Friday, January 30, 2009

The Game Changer

by George Soros - January 28th, 2009 - Financial Times

How could Lehman have been left to go under? The responsibility lies squarely with the financial authorities, notably the Treasury and the Federal Reserve. The claim that they lacked the necessary legal powers is a lame excuse. In an emergency they could and should have done whatever was necessary to prevent the system from collapsing. That is what they have done on other occasions. The fact is, they allowed it to happen.

The absolute totalitarian instincts it takes for a man to write that not having legal powers is "a lame excuse", says everything that you need to know about this writer, George Soros. Soros is an extreme liberal who believes passionately in the power of the state. He also believes passionately in what is called 'crony capitalism', the idea that people can make huge profits by working with government power and special rules for the rich.

Soros does not believe that his huge wealth, gained not by creating wealth as true free enterprise does but by manipulating currency markets, should be subject to the redistribution of wealth that he advocates for everyone else.

It is a very insightful article.


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