Soros says the EU's problem is not greece or spain

[trefoil]

Quote from Martinghoul:

It's a difficult thing to do indeed with a common ccy (look at the US states with all of their transfers; and they've been a single-ccy area for more than a century). The basic idea is for Germans to foster an increase in domestic demand, while the Club Med folks go through severe wage deflation.

Same thing would need to happen without the currency, but the thing is without a common ccy you can foster the "money illusion" among the folks on the deflation side, which makes the pill a little less bitter to swallow, and of course the presumably deteriorating ccy would make it easier to export more and import less. With the common ccy, the politics becomes much harder without the money illusion, and so too does the economics, since your exporters aren't getting any automatic advantage from the decline in the ccy.
A common currency is some kind of obsession with mainstream economists. I don't know why. Why would they think a currency market is an obstacle while a commodity market isn't? I've never been able to figure that out.

 

[shortie]

Quote from Arthur Deco:

Anything Soros says is suspect. Every word out of his mouth is self-serving. You probably cannot even believe the opposite of what he says.

Art, may I quote you in my new book?

 

[IanMacQuaide]

"Chermany" eh?
I guess the "CH" comes from Chernobyl?

 

[4EXJOE]

Quote from IanMacQuaide:

"Chermany" eh?
I guess the "CH" comes from Chernobyl?

CH as in China.

China: US
Germany: Club Med

Manufacturing nations that require some form of currency manipulation (peg to dollar, common currency with nations of inferior economic status) to promote mercantilism by funding deficits to buy goods.

 

[Arthur Deco]

Quote from shortie:

Art, may I quote you in my new book?

You may. But please don't use my real name.

 

[Gabfly1]

Quote from jem:

...How does he go from socialist asshole funding moveon to impartial commentator - defender of free markets. The only conclusion is that the guy is talking his book.

And how do you go from rabid free marketeer and flaming theist to impartial commentator, and defender of truth and reason?

As for Soros talking his book, could you provide such an example in a way that presents him as disingenuous? Just curious.

 

[traderlux]

....i read one of soros' first books and didnt understand what the hell he was talking about. years later i heard that he said he didnt know what the hell he was thinking when he wrote that book....

Quote from Gabfly1:


As for Soros talking his book, Just curious.

 

[adadadog]

Quote from traderlux:

....i read one of soros' first books and didnt understand what the hell he was talking about. years later i heard that he said he didnt know what the hell he was thinking when he wrote that book....

I checked out 3-4 Soros' books from lib because I wanted to gauge this big money guy. I was so disappointed after skimming through a few pages. I recall he was talking gibberishly about "reflectivity".
It is right he does not know what he is talking about. He is not a philosopher as he pretends to be in his book. Big money breeds big ego.

 

[jasonc]

I have read alchemy of finance and also his newest book about the change in our financial system. The reflexivity thing seemed tough to understand but overall i found both books excellent for illustrating ways to think about capital flows and how to approach the market. Saying this so someone reading the thread does not think it is all negative.

And instead of debating his sinceritiy do people disagree with him? He seems correct that Germany is the problem with the curent situation. I say they are the problem but still do not think they should change policy.

 

[Gabfly1]

Quote from traderlux:

....i read one of soros' first books and didnt understand what the hell he was talking about. years later i heard that he said he didnt know what the hell he was thinking when he wrote that book....

You realize, of course, that's not what jem meant by "talking his book." Good one.

But, yes, I also read a few of his books and a couple about him. He is indeed one complex carbohydrate. His theory of reflexivity is interesting and serves to explain how exploitable bubbles and near-bubbles may form. I think the people who regard him as disingenuous and "talking his book" in a deceptive way perhaps don't realize that he may well be acting upon the very principle that he has described in his books. Earlier this year, when he said gold represented the "ultimate asset bubble," this may have been misconstrued by some as an asset he planned to avoid. But such a conclusion is not at all in keeping with what his concept of "reflexivity" is about.