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238 comments on DrumBeat: January 23, 2008

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Dragonfly41 on January 23, 2008 - 10:27am Permalink | Subthread | Parent | Comments top

I've noticed alot of criticism coming from George Soros out of the World Economic Forum in Davos, Switzerland about how things have been handled in the last six months and how the US Dollar is losing favor in the world. No matter what you think of Soros, when he starts talking about currencies, you'd better listen. He's got a good track record in that regard.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaqgpmbosZVM&refer=home

``The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency,'' Soros said in a debate today at the World Economic Forum in Davos, Switzerland. ``Now the rest of the world is increasingly unwilling to accumulate dollars.''

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Dragonfly41 on January 23, 2008 - 12:49pm Permalink | Subthread | Parent | Comments top

Soros and former U.S. Treasury Secretary criticizing central banks at Davos:

Summers Points at Central Banks on Asset Declines
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajD.dVae23U4&refer=home

The U.S. Federal Reserve and other central banks are partly to blame for the financial-market slump that's now threatening to derail the global economy, said investors and former policy makers at the World Economic Forum.

``It's hard to give central banks a very high grade over the last couple of years on recognition of bubbles and actions taken to address them in the policy or regulatory spheres,'' said former U.S. Treasury Secretary Lawrence Summers in a panel in Davos, Switzerland. Billionaire investor George Soros said central banks have ``lost control'' of financial markets.

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xburb on January 23, 2008 - 1:18pm Permalink | Subthread | Parent | Comments top

Yes from many reports the mood at Davos is far from festive.

http://www.bloomberg.com/index.html

Video of Noriel Roubini ,NYU Professor, from Davos this morning. Rate cuts, stimulus package like ,"Pushing on a string". Good analysis IMO.

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souperman2 on January 23, 2008 - 5:11pm Permalink | Subthread | Parent | Comments top

Yes Roubini has been seeing this correct for some time.

,"Pushing on a string".

Yes, and in the real world it takes cheep, abundant, oil to PULL the string.

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xburb on January 23, 2008 - 5:58pm Permalink | Subthread | Parent | Comments top

First time I'd seen him. No equivocation.

Yeah, hey Souperman is there still a bowl of soup on in Eugene if we ever get down that way?

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souperman2 on January 23, 2008 - 7:52pm Permalink | Subthread | Parent | Comments top

Yes xburb, just say hi to the freaky Guy Fawkes looking dude.

Slightly north of Eugene a little town called Coeur Valle (Courvallis)

I am willing to host a TOD gathering anytime. Any takers?

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xburb on January 23, 2008 - 8:29pm Permalink | Subthread | Parent | Comments top

It'd be great!

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ET on January 24, 2008 - 12:39am Permalink | Subthread | Parent | Comments top

souperman, my spouse and I will be at a contra dance weekend in Feb. We will look you up.

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Mark Twain on January 23, 2008 - 1:41pm Permalink | Subthread | Parent | Comments top

A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.

- Mark Twain (attributed)

OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August, and February.

- Mark Twain, Pudd'nhead Wilson's Calendar

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DelusionaL on January 23, 2008 - 4:15pm Permalink | Subthread | Parent | Comments top

Probably why my kids never read twain in school.

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fleam on January 23, 2008 - 9:10pm Permalink | Subthread | Parent | Comments top

He's a perennial favorite with the censors. As we speak his books are banned in libraries all over the US, and this statement never seems to go out of date!

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chemE on January 23, 2008 - 7:47pm Permalink | Subthread | Parent | Comments top

>>Now the rest of the world is increasingly unwilling to accumulate dollars<<

You think that unwillingness is going to translate into action!

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238 comments on DrumBeat: January 23, 2008

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