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| Europe |
| George Soros at centre of hedge funds plot to crash euro |
| 2010-02-28 |
| A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro. Representatives of George Soros's investment business were among an all-star line up of Wall Street investors at an 'ideas dinner' at a private townhouse in Manhattan, according to reports. A spokesman for Soros Fund Management said the legendary investor did not attend the dinner on February 8, but did not deny that his firm was represented. At the dinner, the speculators are said to have argued that the euro is likely to plunge in value to parity with the dollar. Just repeating what he's been doing since 1944 ... The single currency has been under enormous pressure because of Greece's debt crisis, plus financial worries in Portugal, Italy, Spain and Ireland. But, it has also struggled because hedge funds have been placing huge bets on the currency's decline, which could make the speculators hundreds of millions of pounds. The euro traded at $1.51 in December, but has since fallen to $1.34. Details of the secretive dinner emerged days after Mr Soros, chairman of Soros Fund Management, warned in a newspaper article that the euro could 'fall apart' even if the European Union can agree a deal to shore up support for stricken Greece. Mr Soros, who made more than $1billion by currency speculation when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the euro is 'patently flawed'. He said: 'Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large a portion of euroland to be helped in this way.' He believes that unless the European Commission is given sweeping powers over taxation and spending, the single currency will always be vulnerable to financial turbulence in individual states. Ein state, ein volk ... 'If member countries cannot take the next steps forward, the euro may fall apart,' he added. Last night, Greek prime minister George Papandreou hit back at the 'speculators' who he blames for preying on the country's troubles. Following a visit by EU economic inspectors and experts from the International Monetary Fund, he told the country's parliament that the worst fears about Greece's economy had been confirmed. Outlining the precarious nature of Greece's finances, Mr Papandreou said: 'There is only one dilemma: Will we let the country go bankrupt or will we react? Will we let the speculators strangle us, or will we take our fate in our own hands?' The Greek leader also called for more help from the EU with its debt crisis. Until now, the EU has offered political support but no bailout. |
| Posted by:Steve White |
| #7 Living proof that Karma delayed is Karma denied.... |
| Posted by: Uncle Phester 2010-02-28 16:35 |
| #6 Ein TFIFY, he sniffed smugly. ;-) |
| Posted by: AlmostAnonymous5839 2010-02-28 10:35 |
| #5 One of the more interesting rules of the SEC is that it can change, even make, the rules in the middle of the game. So it can effectively announce that what someone is doing is illegal, retroactively, and that they can be punished for it. While this goes against common law since the Magna Carta, the SEC does it anyway, under the guise of protecting the market. So that being said, with the next Republican administration, the SEC should be instructed to 'stop' George Soros, as his activities nationally and internationally, have long since left the range of business, and entered politics with the intent to interfere with foreign policy. |
| Posted by: Anonymoose 2010-02-28 09:51 |
| #4 In the Red corner: Soros. What a terrific guy. What a paragon of philanthropy. What a fine specimen of humanity. In the Red corner (sic): Papandreou. What defiance! What bravery! What a defender of his people and his country. In the middle: The people of Europe. Duped by their politicians into buying the fools' paradise of state control, trans-nationalist anti-democracy and welfare dependence, and preyed upon by those who exploit the situation for their own gain whilst ludicrously purporting to be motivated by 'social justice', all the time working to silence the democratic rights of the masses. The plebs are in for more pain, but they really have only themselves to blame. |
| Posted by: Bulldog 2010-02-28 06:50 |
| #3 Most of the world is turning itself into Argentina without any help from Soros. |
| Posted by: phil_b 2010-02-28 06:13 |
| #2 It ain't serious until they start blaming Juice. |
| Posted by: g(r)omgoru 2010-02-28 05:55 |
| #1 In his continuing effort to re-make the entire world into Argentina. |
| Posted by: Besoeker 2010-02-28 04:55 |