Tag Archive for newsweek
NEW YORK (AP) Ã¢â‚¬â€ Iconic motorcycle maker Harley-Davidson says higher sales helped it post a $105.7 million fourth-quarter profit, a reversal from a year-ago loss.
SALT LAKE CITY (AP) Ã¢â‚¬â€ A Utah couple has filed a wrongful death lawsuit against the Sanpete County School District, claiming its failure to protect their son from years of bullying, h
Soros Warns of Ã¢â‚¬ËœRiots,Ã¢â‚¬Ëœ Ã¢â‚¬â„¢BrutalÃ¢â‚¬â„¢ Clampdowns & Possible Total Economic Collapse
George Soros is no stranger to Blaze readers. The billionaire currency speculator and philanthropist has long been in the news, especially since the fateful day in 1992 when he helped crash EnglandÃ¢â‚¬â„¢s economy. In fact, since that day, he has been commonly referred to as Ã¢â‚¬Å“the man who broke the bank of England.Ã¢â‚¬Â
Soros is shrewd, he has a keen eye for investments, and he knows how to play the markets. Therefore, when he makes a prediction, it might be safe to say itÃ¢â‚¬â„¢s worth a listen. After all, his predictions (among other things) have made him the multi-billionaire he is today.
So you might want to pay attention to a recent story from The Daily BeastÃ‚Â that claims George Soros is nervous about the future of the global economy and that he warns of dark things to come.
Ã¢â‚¬Å“At times like these, survival is the most important thing,Ã¢â‚¬Â Soros said.
As he sees it, the world faces one of the most dangerous periods of modern historyÃ¢â‚¬â€a period of Ã¢â‚¬Å“evil,Ã¢â‚¬Â writes the BeastsÃ¢â‚¬â„¢ John Arlidge. Ã¢â‚¬Å“Europe is confronting a descent into chaos and conflict. In America [Soros] predicts riots in the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties [emphases added]. The global economic system could even collapse altogether.Ã¢â‚¬Â
And to add a little color, Aldridge notes Soros says it all while Ã¢â‚¬Å“peering through his owlish glasses and brushing wisps of gray hair off his forehead.Ã¢â‚¬Â
Ã¢â‚¬Å“I am not here to cheer you up. The situation is about as serious and difficult as IÃ¢â‚¬â„¢ve experienced in my career,Ã¢â‚¬Â Soros told Newsweek. Ã¢â‚¬Å“We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.Ã¢â‚¬Â
As mentioned in the above, and as The Daily Beast points out, SorosÃ¢â‚¬â„¢ warning is probably based on his natural market instincts as well as personal experience.
Ã¢â‚¬Å“I did survive a personally much more threatening situation, so it is emotional, as well as rational,Ã¢â‚¬Â Soros said in reference to his personal experiences with both Nazi and Communist occupations.
Ã¢â‚¬Å“The collapse of the Soviet system was a pretty extraordinary event, and we are currently experiencing something similar in the developed world, without fully realizing whatÃ¢â‚¬â„¢s happening,Ã¢â‚¬Â Soros said.
Ã¢â‚¬Å“Unrestrained competition can drive people into actions that they would otherwise regret,Ã¢â‚¬Â Soros said. Ã¢â‚¬Å“The tragedy of our current situation is the unintended consequence of imperfect understanding. A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.Ã¢â‚¬Â
Wait a minute. Soros believes that the economic meltdown was the result of not just poor investments but honest-to-God Ã¢â‚¬Å“evilÃ¢â‚¬Â?
Ã¢â‚¬Å“ThatÃ¢â‚¬â„¢s correct,Ã¢â‚¬Â Soros affirmed.
Soros continued in this vein, each prediction getting darker and grimmer than the last.
He believes that the EU must be held together because Ã¢â‚¬Å“if you have a disorderly collapse of the euro, you have the danger of a revival of the political conflicts that have torn Europe apart over the centuriesÃ¢â‚¬â€an extreme form of nationalism, which manifests itself in xenophobia, the exclusion of foreigners and ethnic groups.Ã¢â‚¬Â
Ã¢â‚¬Å“In HitlerÃ¢â‚¬â„¢s time, that was focused on the Jews,Ã¢â‚¬Â Soros said. Ã¢â‚¬Å“Today, you have that with the Gypsies, the Roma, which is a small minority, and also, of course, Muslim immigrants.Ã¢â‚¬Â
It is Ã¢â‚¬Å“now more likely than notÃ¢â‚¬Â that Greece will formally default in 2012, Soros said. For this, he blames the EUsÃ¢â‚¬â„¢ leadership and believes that eurozone leaders only know how to Ã¢â‚¬Å“do enough to calm the situation, not to solve the problem.Ã¢â‚¬Â
Soros then went on to talk about how the Occupy Wall Street movement has added to the ever-changing dynamics in the world economy. Debt, Wall Street and capitalism have been put under intense scrutiny and people are becoming increasingly angry.
As this anger intensifies, will the inevitable result be a spontaneous eruption of violence and riots?
Ã¢â‚¬Å“Yes, yes, yes,Ã¢â‚¬Â Soros says, almost Ã¢â‚¬Å“gleefully.Ã¢â‚¬Â
However, according to Soros, worse than the riots and violence will be the government reaction.
Ã¢â‚¬Å“It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States,Ã¢â‚¬Â Soros said.
Perhaps because he sees such a dark future for the West, Soros has staked his Ã¢â‚¬Å“hopesÃ¢â‚¬Â for the global economy in Middle East and the Ã¢â‚¬Å“democraciesÃ¢â‚¬Â that are springing up over there.
Ã¢â‚¬Å“While the developed world is in a deep crisis, the future for the developing world is very positive,Ã¢â‚¬Â Soros said. Ã¢â‚¬Å“The aspiration of people for an open society is very inspiring. You have people in Africa lining up for many hours when they are given an opportunity to vote. Dictators have been overthrown. It is very encouraging for freedom and growth.Ã¢â‚¬Â
Soros insists the key to avoiding cataclysm in 2012 is not to let the crises of 2011 go to waste, writes John Arlidge.
Ã¢â‚¬Å“In the crisis period, the impossible becomes possible,Ã¢â‚¬Â Soros said. Ã¢â‚¬Å“The European Union could regain its luster. IÃ¢â‚¬â„¢m hopeful that the United States, as a political entity, will pass a very severe test and actually strengthen the institution.Ã¢â‚¬Â
Ã¢â‚¬Å“Why Are ObamaÃ¢â‚¬â„¢ Critics So Dumb?Ã¢â‚¬Â ThatÃ¢â‚¬â„¢s the question posed by
Andrew Sullivan in the cover story of this weekÃ¢â‚¬â„¢s Newsweek.
But youÃ¢â‚¬â„¢d have to be stupid, fanatical, and dishonest to argueÃ¢â‚¬â€œas
rig Truther Sullivan doesÃ¢â‚¬â€œthat Barack ObamaÃ¢â‚¬â„¢s failures are part of
an ingenious Ã¢â‚¬Å“long gameÃ¢â‚¬Â that is destined to succeed.
If this is the best ObamaÃ¢â‚¬â„¢s supporters can do, ObamaÃ¢â‚¬â„¢s only hope
for re-election is the weak Republican field.
Sullivan, who claims to care about national debt, begins by arguing,
contrary to reality,that ObamaÃ¢â‚¬â„¢s massive $787 billion stimulus
(actually, $862 billion) turned the economy around. He offers no
proof other than the post hoc, ergo propter hoc fallacy familiar from
basic economics. Sullivan also ignores the composition of the stimulus,
which shoveled cash to cronies and bloated big states with their
massive public sector obligations.
In addition, Sullivan claims that ObamaÃ¢â‚¬â„¢s auto bailout succeededÃ¢â‚¬â€œwhen
in fact it pushed aside property rights and subsidized failed Ã¢â‚¬Å“greenÃ¢â‚¬Â
cars, rather than allowing car makers to rebuild through normal
bankruptcy. He also commends Obama for continuing George W. BushÃ¢â‚¬â„¢s
bank bailoutsÃ¢â‚¬â€œbut does not mention the Dodd-Frank financial Ã¢â‚¬Å“reformsÃ¢â‚¬Â
that enshrine Ã¢â‚¬Å“too big to fail,Ã¢â‚¬Â hurt small businesses and fail to
address Fannie Mae and Freddie Mac.
Next, Sullivan tries to defend Obama on taxes, pointing out that the
president passed tax cuts as part of the stimulus. He ignores the
numerous new taxes and tax increases that Obama signed into lawÃ¢â‚¬â€œfrom
higher cigarette taxes to the many ObamaCare taxesÃ¢â‚¬â€œas well as the
glaring fact that Obama has been campaigning for the past several
years on the promise to raise taxes on the rich, and would have done
so if not for Congress.
SullivanÃ¢â‚¬â„¢s defense of ObamaCare is that it is more Ã¢â‚¬Å“moderateÃ¢â‚¬Â than
it might have been. That is hardly a measure of successÃ¢â‚¬â€œand after
devious accounting tricks, thousands of waivers, and the abandonment
of ObamaCareÃ¢â‚¬â„¢s Community Living Assistance Services and Supports
(CLASS) program, the law is clearly on a path to failure.
Fundamentally, it is unconstitutionalÃ¢â‚¬â€œa reality Sullivan does
not care to note in his encomium to Obama.
On foreign policy, Sullivan hails ObamaÃ¢â‚¬â„¢s success in the death of
Osama bin LadenÃ¢â‚¬â€œgiving a fantastical account of the presidentÃ¢â‚¬â„¢s
courage, and perpetuating the false meme that Bush had Ã¢â‚¬Å“ignoredÃ¢â‚¬Â
Al Qaeda. In fact, it was the war in IraqÃ¢â‚¬â€œand the interrogation
methods that Sullivan decriesÃ¢â‚¬â€œthat produced the intelligence that
led to bin Laden.
Aside from the war on Al Qaeda, Obama squandered every diplomatic
and military success bequeathed to him by Bush. He destroyed missile
defense in Europe, and wasted hard-won gains in Iraq by withdrawing
troops against the advice of the military. While appeasing Iran and
gutting the future of our defense, Obama alienated and undermined
U.S allies. Sullivan, who detests Israel, even applauds ObamaÃ¢â‚¬â„¢s
pointless confrontation with Benjamin NetanyahuÃ¢â‚¬â€œhardly a way to sell
a second Obama term.
Having dealt with conservatives (in his own mind at least), Sullivan
lists reasons that the left should be pleased with the president they
elected. HeÃ¢â‚¬â„¢s correct that liberals should back Obama; they will never
again see a U.S. president with such radical policies and pedigree.
But he overlooks the degree to which Obama has discredited left-wing
theory by exposing its flaws in practiceÃ¢â‚¬â€œthe real reason the left is
distancing itself from him.
What is most telling in SullivanÃ¢â‚¬â„¢s admonition to liberals is his use
of ObamaÃ¢â‚¬â„¢s inaugural metaphor of the Ã¢â‚¬Å“clenched fist.Ã¢â‚¬Â The president,
he says, Ã¢â‚¬Å“begins by extending a hand to his opponentsÃ¢â‚¬Â and outwits
them when they respond Ã¢â‚¬Å“by raising a fist.Ã¢â‚¬Â Yet Obama was referring
to foreign policy, not U.S. politics. Once in office, of course,
Obama embraced AmericaÃ¢â‚¬â„¢s enemies and bullied domestic opponentsÃ¢â‚¬â€œas
even the left knows all too well.
Sullivan quotes George Orwell: Ã¢â‚¬Å“To see what is in front of oneÃ¢â‚¬â„¢s nose
needs a constant struggle.Ã¢â‚¬Â What is in front of SullivanÃ¢â‚¬â„¢s nose is
ObamaÃ¢â‚¬â„¢s incompetence. He has coasted on the military success of his
Republican predecessor, and is taking credit for moderate economic
progress enabled by a Republican Congress that has held taxes,
regulation, and spending in check. If he wins in 2012, Obama will
again have Republicans to thank.