George Soros

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Billionaire hedge-fund financier George Soros has decided to spend $50 million to fund a new institute designed to undermine the free-enterprise system, Jerome Corsi’s Red Alert reports.

The Soros-funded “Institute for New Economic Thinking” is designed to make research grants and fund symposiums on the need for central government control of the economy, advancing an argument from the political Left that the private economy is in need of the re-regulation to prevent the occurrence of another global economic recession.

The move reinforces a Democratic Party argument that the Bush administration’s deregulation of the economy was the cause of the economic panic of 2009, even though President Bill Clinton accomplished the major regulatory reform of recent decades – namely, the repeal of the Glass-Steagall Act.

George Soros, post-American globalist

“In his many books, billionaire hedge-fund manager George Soros has made clear he views economic globalism as an accomplished fact,” Corsi noted.

Financial markets became “truly global in the early 1990s after the collapse of the Soviet Union,” Soros wrote in his book “On Globalization.” Yet, Soros warns, “While markets have become global, politics remain firmly rooted in the sovereignty of the state.”

Soros acknowledged that the formation of international institutions of governance has lagged behind the development of global markets: “The development of international institutions has not kept pace with the growth of global financial markets. Private capital movements far outweigh the facilities of the International Monetary Fund and the World Bank.”

Soros has offered many different proposals for overhauling the International Monetary Fund, the World Bank and the World Trade Organization. Yet, Corsi said his conclusion is always the same: Global financial markets require international regulation from a new generation of world governance organizations capable of imposing global political control over global economics.

“From this lofty perspective, Soros demands we transcend nation-states to somehow become global citizens,” Corsi wrote.

In an explanation he frequently repeats, Soros argues that sovereignty “became the cornerstone of international relations with the Treaty of Westphalia in 1648.” Then, Soros continues, after 30 years of religious wars, “it was agreed that the ruler had the right to determine the religion of his subjects.”

In Soros’ version of world history, all this changed when the French Revolution overthrew King Louis XVI “and the people seized sovereignty.” In principle, Soros insists, “sovereignty has belonged to the people ever since.” Yet, in Soros’ view, the sovereign people are the people of the world, not the people of any particular nation-state, Corsi noted.

“The world order needs a major overhaul,” Soros has proclaimed. “I am not advocating a radically new world order,” he explained, “only a change of attitude; from the single-minded pursuit of national self-interest to showing some concern for the common interests of humanity.”

That Soros derives his perspective from globalism is indisputable, Corsi contends.

“Globalism has made the world increasingly interdependent,” he insists. And again, “Although it would be utopian to replace the people’s sovereignty with something else, that principle, on its own, is inadequate for today’s increasingly interdependent world.”

Keeping with the theme, Soros characterizes himself as a “stateless statesman.”

Much of Soros’ intellectual framework is based his education at the London School of Economics, where he was deeply influenced by philosopher Karl Popper’s call for an “Open Society.” While Popper refused to give his call for an “Open Society” a precise definition, Popper railed against ideologies which proclaimed a person could only become free by becoming a true believer. Popper identified Hitler’s Nazism and Stalin’s communism as enemies of the “Open Society.” The “Open Society” is best understood as a type of intellectual and political freedom in which all ideas are constantly able to be challenged, based on the premise that there is no “political truth” as such, only a value relativism in which all ideas must be subject to constant challenge.

In a revealing passage, Soros identifies his antipathy to George W. Bush in terms fashioned from Popper’s Open Society philosophy: “When I heard President Bush say, ‘Either you are with us or you are with the terrorists,’ I was reminded of Nazi propaganda.” Fundamentally, Soros criticized the “Bush agenda” as being “nationalistic,” too focused on pursuing narrowly defined U.S. nation-state interests. Corsi noted that Soros was particularly vituperative toward Vice President Cheney, whom he demonized as “the power behind the throne,” and characterized as working with Defense Secretary Rumsfeld as having largely succeeded “in imposing their views on Bush.”

Asking how he came to have a position of influence on world affairs, Soros honestly admitted, “I have made a lot of money.” Nor has Soros been shy about spending his money to advance his political agenda. Since founding the Open Society Institute in 1979, Soros has spent hundreds of millions of dollars funding this flagship organization, which in turn has funneled millions to organizations dedicated to advancing causes of the political Left, including and the Center for American Progress, Red Alert reports.

In 2004, Soros admittedly spent several hundred million dollars in an attempt to prevent George W. Bush from having a second term as president. Soros was an early supporter of Barack Obama, holding a fundraiser for Obama at his home and donating the maximum legal amount even before Obama was elected to the U.S. Senate. In 2006, Soros urged Obama to run for president. When Obama declared his candidacy, Soros organized a meeting with other financiers in Soros’ Wall Street office. His strong and early financial support of candidate Obama has given Soros a strong voice in the Obama White House.

Soros profits from global economic panic of 2009

By betting against the U.S. economy and the dollar, billionaire investor George Soros has made billions from the economic downturn, Corsi wrote.

“I’m having a very good crisis,” Soros told London’s Daily Mail in March 2009. Soros, who came out of retirement in 2007 to manage his Quantum Investment Fund, has made $2.9 billion in doing so, including $1 billion made in 2008.

“Had Sen. McCain won the 2008 presidential campaign, George Soros would have had influence at the White House, exactly as Soros has now, after promoting and funding candidate Barack Obama since Obama first came on the national political scene with his speech at the 2004 Democratic National Convention that nominated Sen. John Kerry for president,” Corsi wrote. “No one should be confused that by backing both presidential candidates in 2008 that Soros is a patriot. To the contrary, Soros was concerned only that regardless of which candidate won, he wanted to be sure he won. Globalists like Soros are concerned about money, first and foremost, possibly to the exclusion of all else. Soros appears to make his political bets primarily to ensure that he preserves his ability to make and keep money.”

Soros has been outspoken about his views. He began his 2008 book, subtitled “The Credit Crisis of 2008 and What It Means,” by proclaiming, “We are in the midst of the worst financial crisis since the 1930s.” Soros went on to explain that the 2008 credit crisis “marks the end of an era of credit expansion based on the dollar as the international reserve currency.” He insisted the current crisis was “the culmination of a super-boom that has lasted for more than twenty-five years.”

Consistently, Soros has proclaimed the dollar is under selling pressure and “may eventually be replaced as a world reserve currency, possibly by the International Monetary Fund’s Special Drawing Rights.” Soros told Reuters that the U.S. economy is in for a “lasting showdown” and could face a Japan-style period of a decade or more of relatively low growth, coupled with high inflation.

Corsi noted, “Regardless of whether Sen. Obama or Sen. McCain won in 2008, Soros would still have been betting against America, selling short U.S. stocks and buying futures contracts betting the dollar would fall.”

Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.

In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.

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