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Soros Rebukes Germany for ‘Fiscal Discipline’ Print E-mail
by Tom McGregor    Wed, Oct 6, 2010, 10:21 AM

George Soros, a billionaire investor, castigated Germany for leading the implementation of austerity measures, which will spin the euro zone into a “deflation spiral.”

Reuters reports that, “additional fiscal stimulus – and not fiscal discipline – is the way out of the crisis for both Europe and the United States. Soros said in a speech at Columbia University on Tuesday.”

Soros said, “deficit reduction by a creditor country such as Germany is in direct contradiction of the lessons learnt from the Great Depression of the 1930s. it is liable to push Europe into a period of prolonged stagnation or worse.”

Germany appears unlikely to alter its methods since its economy is booming and due to the difficulties of other nations can be blamed on structural rigidities, said Soros.

Also, Chancellor Angela Merkel of Germany gained the upper hand in a recent G20 meeting where she made alliances with Canada and newly-elected British Prime minister David Cameron to enforce pressure on other nations to adopt austerity measures, as Soros noted.

“As a result,” according to Reuters, “President Barack Obama yielded to the majority and agreed to cut the U.S. budget deficit in half by 2013. ‘This may be the right policy but it comes at the wrong time,’ Soros said.”

Soros is demanding that Obama must not extend the Bush tax cuts. He is ordering instead for the White House to direct the extra cash coming from higher taxes into fiscal measures to stimulate investment, not consumption.

George Soros earned billions of dollars as a currency speculator, which nearly caused the collapse of Asia-Pacific economies in the 1990s, and he has a long history of hiding his cash in off-shore tax-haven bank accounts to avoid paying taxes to national governments. He should be the last person to lecture taxpayers about raising their taxes.

To read the entire article from Reuters, link here:

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Comments (3)add comment
written by R , October 06, 2010

Well, he's just nuts.

written by Ned Brown , October 07, 2010

SOROS belongs in a cage, perhaps under water ...... he is a fishy character, and a pest of the first magnitude, and is always very actively stirring up mischief and discord .......

written by Ken Dickson , October 08, 2010

Thyis guy is dangerous for mankind! The president loves his left-wing tirades & follows his economics & look where we are now! BROKE! BROKE! BROKE!

He is in & out of the White House like the presidential dog to ply his evil bring this country down!

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