THE DOT - if this turns orange or red be alert

Monday, April 6, 2009

Some truth from Soros (Rothschild's) but the agenda is evil

Now after having completed the first step which was capitalizing the IMF ( the coming world central bank - part of the NE World Order) they again try to push step number 2 which is a global currency called SDR for now (by the IMF's Special Drawing Rights).

Soros is right there is no way that this crisis is over the only thing over is that the governments have used almost the last bullets to get the economy back on their legs but as a matter of fact they just bubbled up banks balance 'cheats'. They even diluted the accounting standards away from mark to market which is the worst thing to do as exactly that matter brought us in the mess.

The trick was before they made it by putting worthless assets in triple AAA frames which made it possible to overprice those assets and sell it to pathetic fund mangers around the world who were insanely overpaid but rather more so stupid beyond the line one can expect MBA's to be.

Never the less this crisis is not an accident as it was fabricated to bring us all into this situation ( conspiracy theory again you might say - well the facts are on the table). without a deep crisis the things possible now could never have been done - the same is true for 9/11 as the Patriot Act could reduce democratic rights to zero and open the necessary platform to gather information about all sort of people. The second aspect now is to destroy the banking secrets of all offshore banks and some segments off banking to generate a concentration of their own banks
( Goldman etc.) with the Swiss on top as the banks have also been discredited due to their stupid economic choices as UBS went technically bankrupt with the highest losses in many areas.

US Recovery Is Far Off, Banks Are 'Basically Insolvent': Soros

The U.S. economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television Monday.

While nationalization of banks is "out of the question," he said stress tests being conducted by the U.S. Treasury could be a precursor to a more successful recapitalization.



But he warned about the danger of watering down mark-to-market accounting rules, saying this creates conditions for prolonging the life of U.S. 'zombie' banks.

Soros also said the U.S. dollar is under pressure and may eventually be replaced as a world reserve currency, possibly by the IMF's Special Drawing Rights, a synthetic currency basket comprising dollars, euros, yen and sterling.

China recently proposed greater use of Special Drawing Rights, possibly as an eventual global reserve currency.

"In the long run, having an international accounting unit other than the dollar may be to our advantage," Soros said.

He added that the system that has allowed the United States to spend more than it earns has to be reformed. "That is coming to an end and it will not be allowed to recur. There will have to be some change."

While a global recovery is possible in 2010, Soros said the timing will ultimately depend on the depth of the recession. China, he said, will be the first country to emerge from recession, probably this year, and will spearhead global growth in 2010.

He said world policy-makers are "actually beginning to catch up" with the crisis and efforts to fix structural problems in the financial system.

The system was "fundamentally flawed, and there is no returning to where we came from," he said.

In Europe, he said the crisis provides an incentive for countries that use the euro to remain inside the monetary union, though countries on the periphery still face serious problems.

Soros said the euro has been "a tremendous advantage" to countries that use it, adding there's "no question of a weaker country dropping out."

While additional resources for the International Monetary Fund will help it stabilize struggling Eastern Europe, he said the Baltic states still face "serious problems" and Ukraine is not far from default.

Widespread use of credit default swaps has worsened the risks for Europe, he said, though he added that Germany, the euro zone's biggest economy, is becoming more open to offering help.

"Germany, which has been the most reserved about being the deep pocket of the rest of Europe, has recognized that it too has a responsibility toward the new member states," he said.

Germany has been one of the most reluctant major economies to meet U.S. calls for more fiscal stimulus spending to boost the global economy and fight the financial crisis.

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