What has this guy done that has Glenn Beck so disdainful?

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George Soros

George Soros is a philosopher, businessman, currency speculator, stock investor, and a political activist. Born in Hungary in 1930, he survived the Battle of Budapest when Soviet forces fought German forces house-to-house through the city.

Soros emigrated to England in 1947 and attended the London School of Economics in 1952. There he became a student of the philosopher, Karl Popper. He eventually secured a position with a London merchant bank.

In 1952 Soros emigrated to the United States and worked in New York as a arbitrage trader and an analyst. It was during this period that he further developed the theory of “reflexivity.” That is a social theory that Soros applied to economics and published his ideas in 1987 with Self-Reference: Reflections on Reflexivity.

Reflexivity is discordant with equilibrium theory, which stipulates that markets move towardsequilibrium and that non-equilibrium fluctuations are merely random noise that will soon be corrected. In equilibrium theory, prices in the long run at equilibrium reflect the underlying fundamentals, which are unaffected by prices. Reflexivity asserts that prices do in fact influence the fundamentals and that these newly-influenced set of fundamentals then proceed to change expectations, thus influencing prices; the process continues in a self-reinforcing pattern. Because the pattern is self-reinforcing, markets tend towards disequilibrium. Sooner or later they reach a point where the sentiment is reversed and negative expectations become self-reinforcing in the downward direction, thereby explaining the familiar pattern of boom and bust cycles.

From 1963 to 1973 Soros worked for Arnhold and S. Bleichroeder where he worked his way up to the position of vice-president. During that period Soros realized that his forté was investing and convinced the company to set up an investment fund, First Eagle, and later a hedge fund, the Double Eagle, both offshore accounts. In 1970 he co-founded the offshore Quantum Fund withJim Rogers which generated a large part of Soros’ wealth. Roughly $1 billion was made in 1992 when Soros bet the entire fund in a short sale that predicted the British pound would drop in value which it did. He recently made over $3 billion investing in the Wall Street banks when their stock values had dropped low from the crash of 2008.

In May of 2008 Soros wrote a book, The New Paradigm for Financial Markets,in which he predicted that the super-bubble that had been building for the last 2 1/2 decades would collapse.

Soros: I have a record of crying wolf…. I did it first in The Alchemy of Finance(in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book. So it’s three books predicting disaster. (After) the boy cried wolf three times . . . the wolf really came.

Soros’s current net worth is estimated to be over $14 billion.

Soros’ Philanthropy

In the 1970s Soros began providing funds for black students in apartheid South Africa to allow them to attend the University of Cape Town and funds for dissident movements within the Soviet bloc. Even after the fall of the iron curtain, he continues to promote peaceful democratization in central and eastern Europe through his Open Society Foundation which he founded in 1993. In June 2009, Soros donated $100 million to Eastern Europe and Central Europe to counter the impact of the economic crisis on the poor, voluntary groups and non-government organizations. He continues to supply funding to help eradicate extreme poverty in South Africa as well.

In August 2009, Soros gave $35 million to the state of New York to be ear-marked for under-privileged children and parents who had benefit cards at the rate of $200 per child aged 3 through 17, with no limit as to the number of children who qualified. An additional $140 million was put into the fund by New York State from money it had received from the 2009 federal recovery act.

Soros’ Political Donations

For Neil Clark, writing in the New Statesman, Soros’s role was crucial in the collapse of communism in eastern Europe. He continues to support pro-democracy and pro-transparency groups in the former Soviet client states.

In the United States Soros became a large financial donor in the effort to prevent the reelection of President Bush. Soros donated over $23 million to527 groups dedicated to defeating Bush in the 2003-2004 election cycle. For Soros, the main issue was Bush’s invasion of Iraq. Soros stated that the Bush Administration, “violated human rights and damaged American security by invading Iraq and deposing the regime of Saddam Hussein. ‘The idea that we can impose our will on the world is really just the wrong idea,’” he said, vowing “to do everything in his power to prevent Bush from winning re-election.” To that end he donated $5 million to MoveOn.org, $10 million to the now defunct America Coming Together and another $3 million to the Center for American Progress.

The Open Society Institute is one of Soros’ pet projects. According to its mission statement:

The Open Society Institute works to build vibrant and tolerant democracies whose governments are accountable to their citizens. To achieve its mission, OSI seeks to shape public policies that assure greater fairness in political, legal, and economic systems and safeguard fundamental rights. On a local level, OSI implements a range of initiatives to advance justice, education, public health, and independent media. At the same time, OSI builds alliances across borders and continents on issues such as corruption and freedom of information. OSI places a high priority on protecting and improving the lives of people in marginalized communities.

The OSI’s initiatives address specific issue areas on a regional or world-wide basis. Many of them are implemented with assistance of Soros’ foundations in various countries.

What about Media Matters?

According to discoverthenetworks.org, “A Guide to the Political Left,” Soros, asGlenn Beck often alludes, indirectly funds Media Matters.

To summarize, Soros and his Open Society Institute pour millions of dollars into the coffers of MoveOn, the Center for American Progress, andDemocracy Alliance. In turn, these organizations funnel some of that money to Media Matters.

So what has Beck so disdainful?

Soros clearly is not opposed to capitalism; he wants to see it reformed to stabilize it. For Beck, that’s wrong.

Soros spent millions to defeat George Bush in 2004 and delivered the speech, “Why We Must Not Re-elect President Bush,” to the National Press Club in Washington, DC. Despite Beck’s claim of being critical of George Bush, a “progressive” in his view, that was very wrong.

Soros has donated millions to progressive and liberal groups in the United States. For Beck, that’s “evil.” Beck does not consider “evil” his idea to reverse 100 years of progressive legislation enacted to protect the American people from the excesses and greed of American corporations. However, he does see George Soros as “evil” for his progressive inclination and support.

Leveling the Playing Field

In the early 1980′s when this blogger was in graduate school and active in the nuclear freeze movement, the left in this country was under-funded and totally outspent by the corporate funded right. Largely because of George Soros and other liberal donors, the playing field of the game of politics in the United States has been tilted toward level although the right still gets far more in donations from corporate fat cats interested in maintaining the status quo.

The most disingenuous man in America?

For Glenn Beck this is “evil.” Glenn Beck works for a man who supports the policies of Chinese Communists, but for Glenn Beck George Soros is “evil.” That man, Rupert Murdoch, has done as much as any other American alive to tilt the playing field of the game of politics to the right, but Beck ignores that fact to call out the man who has done as much as anyone else to level that field and make the game more fair. Beck calls the man who funded anti-Communist groups and supports openness in developing democracies around the world “evil.”

Does the word hypocrisy mean anything to Beck? It doesn’t seem to. How about double standards? That term doesn’t seem to suffice for such willful misrepresentation by a man employed by a supporter of Communists.

Clearly for many conservatives and reactionaries, Rupert Murdoch is a hero. Just as clear, for many liberals and progressives, George Soros is a hero. It can be argued that Soros is a faction unto himself. For Beck to demonize the funder of the American near left (Soros is obviously opposed to Communism, the far left) is absurd and conveys his double standards; but that is just way he rolls.

Update, 10/10/12: Soros' Open Society Foundations has put out a video that explains what the Open Society Foundations tries to accomplish. As you watch this, bear in mind how "evil" Beck claims Soros is.

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