April 11, 2011

Soros Really is trying to sink the U.S.

George Soros, billionaire, socialist, and anti-American agitprop conduit has always wanted to see the U.S. fail, and sink itself as the global superpower.  Either he's doing it deliberately or out of a complete misunderstanding of what made the country great.

Soros says the U.S. dollar is no longer the main reserve currency for the world because it accounts for a mere two-thirds of the internationally held reserves.  I guess that makes something else like the yuan more credible.  He also praises China for its managed capitalism but argues that it can't be repeated because China had a monopoly on the approach and now everyone is doing it.  In addition he had this to say (from RealClearPolitics: Soros: U.S. Could "Absorb Some More Debt"):
"The country could, actually, absorb some more debt in order to get the economy going," George Soros told Bloomberg television over the weekend.  
Soros said the U.S. should spend money on building infrastructure or improving productivity.
Here's a longer excerpt from the interview from Bloomberg.

The man is a socialist, and clearly wants to see the U.S. fail.  This is like standing on the deck of the Titanic and claiming the ship can take on some more water.  Sure it can, but it's going to sink faster.  Physical possibility does not equate to pragmatic realism.  More debt is a ridiculous notion.    As for the notion of shifting the world's reserve currency away from the US dollar - that only makes sense if Americans are willing to see a drop in their standard of living by about 25%.  Think of it this way: they only way you let the borrower set it's own credit limit is to have a very responsible borrower.  Even then it's suspect.  Nevertheless, it's not the case here.  The United States can borrow all it wants by printing more money and sending it overseas to pay for what it buys (military strength, Social Security, Medicare, Medicaid and lower taxes chief among those purchases).  That borrowing via causes inflation as more dollars means each one has less relative value.

Soros doesn't care about national debt because it doesn't affect him.  As he sees it, socialism applies to everyone but him and his wealthy ilk. It's good for the peasant classes but not the elites.   The only alternative is to get the debt under control and he obviously doesn't want that.  But he doesn't want to keep the US dollar as the world reserve currency either.  So in summary, he wants more debt, more inflation, lower standards of living for you and less purchasing power.  Why anyone would support him or trust him is beyond me.

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