Monday, September 3, 2012

An Ex-Soros Operative on What Oligarchs Are Now Thinking

Judging from other things Robert Johnson has said, I don't think he has any clue as to what the solution to the current economic crisis is, but it appears he sure knows how the oligarchs are thinking right now. And what they are thinking is frightening. The one minute 59 second clip below is a must view

Johnson serves as the Executive Director of the Institute for New Economic Thinking and is a Senior Fellow and Director of the Global Finance Project for the Franklin and Eleanor Roosevelt Institute in New York.

Previously, Johnson was a Managing Director at Soros Fund Management where he managed a global currency, bond and equity portfolio specializing in emerging markets. Prior to working at Soros Fund Management, he was a Managing Director of Bankers Trust Company managing a global currency fund.

Johnson served as Chief Economist of the US Senate Banking Committee under the leadership of Chairman William Proxmire (D. Wisconsin) and of Chairman Pete Domenici (R. New Mexico).

Johnson received a Ph.D. and M.A. in Economics from Princeton University and a B.S. in both Electrical Engineering and Economics from the Massachusetts Institute of Technology.

(Via Jesse's Cafe Americain)


  1. I wish he had given an example. The "oligarchy" is not a monolith, and has competing groups always fighting to reign supreme. How do we tell the difference between the ever-present fights between the oligarchic factions and the actions of an oligarchic group that is "pulling resources out of another's lifeboat for their own lifeboat"? How do we know that some oligarchic group is running for the exit? And what kind of opportunity does that create? Merely investing? Or liberty-gaining?

  2. Good post, thanks. Even the Oligarchs recognize what a tiny planet we now live on, brought smaller by communication, travel, exploding population. They have to understand that value is all relative, and fungible. They have to be doing what Johnson suggests, and yes it will open up opportunity for the nimble, however the down side, the globe is in for a very chaotic ride.

    What will interest me is what happens to nation-states, the system of Democracy that took hold post WWI, both of which have fueled stifling government, perpetual war machines, inefficient living, in short a total disaster. That is where it will be very ugly, as pressure is placed on these systems, and the caretakers become more oppressive.

  3. Who's gonna stop me? I don't see anyone. Greedy Oli-sharks may end up feeding on one another.

    Thanks for the video. It fit well inside this post.

  4. Institute For New Economic Thinking was founded by Soros. Here's the list of the members

    I think you should change the title of this post since Johnson still works for Soros.

  5. Bob,

    This comports with what I have thought for quite a while now.

    I think that a great many of our politicians and business leaders on both sides of the aisle know that we are all screwed, that the system is unsustainable (not just long term...the end of the road will shortly be upon us), and that the ensuing crash is going to be devastating.

    I mean, we can all do the math, and they aren't that stupid (some are, but most aren't). The looting has begun because resource allocation is a relative thing, isn't it? If your money is worthless, but you have more than the next guy, you will command a greater piece of the pie. I also think that while they decry and attack the gold bugs, they are themselves buying gold.

    All of the rhetoric is for public consumption, to pacify the masses until the inevitable crash, when they will have set themselves up quite nicely...relatively speaking, of course.

    C Watson