Berkeley CSUA MOTD:Entry 24181
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2025/07/08 [General] UID:1000 Activity:popular
7/8     

2002/3/21-22 [Finance/Investment] UID:24181 Activity:very high
3/21    http://www.nytimes.com/2002/03/21/international/21GLOB.html
        Globalization Proves Disappointing
        "The trend of globalization is that surplus capital is moving
        from the periphery countries to the center, which is the
        United States," said George Soros, the financier and philanthropist
        who has become a leading critic of globalization.
        \_ I don't find this at all disappointing.  --American
        \_ Guess what, globalization was not a new thing.  First wave of
           globalization happened 200 years ago.  The nations which benefited
           from the globalizations today happend to be nations benefited from
           globalization 200 years ago.  Was that a pure coincidence? or there
           is a correlation which we don't want to admit? Mind you that
           even Opium War was declared in name of free trade and remove
           "illegal trade barrier" set up by then Chinese government.  What
           make *YOU* think globalization in the 21th century is being
           pushed with heavenly intention this time around?
           \_ Perhaps you should consider E190.
        \_ OK. I know this a blatant troll, but do you know who Soros is and
           how he made, and continues to make, his fortune? Soros the global
           social reformer is just about the most blatant hypocrisy you could
           find. (Though the Bushies admonishing other countries on election
           fraud comes close). Some argue (though I'm not one of them) that
           Indonesia has a great deal of its woes from a couple of years ago
           to blame on Soros' currency speculation.
           \_ Wow talk about trolling.  Bush = election fraud?  Not even your
              beloved leftist media could make that claim after the zillionth
              time they counted everything.  Let it go, move on, try prozac.
                    kept selling Thai baht to the Thai government until
           \_ That just makes Soros someone who truly understands the dangers
              of globalization.  Given the pathetic financial conditions of
              the banana republics of SE Asia, if Soros didn't do it, someone
              else would.  Any evidence of the "continues to make" part?
              \_ Some articles in the Nation and such no more recent than 1999
                 so you have me on the present day. Does it really matter
                 though?
                 \_ I am not as ready to judge Soros as a buy guy.  It's
                    arguable that what he did was no worse than say shorting
                    keep selling Thai baht to the Thai government until
                    a stock.  He is just the guy who gave the final kick
                    to a rotten house.  The main thing that he did was to
                    figure out that Thailand's currency peg to the dollar
                    would not hold since the Thai baht should not be as
                    valuable as the official rate, so essentially he just
                    kept selling Thai baht to the Thai government until
                    the Thai government depleted its US dollar reserve.
                    \_ Yeah, except he shorted a whole country.
                    \- in related news [see tobin's tax] james tobin is
                       recently dead. --psb
                       \_ Thanks!  I didn't know about tobin and his
                          tax before.  Sounds like a good idea.
                    \_ Once that happened there was a fast and furious
                       devaluation of the baht, but Thailand's
                       companies' debt were all in dollars.  How did
                       Soros profit from it?  He borrowed Thai baht
                       to sell to Thai government in exchange for
                       dollars.  While the Thai government was still
                       able to defend its dollar peg, Soros is paying
                       the spread and losing money, but once the
                       Thai government ran out of dollars, and the
                       baht quickly devalued, Soros used a small
                       portion of the dollars he just got from the
                       Thai government to repay all his baht debt
                       on the cheap.  The remaining dollars were
                       his handsome profits - lovely!  Did he bother
                       to say "Thank you!" to the wonderful people of
                       Thailand?  It's not that much anyway, just a
                       few billion dollars.  I am sure the Thai girls
                       in Chiang Mai and Pattaya can earn it all back
                       in a few years.  Sorry if this sounds harsh but
                       that's globalization for you.
                       \_ I love the 15 yr old Thai girls.- keithyw
2025/07/08 [General] UID:1000 Activity:popular
7/8     

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www.nytimes.com/2002/03/21/international/21GLOB.html
By JOSEPH KAHN (NYT) 1025 words Late Edition - Final , Section A , Page 8 , Column 3 ABSTRACT - Analysis: world leaders gathered in Monterrey, Mex, to discuss how to fight poverty do not agree on what works best, but many do agree that globalization has come up short; perception that markets have failed to lift all boats fast and high is behind sudden support for more foreign aid, as is recent rockiness in world economy and threat that terrorists can take advantage of poorest places as havens; one of few officials who still belittles role of foreign aid is Treas Sec Paul H O'Neill, who continues to extol benefits of market even after Pres Bush promises to increase America's foreign aid spending by 50 percent by 2006 Please Note: Archive articles do not include photos, charts or graphics. How multi-packs work: A multi-pack is an archive package that saves you money by allowing you to pre-purchase a set number of articles in bulk at a reduced price. You can then debit from your multi-pack and quickly access articles from the archive at your convenience over the lifetime of the multi-pack. Please Note: Article Archive 1996-Present multi-packs are not valid for use with Article Archive: 1851-1995 multi-packs and vice versa. Once you purchase an article, you may view it as often as you like over the next 90 days.