This snip is from: http://dailyreckoning.com/the-wants-and-fears-of-george-soros/
To understand the speech, one must know what the wants and fears of George Soros are. In my book, Endless Money (John Wiley & Sons 2010), I develop a unique perspective on the topic of liberal billionaires such as Soros and Buffett. Specifically, I argue that their vested interest in maintaining the trend towards socialism and feeding its insatiable appetite with voluminous money creation through bank lending preserves a tax structure that imperils the middle class and results in unprecedented accumulation of wealth among the super-rich. Billionaires love a system in which banks double the money supply every seven years through issuing credit-backed currency, because it sets asset prices on an upward trajectory. More than half of wealth accumulation of the super-rich comes from this rather than accumulated net income or the earning of ordinary income, and this rise in net worth is generally untaxed since it is unrealized. And not to worry – it can be monetized free of taxation through manageable amounts of borrowing at government-suppressed interest rates and even hedged out with derivatives.
The interesting part that I had not foreseen was how billionaires can put their hands on unrealized gains of physical assets by borrowing against them. Things make alot more sense now!
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