Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Soros’

The Crisis of a Lifetime

Posted by hkarner - 13. Mai 2020

Date: 11‑05‑2020

Source: Project Syndicate GEORGE SOROS and GREGOR PETER SCHMITZ

Gregor Peter Schmitz is Editor‑in‑Chief of the Augsburger Allgemeine and the co‑author (with George Soros) of The Tragedy of the European Union. 

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. A pioneer of the hedge‑fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union: Disintegration or Revival? His most recent book is In Defense of Open Society (Public Affairs, 2019).

Only one thing is certain about the post‑pandemic world: there is no way back to the globalized economy that preceded it. Everything else is up for grabs, including the rise of China, the fate of the United States, and the survival of the European Union.

GREGOR PETER SCHMITZ: You have seen many crises. Is the COVID‑19 pandemic comparable to any previous one?

GEORGE SOROS: No. This is the crisis of my lifetime. Even before the pandemic hit, I realized that we were in a revolutionary moment where what would be impossible or even inconceivable in normal times had become not only possible, but probably absolutely necessary. And then came COVID‑19, which has totally disrupted people’s lives and required very different behavior. It is an unprecedented event that probably has never occurred in this combination. And it really endangers the survival of our civilization. Den Rest des Beitrags lesen »

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The EU Should Issue Perpetual Bonds

Posted by hkarner - 21. April 2020

Date: 20‑04‑2020

Source: Project Syndicate by George Soros

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. A pioneer of the hedge‑fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union: Disintegration or Revival? His most recent book is In Defense of Open Society (Public Affairs, 2019). 

The disruption in the European Union caused by the COVID‑19 pandemic should be temporary, but only if EU leaders take the extraordinary measures needed to avoid long‑term damage. Fortunately, there is an easy, fast and low‑cost way to finance the proposed €1 trillion European Recovery Fund.

NEW YORK – European Commission President Ursula von der Leyen has announced that Europe will need about €1 trillion ($1.1 trillion) to fight the COVID‑19 pandemic. This money could be used to establish a European Recovery Fund. But where will the money come from? 

I propose that the European Union should raise the money needed for the Recovery Fund by selling “perpetual bonds,” on which the principal does not have to be repaid (although they can be repurchased or redeemed at the issuer’s discretion). Authorizing this issue should be the first priority for the forthcoming European Council summit on April 23. Den Rest des Beitrags lesen »

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Posted by hkarner - 31. März 2020

Date: 31‑03‑2020

Source: Project Syndicate by Alex Soros

Subject: The Spirit of Milan

Alex Soros is the founder of the Alexander Soros Foundation, which recognizes environmental defenders with an annual prize. 

The COVID‑19 crisis has given the European Union an opportunity to honor its high‑flown talk of values and rights, and assert itself as a global leader. To seize it, the EU and its member states must demonstrate much greater solidarity, not least toward Italy, than they have so far.

NEW YORK – The headlines are horrifying. Shortages of vital equipment forcing doctors to make battlefield decisions about who lives and who dies. Long lines of sick people waiting in vain for a test or a hospital bed. Empty businesses, stores, bars, and restaurants bringing local economies the world over to a grinding halt. And a grim accounting of which countres are hardest hit by the COVID‑19 coronavirus, with the United States now surging ahead – recording nearly 61,000 more confirmed cases than China, home to the original outbreak.

In Europe, the pandemic has hit especially hard in Italy, which has been on national lockdown since March 9 in an attempt to slow the spread of the virus. As of March 30, Italy has reported nearly 98,000 confirmed cases of COVID‑19. More than 10,700 Italians, mostly in the northern Lombardy region, have died of the disease so far. Milan, the regional capital, is more than a mainstay of Italy’s economy. The once bustling city is inextricably linked to the European project and is a crucial driver of the European economy as a whole. 

Yet, as the death toll rises and the region sees transmission rates higher than anywhere else on the continent, the European Union and its member states have been slow to step up in any meaningful way and show solidarity with their ailing neighbor. Instead, EU member states have closed borders and turned inward. Italy’s plight was made worse by the border closures, which cut off much‑needed supplies and medical equipment.

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Europe Must Recognize China for What It Is

Posted by hkarner - 13. Februar 2020

Date: 11‑02‑2020

Source: Project Syndicate by George Soros

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. A pioneer of the hedge‑fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union: Disintegration or Revival? His most recent book is In Defense of Open Society (Public Affairs, 2019). 

Chinese President Xi Jinping will meet the heads of state and government of the 27 EU member states at the EU‑China summit in Leipzig in September. Europeans need to understand that they will hand him a much‑needed political victory unless he is held accountable for his failure to uphold human rights, particularly in Tibet, Xinjiang, and Hong Kong.

MUNICH – Neither the European public nor European political and business leaders fully understand the threat presented by Xi Jinping’s China. Although Xi is a dictator who is using cutting‑edge technology in an effort to impose total control on Chinese society, Europeans regard China primarily as an important business partner. They fail to appreciate that since Xi became president and General Secretary of the Communist Party of China (CPC), he has established a regime whose guiding principles are diametrically opposed to the values on which the European Union was founded.

The rush to embrace Xi is greater in Britain, which is in the process of separating itself from the EU, than in the EU itself. Prime Minister Boris Johnson wants to distance the United Kingdom from the EU as much as possible and to build a free‑market economy that is unconstrained by EU regulations. He is unlikely to succeed, because the EU is prepared to take countermeasures against the type of deregulation that Johnson’s government seems to have in mind. But in the meantime, Britain is eyeing China as a potential partner, in the hope of reestablishing the partnership that former Chancellor of the Exchequer George Osborne was building between 2010 and 2016. Den Rest des Beitrags lesen »

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Die Zunahme des Nationalismus nach dem Mauerfall

Posted by hkarner - 9. November 2019

George Soros

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. A pioneer of the hedge-fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union: Disintegration or Revival? His most recent book is In Defense of Open Society (Public Affairs, 2019).

BERLIN – Der Fall der Berliner Mauer am Abend des 8. November 1989 beschleunigte den Zusammenbruch des Kommunismus in Europa dramatisch und plötzlich. Das Ende der Reisebeschränkungen zwischen DDR und Bundesrepublik versetzte der abgeschotteten Gesellschaft der Sowjetunion den Todesstoß. Zugleich markierte es einen Höhepunkt beim Aufstieg offener Gesellschaften. 

Ich engagierte mit zu diesem Zeitpunkt bereits ein Jahrzehnt für das, was ich als meine politische Philanthropie bezeichne. Ich entwickelte mich zu einem Fürsprecher des Konzepts der offenen Gesellschaft, das mir von Karl Popper, meinem Mentor an der London School of Economics, vermittelt worden war. Von Popper lernte ich, dass perfektes Wissen unerreichbar ist und dass totalitäre Ideologien, die für sich in Anspruch nehmen, im Besitz der ultimativen Wahrheit zu sein, sich nur mittels Repressionen durchsetzen können. Den Rest des Beitrags lesen »

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Bitte wach auf, Europa

Posted by hkarner - 13. Februar 2019

George Soros

George Soros is Chairman of Soros Fund Management and Chairman of the Open Society Foundations. A pioneer of the hedge-fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union.

MÜNCHEN – Europa schlafwandelt in Richtung Untergang, und die Europäer müssen aufwachen, bevor es zu spät ist. Tun sie es nicht, wird die Europäische Union dem Muster der Sowjetunion aus dem Jahr 1991 folgen. Weder unsere Regierungen noch die Normalbürger scheinen zu verstehen, dass wir an einem revolutionären Moment stehen, dass die Bandbreite der Möglichkeiten enorm ist und dass das letztlich Resultat daher hochgradig unsicher ist.

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A Better Bailout Was Possible

Posted by hkarner - 18. September 2018

Rob Johnson

Rob Johnson is President of the Institute for New Economic Thinking and a senior fellow and Director of the Global Finance Project for the Franklin and Eleanor Roosevelt Institute.

George Soros is Chairman of Soros Fund Management and Chairman of the Open Society Foundations. A pioneer of the hedge-fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union.

Back in 2008, a critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors. The result was not only prolonged stagnation, but also the Republican Party’s embrace of demagogic populism and the election of Donald Trump.

NEW YORK – The recent exchange between Joe Stiglitz and Larry Summers about “secular stagnation” and its relation to the tepid economic recovery after the 2008-2009 financial crisis is an important one. History does not repeat itself, but it rhymes, Mark Twain reportedly once said. But, to paraphrase Bob Dylan, in light of our recent economic history, history doesn’t rhyme, it swears.1

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Starinvestor Soros warnt vor neuer Finanzkrise

Posted by hkarner - 30. Mai 2018

29. Mai 2018, 17:06 derstandard.at

Soros sieht die Existenz der Europäischen Union bedroht. Schuld seien vor allem politische Fehler der Vergangenheit

Wien – Mit düsteren Prognosen ließ am Donnerstag George Soros aufhorchen. Der Starinvestor warnte, dass eine Aufwertung des Dollars und damit einhergehende Kapitalflucht aus Schwellenländern zur nächsten großen Finanzkrise führen könnten, sagte der Milliardär im Gespräch mit der Agentur Bloomberg. Die Europäische Union stehe vor einer existenziellen Bedrohung. Das Ende des Iran-Abkommens und die verschlechterten Beziehungen Europas zu den USA würden die Wirtschaft des Kontinents negativ beeinflussen. Auch prophezeite der Investor, dass die Währungen von Schwellenländern weiter abwerten würden.

Fehler der Vergangenheit

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Why is Hungary turning to nationalism?

Posted by hkarner - 8. April 2018

Date: 06-04-2018
Source: The Economist

A perceived threat to its identity has played a part

VIKTOR ORBAN looks set to win another four years as prime minister of Hungary when his country goes to the polls on Sunday. A recent speech outside Parliament epitomised his approach. On March 15th—a national holiday commemorating the failed 1848 uprising against the Habsburgs who ruled Hungary for centuries—Mr Orban (pictured) issued a rousing battle-cry to defend the Magyar homeland from waves of migrants; militant Islam; plans in Brussels for enforced migrant quotas; and a United States of Europe. In today’s Europe, thundered Mr Orban, “it is forbidden to speak the truth”: that immigration brings crime and terrorism and “endangers our way of life, our culture, our customs and our Christian traditions”. During the campaign there has been little mention of health care, education and the economy. Why have Mr Orban and his ruling Fidesz party been so successful at rallying Hungarians to the nationalist message?

Ever since the conquest of the Carpathian basin by the Magyar tribes around 1,100 years ago, Hungary’s history has been that of a small, embattled nation, fighting continually for its survival. It has been conquered and occupied by Tatars, Ottoman Turks, Nazis and Russians. The failed uprisings of 1703 and 1848 against the Habsburgs and the 1956 revolution against the Soviets are burned into the national psyche. (The Nazi invasion of 1944, when the Hungarian state mobilised to send hundreds of thousands of Jews and thousands of Roma to their deaths receives less attention.) That embattled theme resonates in the debate about refugees today. Hungarians also like to describe themselves as a Magyar island in a Slav sea. Other countries in the region share a similar history of occupation but speak Slavic tongues that are, to some extent, mutually comprehensible, giving them a sense of having cultural, linguistic allies in their suffering. The Magyars feel like a race apart: their language is unrelated to the Indo-European tongues that surround them, and works as a powerful national glue. Den Rest des Beitrags lesen »

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The Social Media Threat to Society and Security

Posted by hkarner - 15. Februar 2018

George Soros

George Soros is Chairman of Soros Fund Management and Chairman of the Open Society Foundations. A pioneer of the hedge-fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union.

It takes significant effort to assert and defend what John Stuart Mill called the freedom of mind. And there is a real chance that, once lost, those who grow up in the digital age – in which the power to command and shape people’s attention is increasingly concentrated in the hands of a few companies – will have difficulty regaining it.

MUNICH – The current moment in world history is a painful one. Open societies are in crisis, and various forms of dictatorships and mafia states, exemplified by Vladimir Putin’s Russia, are on the rise. In the United States, President Donald Trump would like to establish his own mafia-style state but cannot, because the Constitution, other institutions, and a vibrant civil society won’t allow it. Den Rest des Beitrags lesen »

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