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US president Trump: The US is in the midst of an economic boom

  
  Analysis
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Trump is speaking in Davos, Switzerland

Trump
  • US in in the midst of an economic boom like never seen before
  • Trade deals with China, Mexico represent new model for the 21st century
  • US economy was in a dismal state under the previous administration
  • Says he is creating the most ‘inclusive’ economy in the history of the country
  • Fed has raised rates too fast and lowered them too slow
It looks more like he is setting the stage for an election campaign speech, as he is talking down US and global economic growth under the previous administration before going on to talk about how things have changed ever since he took office.
Oh my, he is still going on about how the US has benefited from his presidency and the changes brought upon by his administration. I don’t think that there is going to be anything relevant for markets if things carry on in this manner.

US president Trump to attend World Economic Forum annual meeting in Davos on 21-24 January

  
  Analysis
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The WEF confirms, releasing a list of attendees for the event

Trump

The US delegation will also comprise of Mnuchin, Ross and Lighthizer. From the EU camp, the notable attendees will be ECB president Lagarde as well as European Commission president von der Leyen.

Something to look forward to next week after the trade deal with China is all wrapped up.

Oracle-George Soros

  
  Education
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George Soros
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“Soros” redirects here. For other uses, see Soros (disambiguation).
George Soros
George Soros at the World Economic Forum Annual Meeting 2010
Born August 12, 1930 (1930-08-12) (age 80)
Budapest, Kingdom of Hungary
Alma mater London School of Economics
Occupation Entrepreneur, currency trader, investor, philosopher, philanthropist, political activist
Net worth ▲ $14.2 billion (Forbes)[1]
Religion None; Atheist[2]
Spouse Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children Robert, Andrea, Jonathan, Alexander, Gregory
Website
www.georgesoros.com
George Soros (Hungarian: Soros György) (pronounced /ˈsɔroʊs/ or /ˈsɔrəs/,;[3] HungarianIPA: [ˈʃoroʃ]; born August 12, 1930, as Schwartz György) is a Hungarian-American currency speculator, stock investor, businessman, philanthropist, and liberal political activist.[4] He became known as “the Man Who Broke the Bank of England” after he made a reported $1 billion during the 1992 Black Wednesday UK currency crises.[5][6]
Soros is chairman of Soros Fund Management and the Open Society Institute and a former member of the Board of Directors of the Council on Foreign Relations. He played a significant role in the peaceful transition from Communism to Capitalism in Hungary (1984–89),[6] and provided Europe’s largest ever higher education endowment to Central European University in Budapest.[7] Later, his funding and organization of Georgia’s Rose Revolution was considered by Russian and Western observers to have been crucial to its success. In the United States, he is known for donating large sums of money in an effort to defeat President George W. Bush’s bid for re-election in 2004. He helped found the Center for American Progress.
Former Federal Reserve Chairman Paul Volcker wrote in 2003 in the foreword of Soros’ book The Alchemy of Finance:
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become ‘open societies,’ open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
Family
Soros was born in Budapest, Kingdom of Hungary, the son of the Esperantist writer Tivadar Soros. Tivadar (also known as Teodoro) was a Hungarian Jew, who was a prisoner of war during and after World War I and eventually escaped from Russia to rejoin his family in Budapest.[8][9]
The family changed its name in 1936 from Schwartz to Soros, in response to growing anti-semitism with the rise of Fascism. Tivadar liked the new name because it is a palindrome and because it has a meaning. Although the specific meaning is left unstated in Kaufmann’s biography, in Hungarian, soros means “next in line, or designated successor and in Esperanto, it means “will soar”.[10] His son George was taught to speak Esperanto from birth and is a native Esperanto speaker. George Soros later said that he grew up in a Jewish home, and that his parents were cautious with their religious roots.[11]
George Soros has been married and divorced twice, to Annaliese Witschak, and to Susan Weber Soros. He has five children: Robert, Andrea, Jonathan (with his first wife, Annaliese); Alexander, Gregory (with his second wife, Susan). His elder brother, Paul Soros, a private investor and philanthropist, is a retired engineer, who headed Soros Associates, an international engineering firm based in New York, and established the Paul and Daisy Soros Fellowships for Young Americans.[12][13] George Soros’ nephew Peter Soros, a son of Paul Soros, is married to the former Flora Fraser, a daughter of Lady Antonia Fraser and the late Sir Hugh Fraser, and a stepdaughter of the late 2005 Nobel Laureate Harold Pinter.[14]
[edit] Early life (more…)

George Soros loads up on gold

  
Analysis, Education, Gold / Silver
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soros-gold

So why is Soros buying gold?  Though he believes gold is the ultimate bubble, he had said before that he likes to ride bubbles.  But unlike most investors, Soros usually knows when to get out.

From the WSJ:

LONDON—Investor George Soros doubled his bet on gold at the end of 2009 amid rising prices, a filing with the U.S. Securities and Exchange Commission showed.

The filing, made late Tuesday for the financial period ended Dec. 31, comes after Mr. Soros made comments during the World Economic Forum in Davos, Switzerland, in late January calling gold an asset bubble. He told media at the time that the low-interest-rate environment creates a condition for bubbles to develop and that gold is the ultimate bubble…..

Soros and the bullion bubble

  
  Education
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George-Soros-goldGold is rallying — but is it all because of one man’s lack of faith in the euro?

As Bloomberg reported on Monday:

George Soros is helping drive up gold prices by doubling his bet in a market even he considers a “bubble” as Goldman Sachs Group Inc., Barclays Capital and HSBC Holdings Plc predict more gains before it bursts.

The billionaire who made his money by shorting sterling in 1992 — and who declared in February that the euro “might not survive — has set his sights on another metal. His buy in to what appears to be an ever-growing bullion bubble has sparked both a rally and some controversy.

At this year’s World Economic Forum in Davos, Switzerland, Mr Soros told CNBC:

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment.

The ultimate asset bubble is gold.

Both Spanish and Greek prime ministers have accused hedge funds like Soros Fund Management of aggressive short selling of the euro, according to a report in the Independent.

And it appears Soros intends to keep buying into gold, further inflating the so-called “ultimate bubble”.

But there’s some irony here. As Bloomberg pointed out on Monday:

In a Jan. 28 Bloomberg Television interview, the 79-year- old billionaire recalled that former Federal Reserve Chairman Alan Greenspan warned of “irrational exuberance” in financial markets three years before the technology bubble burst in 2000.

So, Mr Soros, tell us, is buying into gold excessive or not?

8 people have same wealth as world's poorest half -Oxfam

  
Analysis, Education
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Eight men now own the same amount of wealth as the poorest half of the world. A top corporate CEO earns as much in a year as 10,000 garment factory workers in Bangladesh. And the world’s 10 biggest corporations together have revenue greater than the 180 poorest countries combined, according to a study published Sunday by Oxfam.

The report, An economy for the 99%, was released as global leaders and the business elite traveled to Davos, Switzerland, for the annual meeting of the World Economic Forum, a conference partly aimed at eliminating extreme income inequality. The study found that the richest eight people on the planet have net wealth of $426 billion — equivalent to what’s held by the bottom half of the world’s population.

“From Nigeria to Bangladesh, from the U.K. to Brazil, people are fed up with feeling ignored by their political leaders, and millions are mobilizing to push for change,” British-based Oxfam said in a statement. “Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years.”

The study is the latest in recent years by Oxfam, an international poverty-fighting group, to campaign for ways to reduce the growing gap between the rich and poor. Oxfam called on President-elect Donald Trump, world leaders and the international business community to “take urgent action to reduce inequality and the extreme concentration of wealth by ensuring that workers are paid a decent (salary) and by increasing taxes on both wealth and high incomes.”

“It is mind-boggling that just eight men own as much wealth as the poorest half of the world’s population, but that’s the sobering reality of 2017,” said Paul O’ Brien, Oxfam America’s vice president for policy and campaigns. “Such dramatic inequality is trapping millions in poverty, fracturing our societies and poisoning our politics.”

Oxfam based its calculations on data from Swiss bank Credit Suisse’s 2016 Global Wealth report and Forbes’ billionaires list of the world’s richest people. (more…)

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