Obama’s Boss: US Needs More Debt

Obama’s boss, unrepentant Nazi collaborator, George Soros explains why Obama should continue to run up America’s already staggering debt load and crush the life out of  business:

‘”There is a general concern with sovereign debt,’ Soros said. ‘It is coming under suspicion and it has a political momentum because there is increasing political resistance to allowing national debt to rise.

“‘Some countries like Greece do have deficits of 12.5% of GDP [gross domestic product], which is intolerable and has to be reduced. Other countries like the United States and the main European nations have plenty of room to increase their deficits.’”

Great news!  Obama’s boss thinks the United States can easily handle even more debt!

“Governments around the world have allowed their budget deficits to balloon since the financial crisis broke in 2007, but Soros said more spending was needed.

“‘I think that since the adjustment process to the recession is incomplete, there is a need for additional stimulus. The political resistance to it increases the chances of a double dip in the economy in 2011 and after that.’”

“The dispute between Gordon Brown and David Cameron over when and how to reduce Britain’s budget deficit – forecast by the Treasury to hit £178bn this year – is likely to dominate the political debate in the run-up to the election.”

“Labour has argued, like Soros, that it would be dangerous to tighten policy too soon. The Conservatives believe failure to tackle the deficit swiftly will spook the financial markets and lead to higher long-term interest rates.”

“With the first day of the World Economic Forum dominated by the debate over re-regulation of the banks, Soros said he was supportive of Barack Obama’s plan to limit the size and scope of Wall Street institutions, but said that it ‘did not go far enough’”.

“He said that even if the reforms were agreed, the problem of banks considered ‘too big to fail’ would remain. ‘Institutions have to be controlled so that they don’t fail. They have to be kept under much closer regulatory supervision.’”

“Soros said the globalisation of finance should be matched by global supervision. Leverage limits and tougher capital regulations would help to reverse the trend of the past few decades. ‘Deregulation became contagious,’ Soros said.”

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8 Comments

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  7. Lou
    Posted June 22, 2010 at 2:12 am | Permalink

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  8. Posted January 28, 2010 at 2:21 pm | Permalink

    Right you are Joy. There should be no one in America that does not know who the man behind curtain is. I applaud your efforts to continue to point out where tyranny abounds. Soros has from the moment he came to this country, tried to undermine this nation and continues an all out attack on the very foundations of America. Communist Washington is on a mission to destroy all that we hold dear. I feel we have arrived at a new threshold, as of last night, and the outcome is not going to be pretty. Everyone I’ve talked to is throwing up their hands. they have had enough.

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