Soros is doing to USD what he did to GBP
There is little doubt in my mind that George Soros is attempting to do to the USD what he did to the GBP in 1992. He is part manipulating and part cashing in on the impending crash of the dollar. Is he to blame for it completely? Of course not. But I believe he’s spouting his socialist tax and spend philosophies to his cronies in governments around the world in order to precipitate a USD crash and burn event unlike the U.S. has ever experienced before.
One of the biggest buyers has been Soros Fund Management LLC, which oversees about $25 billion. George Soros, who made $1 billion breaking the Bank of England’s defense of the pound in 1992, described gold as “the ultimate asset bubble” at the World Economic Forum’s January meeting in Davos, Switzerland. Buying at the start of a bubble is “rational,” he said.
It may well be the biggest conflict of interest ever in the history of donors to political movements. His wealth obtained by crashing the GBP is being used as seed money to promote leftist causes that are designed to do one thing: bring down the U.S. economy. Who will profit? GS.
Here’s where it gets interesting. It will work. With Obama in office overseeing new issues of supposed “stimulus” debt, and a Fed led by Helecopter Bernanke that is brazenly printing money and devaluing the currency, there is no place to go for the USD than down. Especially when you consider that for years, China has been pegging (i.e., supporting) the value of the dollar with $2.8 trillion in USD reserves.
Why would they do this? Because they own a lot of government debt denominated in USD. They have a vested interest in keeping the value of the dollar high.
But what happens when they start to realize that they can no longer support our currency? Well, they’ll stop buying our debt, for one. Then who will we go to to fund our massive government spending programs? Second, they’ll start unloading their USD reserves.
When that happens, look out below for the USD. I’d be long $EURUSD and gold big-time.
[...] political organizations and allies) is changing that by intentionally destroying our currency much like he destroyed the British pound in [...]
[...] This post was mentioned on Twitter by Kevin Harper, Kevin Harper. Kevin Harper said: $EURUSD – Soros is doing to USD what he did to GBP in '92: http://forex-currency-trading.net/64/soros-is-doing-to-usd-what-he-did-to-gbp.php [...]
[...] the declining dollar, but it’s true. The dollar faces collapse, and that’s exactly what George Soros and his socialist cohorts want. China premier warns of potential dollar collapse In a public statement raising questions [...]