Posted on 02/27/2005 7:59:17 PM PST by jb6
Jeddah: George Soros is warning all oil-producing countries about pegging their currencies and oil revenues to the dollar.
"The US dollar is weak, and is expected to deteriorate more," said Soros.
The famous currency trader and financier warned Russia and other oil-producing countries to sell their oil and price it in euros rather than US dollars, because the US dollar continues to fall against the euro.
The US dollar poses a danger to oil-producing countries and their economies, he said.
Many central banks intend to peg their currencies to the euro and increase their balances of European currency against the dollar.
Soros's remarks came during at a press conference on the sidelines of the Jeddah Economic Forum, which ended on Monday.
Soros rejected allegations by some economists who held him responsible for the collapse of financial markets and creating an economic crisis in South East Asia.
He was accused of leading an international campaign to weaken currencies of a number of South East Asian countries when he withdrew his funds from Asian stock markets in 1997.
Soros said he sold all his Malaysian and Asian currencies six months ahead of the crisis, and has insisted he had nothing to do with the carnage in the markets.
Soros attributed the crisis to short-term investments in stock markets and the property boom as many investors withdrew their funds and pumped them into real estate.
Ironically, Soros's comments about the dollar may find support from at least one of his old antagonists.
In an interview with Gulf News last month, Dr Mahathir Mohammad, former prime minister of Malaysia, also warned against relying too much on the US dollar.
"Why are we clinging to the US dollar when we know we are going to lose money [as it declines in value]?" Dr Mahathir said.
He and Soros clashed in 1997, when Mahathir blamed global currency traders for the decline in the Malaysian currency
And, I'm with you.
If Mr. Soros is sold short, and if the world sees Mr. Soros' negative rhetoric as political hate rather than fundamentally founded, the dollar begins a sustainable climb, and Soros stands to lose gazillions in a "short squeeze".
If several billionaires are sold short, it becomes a game of "dare" on who buys back in first.
"Oh, now he's also blaming Russia for breaking the dollar."
I see the 'Cult' of Clintonism at work here. The Clintons sought to make all nations equal, got to wonder how close Soros and the Clintons are?
Yes, he is. He betrayed his own people during WWII. Now he is betraying us. We need to deport him.
What was the rational for getting off the gold standard again?
Yes,.....her kind of 'Ka-BULL-la,......la,la,la,la!
Gee, you sure do know a lot.
Only, what I 'don't' read in the media!
:-)
'Blonde',....is in the eye of the beholder!
:-)
Let's hope so. I can't help but think that oil has been a 'gold standard' for the dollar. If you don't need dollars to buy oil, then the demand for dollars will fall...correct?
LOL
Well, if he is our enemy, why can't we do something about it?
Soros cannot control the dollar market.
so long as china maintains its currency peg, and the US trade deficit soars, the dollar will continue to fall. Break the chinese currency peg, and the dollar will settle into equilibirum.
I agree with Soros' quoted statements, but I see no explanation of how this negatively affects oil producers.
Strip your posts of the idiot fearmongering, and you're got nothing left.
Well, with Hildabeast having a pretty good shot in 2008 (think how close Kerry came) and Billy Bob gaining the UN General Secretary position and Soros backing them, boy this first half of this centuary looks to be an epic horror flick.
We published to much money (I'd say issue but that denotes responsability) and gold was heading out the door, so we bought ourselves some more time to be irrisponsable by switching the rules of the game.
What matters is if the nations sell in Euro then all the importers dump the dollar to buy Euros. Euro value goes up, but the dollar might easily start a death spiral with our credit along for the ride, while the interest rates shoot up faster then the magic bean stock.
No Way!
......Nothing personal!
I just really 'love' life,....and the 'beholding' of it all!
Thankfulness of/for the 'good' is very important to me.
/evil
He's trying hard
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