It’s time to create the Soros rule. We need to protect financial markets from a guy who’s too big to fail and just can’t help himself.
You can be sure that even as he gave a speech over the weekend nagging Eurozone officials into more of the easy money policies that have the world teetering on a the brink of a depression, that George Soros has something at stake.
“In my judgment the authorities have a three months’ window,” said Soros at the Festival of Economics, in Trento Italy, “during which they could still correct their mistakes and reverse the current trends [of requiring austerity]. By the authorities I mean mainly the German government and the Bundesbank because in a crisis the creditors are in the driver’s seat and nothing can be done without German support.”
Translation: Soros has either got a long or short position in some currency, or commodity, or other investment.
And he plans on making a bundle.
Why mince words: The guy is a vampire when it comes to currency crises.
And in Europe, as he has elsewhere, he’s looking for blood.
He broke the Bank of England with $10 billion in 1992. In 1997 he was implicated in the currency crisis in Thailand, which eventually moved to the U.S. stock markets, which crashed in October of that year.
He was convicted of insider trading in France and in 2003, according to Dan Gainor at the Media Research Center, Russian authorities raided Soros’ offices in Moscow, essentially driving him and his fund out of the country. He’s long been suspected of manipulating Russian currency and creating the crisis that saw the rise of Putin in Russia.