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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: GlobalMarine who wrote (7715)	12/31/1997 2:59:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Rand, I read that article in the Financial Times this morning and had to be physically restrained. I have a tremendous amount of respect for George Soros, what he has accomplished and his philanthropic efforts. But he occassionally decides to come down off of Mt Olympus to make pronouncements that our some times absurd and sometimes, as in this case, downright obnoxious and arrogant. There is no question that the Asian crisis is severe and structural changes are needed. I personally think the idea of some new international beauracracy to guarantee international loans will be one giant boondoogle and would accomplish little. A good hard look at what is going on in the European Bank for Reconstruction and Development will show the route such an organization would take. They would also most likely get the Dr Kevorkian of international finance, the IMF, involved which should be good for loads of laughs. But more specifically on Soros. What revealed the underlying problems in the Asian economies and got this whole mess started was the speculative attacks on the Thai, Malay and Indonesian currencies in the spring and summer. As these currencies faltered it exacerbated the problems off the others and the damage spread. Guess who led the attack on the Thai baht? Number one head of the list was George Soros. Ask Prime Minister Mahatir of Malaysia what he thinks of George Soros and his advice. Soro's comment that the Asian economies's abandonment of fixed exchange rates risks the spread of global deflation left me incredulous. Who exactly was it who helped force them to abandon fixed rates George? Also his comments about deflation are cute. He's been building a large bond position for months. His getting quoted by the global media about deflation falls nicely in the category of talking your book. Don't get me wrong on the subject of deflation, I am concerned about it as well and am long bonds also. These comments by Soros are arrogant, obnoxious, self-serving and to say the least disengenous. Henry "let me at him" Volquardsen