Stacy Summary: Max’s letter to the editor printed in the FT today.
From Mr. Max Keiser.
Sir, Caveat Emptor. George Soros is speaking his mind again. But before buying into his euro analysis (“The euro will face bigger tests than Greece” February 22), keep in mind that at Davos this year Mr. Soros talked about gold as the “ultimate bubble”. Less than two months later, it was revealed that he had doubled his gold stake.
Sure, Mr Soros can turn a phrase and sound quite erudite at times, but ask yourself: is he walking the walk or talking his book?Max Keiser
Paris, France
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Well said!
Joggin’ wisdom: You can tell it is spring in the industrialized world when you hear a woodpecker trying to work its way trough the brass covering of a church spire (true story).
Paul Craig Roberts was a great guest, i had the impression Denninger was explaining something Max already understood..If the money is made in defaults, then you are likely to see more of them. Of course an army consisting only of suicide bombers is never going to win.
Nice!
Are people that dumb as not to take the pronouncements from the great and good with a shovel of salt.
Producerism
“Calls to rally the virtuous “producing classes” against evil “parasites” at both the top and bottom of society is a tendency called producerism. It is a conspiracist narrative used by repressive right wing populism. Today we see examples of it in some sectors of the Christian Right, in the Patriot movements and armed militias, and in the Far right. (see chart of US right). Producerism is involved in the relationship between Buchanan, Fulani, Perot, and the Reform Party.
Producerism begins in the US with the Jacksonians, who wove together intra-elite factionalism and lower-class Whites’ double-edged resentments. Producerism became a staple of repressive populist ideology. Producerism sought to rally the middle strata together with certain sections of the elite. Specifically, it championed the so-called producing classes (including White farmers, laborers, artisans, slaveowning planters, and “productive” capitalists) against “unproductive” bankers, speculators, and monopolists above—and people of color below. After the Jacksonian era, producerism was a central tenet of the anti-Chinese crusade in the late nineteenth century. In the 1920s industrial philosophy of Henry Ford, and Father Coughlin’s fascist doctrine in the 1930s, producerism fused with antisemitic attacks against “parasitic” Jews.”
Right wing Populism in the US chart
http://tinyurl.com/ygdhfpu
Europe’s winter of discontent
http://tinyurl.com/yj7ot23
MPs’ attack provokes the wrath of Murdoch
http://tinyurl.com/ycjr5c9
The BBC have found someone whose cancer was cured by homeopathy
http://tinyurl.com/yfq4vd
For those who can BBC2′s Newsnight has been on form the last 2 nights worth catching.
I don’t want to be a sesquipedalian, but perhaps regarding the dollar we are falling victim to Floccinaucinihilipilification. However in in light of recent events it think this is entirly justified…
At lest he bloke whom WILL crash the £ !
Mike
Soros obviously means …buy Euros…no?
Fear Sells…
http://www.youtube.com/watch?v=kSywm758Ycw
http://en.wikipedia.org/wiki/Sophism
@gonzomarx
“For those who can BBC2’s Newsnight has been on form the last 2 nights worth catching.”
Agree – I saw Monday’s piece on Goldman by reporter Paul Mason. Very similar to yesterdays Bloomberg piece on secret AIG documents. Even had a couple of clips of Janet Tavakoli. Starts about 25 mins into the show.
Maybe NN has a new editor? Maybe they won’t last long if they they keep up the good work!!
@GM
nice chart… um, maybe newsnight is still on a high from their birthday celebrations… or could of been seeing those ‘best of’ clips from the last 30 years reminded them of how they used to do it!!!
The goal is to take down the present system, and replace it,…
Think about it! : )
@Y’All
oops meant to post this before but… ‘ Whoops! Why Everyone Owes Everyone and No One Can Pay – funny and well-written economics book’
http://www.boingboing.net/2010/02/22/whoops-why-everyone.html
Supergeek; great new word ECONOPALYPSE. I haven’t had this much trouble pronouncing a word since I swore off single malt. Econny…econoppy…ecopolly… need to practise.
FT is about the most horrible anti gold publication on earth ! Quite funny writing to that horrible publication. I can’t stand their horrible hate against gold ALL ALONG ! The FT should go down with the City, with London and the UK. New World Order fanancial fascist propaganda. Cannot stand the FT. I would send something else to the FT if I was a vooodoo sorcerer. That piece of FT junk is for sale. Interested ?
I think you should use his real, mother-given name….
Gyrgisz Schwartz or something like that…before he changed it while attending that Rothschild diploma mill they call the London School of “economics”
Did you know that schwartz is related to Atilla the Hun?
http://seekingalpha.com/article/183741-how-to-spot-a-bubble-pop-before-it-pops
How to Spot a Bubble-Pop Before It Pops
@Snoot. think people are the ultimate bubble.
@ronron:
Gold is a commodity priced in dollars. The BIS/IMF is doing a better job supporting their unit/sdr as future reserve unit for the international system because IT IS THEIR SYSTEM. Unless y’all get realistic gold will be a stone-cold hope in future.
The system that supports sdr/reserve is a global system of banking goverance with banks that have sovereign immunity and a support of the military and political systems of all the industrial nations.
The system that supports gold’s inclusion into the sdr/reserve is a reliance upon a paradigm of rhetoric and nice shiny patriotic songs about the ‘good ole days’ of yore: the dollar reserve/system (or worse a look back at the fifteenth-century).
Gold holders are going to dump most probably before the retool of the sdr in December. I’d be lobbying for the inclusion of gold in the sdr reweight: has GATA helped y’all out there?
Or are gold-holders the ultimate suckers?
@Snoot. i am sure you’ll be right, just not yet. i’m hanging on for a while yet.
@stacyherbert Y’all
I’ve said it before but let me say it again: If you put a link of FT.com or any site which needs subscription: PUT THE HEADLINE IN so that we can google it and still read it
Tank you for your cooperation.
Cause max may have written somtin nice but we can’t read it because THERE IS NO HEADLINE.
It would be really damaging when Soros bought gold after calling it TUB (The Ultimate Bubble).
Just for the record,.I agree with the analysis of the Snoot! : )
Hot dogs anyone ?
Great catch, Max.
Thank you for this.
@Jesse – thanks for that; and thanks for the link! http://jessescrossroadscafe.blogspot.com/2010/02/keiser-report-19-markets-finance.html
We’re totally up for drinks at the Ritz! Bar Hemingway it is. Name your date.
Message to all you Soros loving GS-suck ups in the Caymans and Switzerland…
BOO!
To be fair, Soros also said “When I see bubbles, I buy them”
http://www.businessinsider.com/soros-buy-bubbles-china-dollar-2010-1
As is so often the case, sadly, Max, you are just exposing your ignorance here. If you’ve read Soros’ writings on “reflexivity” (pretentious, of course – he should just use the term “positive feedback”, because that’s all it really is at heart) you’ll know that he does not advocate shorting instruments just because they happen to be in a bubble. Quite the opposite.
As for your bluster on TV the other day about how you understood markets better than him .. well come back when you’ve had 10 consecutive years of ~100% returns and tell us all about it… The man was a genius in the true sense. Of course he’s very old now, but credit where credit’s due!
The idea that Rogers was a better investor than he is almost as funny…
adam gibson
1) this isn’t about ‘reflexivity’ it’s about Soros manipulating the media and by extension, the markets.
2) soros – nor any investor in history – has ever had a 10 yr. 100% compounded growth spurt. Soros record is a 10 year 30% compounded spurt – good, but not the best overall, but definitely in the top 10% or so of all hedge funds.
3) rogers at least does not claim that he’s doing philanthropy – and I believe his track record, since spitting up with Soros is superior,
but he does not report results so my evidence is based on side conversations and research I’ve done myself. this is my gut feeling.
4) Soros is a windbag not a genius. for example, he manipulates markets and trades on inside information – this does not show any true understanding of markets
and as you rightly point out his ‘reflexivity’ theory is just repackaged ‘feedback loop’ ideas
. . . whereas I have actually invented whole new classes of securities and the means to trade them i.e., HSX/Cantor Exchange.
5) stop lionizing devil worshipers like soros and join the living!
Max,
Well fair’s fair my 100% for 10 years was nonsense .. my memory had certainly inflated that! But for the 70s (specifically 1969-80, 11 years), I get 47% (from http://www.answers.com/topic/soros-fund-management-llc) , which is so far above the norm that it is very difficult to dismiss.
As for genius – I don’t mean his theories, which I agree are largely windbaggery. Funny thing is he seems to somewhat agree, and knows he is a failure as a philosopher. When I said genius, I meant genius as a trader (and specifically trader rather than investor).
Anyway this is all to one side of my main point which was your accusation of his hypocrisy in gold doesn’t make sense!
PS About Rogers you’re right, we can’t know. So we can only have our suspicions…
I still say, credit where credit’s due. Even just looking at the 30 years of 30%+ returns, he deserves at least as much respect as Buffett..