Liberal financier George Soros thinks that there is every possibility for a double dip recession to occur next year. To stop this from happening, he wants to increase national debt of countries around the world:

“Some countries like Greece do have deficits of 12.5% of GDP [gross domestic product], which is intolerable and has to be reduced. Other countries like the United States and the main European nations have plenty of room to increase their deficits.”

“I think that since the adjustment process to the recession is incomplete, there is a need for additional stimulus. The political resistance to it increases the chances of a double dip in the economy in 2011 and after that.”

Supporting running up an even higher debt to pass on to our children (and great-great-great-grand children) is bad enough. But here’s what he thinks of Obama’s plan to put additional controls on financial institutions:

With the first day of the World Economic Forum dominated by the debate over re-regulation of the banks, Soros said he was supportive of Barack Obama’s plan to limit the size and scope of Wall Street institutions, but said that it “did not go far enough”.

He said that even if the reforms were agreed, the problem of banks considered “too big to fail” would remain. “Institutions have to be controlled so that they don’t fail. They have to be kept under much closer regulatory supervision.”

Soros said the globalisation of finance should be matched by global supervision. Leverage limits and tougher capital regulations would help to reverse the trend of the past few decades. “Deregulation became contagious,” Soros said.

According to socialist Soros, only government can control a bank so as to keep it from failing. Evidently, government programs can’t fail. Which is true, as long as you have taxpayers willing to keep throwing money at a problem that would have long ago died a painful death in the free market.

But worse yet, Soros wants “global supervision”. The American government running our car companies is bad enough. Can you imagine handing our banks over to the U.N.?

Technorati Tags: The Socialization of America, Bankrupting America, Big Government and Other Bad Ideas, United Nations and Other Failed Institutions, George Soros and Other Freedom Killing Socialists