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Soros: Shadow Banking “Out of Control”

April 9, 2011

This past week while listening to various Bloomberg TV shows I heard again and again from analysts who favor the free trade-multinational-globalization paradigm, that China is our friend, our ally, our partner. More like a partner in crime. George Soros a billionaire capitalist ironically is not a free trade proponent. This statement he made at Bretton Woods has me very concerned for if we start to see inflation worldwide, we will see widespread destabilization as food prices will soar and upheaval will ensue. Remember what John Harris said: 2011 will be the summer of rage. I am thinking he was right.

Dow Jones reports: At a conference in Bretton Woods, N.H., billionaire financier George Soros said he believes Thursday’s interest-rate hike by the European Central Bank was done at a “quite inappropriate” time, and that China’s reluctance to allow currency appreciation was a “mistake.”

Economies across the globe are facing mounting inflationary pressures with rising food and commodity prices, and that fear “induced the ECB to raise interest rates at a time that in my opinion is quite inappropriate,” Soros said.

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