Via Business Week
Last year's crisis, he said, demonstrated the need for a worldwide regulatory regime after decades of increasingly hands-off policies let banks and other big companies take risks that endangered the financial system as whole. (emphasis mine)
Ah, the classic Progressive philosophy. Those dumb citizens aren't smart enough to handle their own lives or make decisions of their own, so we need a worldwide government body full of really really smart people, like him of course, to tell the not so smart bankers which risks are too risky, for their own good, of course. He's only looking out for them.
Never mind that much of the current banking mess was caused by government agencies (Fannie Mae and Freddie Mac) forcing banks to provide high risk loans that they would not have ordinarily approved. Why let facts get in the way of a good opportunity to take over the entire world financial system?
Obviously, what we really need to solve the problem is to do the exact same thing again, but this time we'll make sure we do it worldwide! It'll be much more fun that way.
"Globalization was based on a false premise that markets don't really need to be regulated, financial institutions can look after their own risk and therefore there really is no need for regulation," Soros said at a forum in Hong Kong. "That was a false idea."
What is needed are uniform standards, he argued.
"It's not just a question of restarting the system," he said. "We actually have to create a system that currently doesn't exist, namely a global regulation of financial markets."
Soros is probably the most dangerous man in the world. He thinks like an evil dictator, and he's got enough money to get pretty much anything he wants, including the Chinese, who happen to be the current leaseholders for the United States.
Soros' hedge fund, Soros Fund Management LLC, has been rumored to be opening a new office in Hong Kong.
No comments:
Post a Comment