Billionaire George Soros has suggested that poorer nations be persuaded to take on what he describes as “green loans” in the name of combating climate change, a policy that would land the already cripplingly poor third world with even more debt, payable to globalist institutions such as the IMF.
Speaking yesterday at the climate summit in Copenhagen, the financier said that $100 billion should be provided in loans to poorer nations to help slow global warming.
The proposal would entail third world countries paying back interest to the governments of the richer nations to stem a perceived crisis that they have had little or no direct involvement in manufacturing.
Soros suggested that the loans could be backed with “special drawing rights” – a synthetic international paper currency issued by the International Monetary Fund.
SDRs have recently been touted as a new global reserve currency, outside the control of any sovereign body, with the IMF overseeing it in a “bank of the world” role.
“Money must come from somewhere, not just from a printing machine,” Artur Runge-Metzger, head of the European Commission delegation, said when asked about Soros’ proposal.
Of course, it is no surprise that Soros would espouse such a proposal given that he has made billions speculating against currencies on the casino of the financial markets. Real and tangible assets mean nothing to the man.
Soros added that other proposals for funding, including a suggested $10bn emergency fund for developing nations, are insufficient.
“The $10bn fund is more than nothing but not much more because of the magnitude of the problem,” Soros said.
“It’s already becoming apparent that there’s a gap between the developed and developing worlds on this issue that could actually wreck the conference.” he added.