Soros said the United States needed "radical and unorthodox policy measures" to prevent a repeat of the Great Depression of the early 20th century that include recapitalizing banks and writing down the country's accumulated debt.
Also, he said, it should create more money to offset the collapse of credit and then rapidly pull that cash out of the system when inflation emerges. The government would have to be very nimble in the timing of such moves, he said.
"If they are successful...the deflationary pressures will be replaced by the specter of inflation and the authorities will have to drain the excess money from the economy almost as quickly as they pumped it in. Of the two operations the second one is going to be, politically, even more difficult than the first," he said.Is Soros - freaking - insane? Has this ever worked in history? Just once???
Hang on, it gets even better:
At the same time, the $700 billion financial bailout known as TARP for Troubled Assets Relief Program had been carried out in a "haphazard and capricious way" and "without proper planning," he said.
"Unfortunately it was misused and the way it was done has poisoned the well. It has created tremendous ill will toward putting up more money," Soros said.I was stunned as well, when $700 billion was misspent by the bright bureaucrats in our Federal Government.
Let me ask you a question - last time you went to the Post Office to mail a package - how long did you wait?
Well those are the SAME DAMN BUREAUCRATS in charge of allocating this slush fund!
Why are people shocked when things our government does don't work out as planned? They NEVER work out as planned!
That's what the free market is for. (Check out John Stossel's excellent 20/20 piece about the limitations of government, and the power of the free market - highly recommended).
Now George Soros is not stupid - he's one of the most successful speculators of all-time.
So has he just lost his mind?
Have years of socialist dreaming finally penetrated and damaged his cranium?
Or is he just screwing with us common folk?