They’re Singing, Bye Bye Miss American Pie …

U.S. in role of wounded giant at Davos

George Soros, the financier who made a fortune betting against the pound, went so far Wednesday as to say that the downturn would put an end to the long status of the dollar as the world’s default currency.

“The current crisis is not only the bust that follows the housing boom,” Soros said. “It’s basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency.”

Signs of a new economic order abounded in this Swiss ski resort: the minister of commerce and industry of India, Kamal Nath, noted that China had overtaken the United States as India’s largest trading partner – buttressing his view that India could largely sidestep an American recession.

The head of the National Bank of Kuwait, Ibrahim Dabdoub, said Americans who opposed sovereign wealth funds like the one run by his government needed to come to terms with the new reality.

Completing the role reversal, Nouriel Roubini, an American economist, said, “the United States looks like an emerging market,” with large budget deficits and a swooning currency. By contrast, he said, Brazil, an actual emerging market, had done a better job of overhauling its economy.

Emphasis added by me.

First, recall what I just said earlier this week

Now look again at this bit from above:

the minister of commerce and industry of India, Kamal Nath, noted that China had overtaken the United States as India’s largest trading partner – buttressing his view that India could largely sidestep an American recession.

They are beginning to ask that question.

And George Soros is a very dangerous man. He was profiled by CBS’s 60 Minutes program years ago. I saw it and was chilled to the bone.

It lacks the immediacy of the video, but here is a partial transcript of the critical part.

His lack of empathy, even decades later, is horrifying. It is sociopathic.

People make markets. Markets are made for people.

Individuals such as Soros who ignore the human consequences of their actions are getting all of us into a mess that will take years to get through and which will lead to the unnecessary deaths of millions.

Gone are the days of giants such as Henry Ford, who understood the connection between his factory and the market:

With wages the same everywhere, factory workers often changed jobs. Henry Ford wanted loyal workers who would remain. He raised wages to five dollars a day.

That made Henry Ford popular with working men. He became popular with car buyers in nineteen thirteen when he gave back fifty dollars to each person who had bought a Ford car. Henry Ford was demonstrating his idea that if workers received good wages, they became better buyers. And if manufactures sold more products, they could lower prices and still earn money.

Emphasis added by me.

Today, we have little people such as Soros, who think nothing of the consequences of breaking a nation’s currency. As if money was a thing in itself and had nothing to do with the people who need it in order to live.

What has George Soros and his kind added to this world other than a clever and damaging way of increasing entrenched wealth? What did he ever create that added to the plus side of the human ledger? Point to something tangible that benefits your everyday life. You can’t.

Let me paint a very simple picture of the kind of people these are.

You live in a small village. Everyone in that village survives by getting water from a single well.

Soros and his ilk are the ones who piss in it.

You’ve seen his kind before:

“You’re worth more dead than alive!”

You didn’t want to be him. So don’t defend him now.

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