Crocodile tears...

Well George Soros is upset. He is quoted saying that the European Union is "undemocratic to the point where the electorate is disaffected, and ungovernable to the point where it cannot deal with the crisis that it has created". Undemocratic? He's gotta' be kidding! George Soros is well known to be a monopolistic capitalist which is indistinguishable from a socialist. He thrives on hidden currency deals, insider information and stirring up trouble as in the Occupy Wall Street riots. This guy is funding trouble around the world and profiting from it. It's time to call him (like in poker call him) and stop his trouble making. He is a socialist because he expects to control the governments through the magic of his currency deals and live the good life. The heck with you wanting to have a good life. He needs slaves for his and if you don't have a plan to prevent that, he wins. So call his crying about "undemocratic" stuff what it really is: "crocodile tears".

Oh the games governments play...

It seems that the currency markets are subject to many factors but now something has come to light that really is ridiculous. China, as you know, owns about $ 800 billion of debt guaranteed by the US government and there is a lot of worry about how China will act if the debt doesn't get handled correctly. Well, now we find out that China owes about $ 750 billion to US citizens from just before the communist takeover by Mao and company which is in default. Imagine that. US citizens invested in China at the encouragement of the US government because "China is a good investment". Now with the commies in control, those debts have been defaulted but never repudiated. In fact, China's demands have put them in a box that gives them no wiggle room. In 1987, China agreed to pay some of those bonds (from prior to Mao and thus validating them) to British citizens when they were informed they would be kept out of British markets unless they paid up. Then, when Saddam Hussein's government in Iraq was toppled, China insisted that any subsequent government would have to make good on the debt that Saddam accrued. The UN concurred and so now we have precedent in international law, which China helped to create. Oops. What does this mean? Well, not sure yet but it will have an impact. Oh yeah, a lot of those old bonds were denominated in gold. Heh, heh, heh. That means China will have to produce and there is a lot of short selling of gold right now by European banks (for dollars). I still expect the price of gold to drop in the short term but when China finally is held to account for the gold denominated bonds and starts buying, look for panic among the banksters because the price of gold will really rise then. Serves 'em right.