Leftist troublemaker George Soros has already made it explicitly clear he wishes to destroy capitalism.
Maybe the Third World will help the hedge fund manager and currency manipulator do it.
The preeminent funder of the left in America wants the International Monetary Fund (IMF) to become a kind of globetrotting Bernard Madoff, offering low-interest loans to poor countries so they can invest in the doomed global warming industry.
According to Soros, the loans would allow developing countries to “jump-start forestry, land use, and agricultural projects – areas that offer the greatest scope for reducing or mitigating carbon emissions, and that could produce substantial returns from carbon markets.”
Soros, who personally wants to invest $1 billion in “clean” technology, wants the IMF to help stimulate demand for the technology he plans to underwrite.
Specifically, Soros proposes using the IMF’s special drawing rights (SDRs) to make loans to developing countries. The SDRs, which he describes as “arcane financial instruments that essentially constitute additional foreign exchange” can be converted into one of four currencies and lent out at a low interest rate. The loans would be backed by the IMF’s gold reserves.
Of course carbon markets exist only because governments say they do. Governments artificially create demand for carbon indulgences. When the demand for carbon offsets dies off as market participants finally realize anthropogenic global warming is a fraud, it’s going to get ugly.
As the Ponzi scheme finally unwinds, the governments of the developing world will be left holding the bag. When the bubble bursts, they’re going to get angry, maybe as angry as Albanians got when they were duped in pyramid schemes after the Iron Curtain collapsed.
The victims aren’t likely to be enthusiastic about markets either.
(crossposted at BigGovernment)