Tuesday, October 29, 2013

US will never default per George Soros, he says countries "that can print the money will never default." April 2012

4/24/12, "Soros: ‘A sovereign that can print the money can’t default, will never default.’," LibertyFeatures.com, Bill Wilson

"Soros’ comments came after a far more revealing speech in Berlin on April 13 (2012) where he really got to the heart of the matter. There, he spoke on a panel entitled “The Future of Europe” at the Institute for New Economic Thinking’s (INET) Paradigm Lost Conference. 

There he compared European debtors like Greece and Ireland to “third world countries that have become heavily indebted in a foreign currency”.

Soros explained, “This happened because they transferred their seigniorage rights to the ECB [European Central Bank]. That’s why they can’t print their own money. And because they can’t print their own money, there is a real danger that they would default.”

That’s a rather honest accounting of the current crisis from Soros. Under this analysis, the only thing that apparently separates Europe from the U.S. (or Japanese) debt crises is that we possess far more efficient printing presses in the Federal Reserve and the Bank of Japan as compared to the ECB.

Soros crystallized this seeming reality: “A sovereign that can print the money can’t default, will never default.”"...


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