BloggeRhythms 6/4/2012

Catherine Boyle, a staff writer for CNBC.com, wrote yesterday that in an address at the Festival of Economics in Trento, Italy, George Soros warned the attendees about the Euro saying “We are at an inflection point. After the expiration of the three months’ window, the markets will continue to demand more but the authorities will not be able to meet their demands.”

He then argued that the focus on austerity instead of growth had been a mistake by the European authorities, saying, “The authorities didn’t understand the nature of the euro crisis; they thought it was a fiscal problem, while it is more of a banking problem and a problem of competitiveness. And they applied the wrong remedy: You cannot reduce the debt burden by shrinking the economy -- only by growing your way out of it.”

His comments struck me because as I recall, he and the organization, moveon.org, which he’s purportedly closely tied to, were intensely involved in helping achieve the election of the current U.S. presidential incumbent. And if nothing else that incumbent is fiercely anti-business, anti-growth, and anti-anything else that furthers capitalism.

So it seems to me that Mr. Soros isn’t too consistent in his beliefs or suggestions, but instead simply looks for opportunities to serve himself and his personal interests. And although I’ve no idea of how he plans to profit from steering Europe toward growth, I do recollect his Brazilian oil interests gaining from his electioneering efforts here in the states.        

That’s it for today folks.

 Adios