,' he told national newspaper The Australian.
Soros is one of 25 top hedge fund managers from across Wall Street who have defied the credit crunch crisis
- to reap a total of $11.6billion (£7.9bn) last year."...
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