Thursday, March 26, 2009

Russia calls for currency conference; Soros Says G20 "Make or Break" and "I'm Having a Very Good crisis"

From the Financial Times:

Russia wants to convene an international conference at government envoy level to discuss the creation of a new global currency, RIA news agency on Thursday quoted Andrei Denisov, first deputy foreign minister as saying.

”This proposal is aimed at a practical realisation of the idea about a new global accounting unit or a new global currency. It is a question which should be discussed to create a consensus,” said Mr Denisov, according to the RIA news agency....

...The comments from Russia on Thursday had little effect on the dollar.

You have my word as a hedge fund manager....

[George Soros]

From Reuters:

Soros: G20 a "make or break" event for markets

The Group of 20 nations meeting next week is a "make or break event" for the global markets, investor George Soros said on Wednesday.

"Unless it comes up with practical measures to support the countries at the periphery of the global financial system, markets are going to suffer another sinking spell just as they did on February 10, 2009, when the authorities failed to produce practical measures to recapitalize the United States banking system," Soros said in testimony to the Senate Foreign Relations Committee.

Soros said President Barack Obama could help make the G20 meeting a success by raising a possible solution that would involve increasing the amount that developing countries -- from Eastern Europe to Africa -- can effectively borrow from the International Monetary Fund....MORE

[the picture and the comment above it were not part of this story, just a little editorializing on Climateer's part -ed]

I wouldn't trust these guys if they told me the time of day.

[and a little more. Are you done? Catharted? -ed]

From the Daily Mail:

'I'm having a very good crisis,' says Soros as hedge fund managers make billions off recession

A hedge fund manager who predicted the global credit crunch has said the financial crisis has been 'stimulating' and the culmination of his life's work.

George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse....MORE