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George Soros Had Less to Spend

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George Soros Had Less to Spend Place flnl clau "Always on the edge of disaster. " lllampbere. Reaular rate $1.52. lnlffnallonal 111becrtpllonlmay vary. 0 Volume 102 Number 19 Bard College, Annandale-on-'Hudson, NY 12504 April 5, 1995 dollar that he donates from his U.S. income is tax-deductible. Second is his philosophical self-inter­ April is the est. He gambles upon the success of emerg­ ing pluralistic societies with his disburse­ cruelestmonth. ments, hoping that these nations will always welcome independent-minded characters -T.S. Eliot such as himself and his three children. To Get Rich Fast Soros succeeds by anticipating changes slightly ahead of everyone else. The financial Contents markets are much like an Alice in Wonderland chess game where the rules keep changing, and where one player appreciates the sig­ nificance of the changes more quickly than i another. If a new rule states that a pawn can move backwards, an adept player will add Trustee Report; this consideration to his strategy to bring victory closer. Governments are constantly announcingnewrules,andanannouncement Classifieds an:cf' that restrictions on a kind of trading will be imposed, for example, is much like the pow­ Personals ers of a pawn being altered. Better still for Soros is the fact that a billionaire, if he chooses, j) can cultivate influence among government officials in order to learn a~ut rule changes in advance of their announcement. Volunteer Soros became wealthy mostly by mak­ ing trades in the currency markets. What follows is an explanation of this sort of specu­ Oppprtunitie~!>··· lation. When an American tourist landed in ~ Earth's most legendary investor Germany last year and changed her dollars into marks, she had much money to spend. What's What;= When she returned this month and exchanged the same number of dollars for marks, she George Soros had less to spend. The dollar is worth less v\ . Bard Snring now against the mark than it has in fifty -~·•·•· Shaping markets, shaping history years. This decline primarily results from a laarger international demand to have money by Sean O'Neill World-Wide{ versity and the charitable organization in German currency. Why? To prevent prices :::-•-: known as the "Soros Foundations." These from rising too quickly, German banks pay George Soros, the first billionaire ever to twin institutions help to educate people businessmen high rates of return on their visit Bard College, devotes his days to the out­ Web;.. about the traditions of civil society, as it investments in what appear to be safe and betting of other speculators in the currency was defined by the philosopher Karl Pop­ profitable German bank accounts and bonds. markets and to the rescue of his birthplace per. His groups especially encourage the Also, because Ge~any has had increasing Tank Girl from its own worst instincts. toleration of tolerant thought. success in business transactions in Europe, it Mr. Soros, Earth's most legendary inves­ He pledges money for building makes sense to close deals in marks, the (Q) tor and benefactor, will address Bard students houses for the poor of South Africa, for the common denominator in currency, just as it in the Olin auditorium this Saturday, April 8. care of Gypsies under attack in Bulgaria, makes sense for international conferences to His speech on the "perils of the post­ Opinion Table; for scientists desperate in Russia, for actors use English as a main language. communist era" will finish a day-long con­ locating Romeo and Juliet in besieged The dollar is also worth less and less ference here about fostering stable, demo­ Sarajevo, and for doctors changing "the against the Japanese yen. Mainly, this is be­ Word of the cratic societies in east and central Europe. culture of death" in the United States. cause Americans buy more Japanese V.C.R.'s The New Republichas described his talks Soros evaded the Nazi death camps and consumer goods than the Japanese buy as having "the chilly clarity of a fingernail Week when German troops occupied Hungary American movie studios and similar "ser­ clinking against crystal." in 1941 by pretending he was not Jewish vices." Since more importers need the limited Soros has distributed or committed one and by hiding in a collaborationistgentile's supply of yen, the value of yen rises. 71 billion dollars to the nations of Bulgaria, the house. These long-term trends are hidden by Czech Republic, Poland, Romania, Slovakia, Soros sometimes uses his personal fluctuationsresultingfrombanksbuyingand and - his favorite - Hungary. Retina ·Soybean; history to dispel-suspicions about his dis­ selling currencies. To make a profit, a man Soros,aged64andauthorofthreebooks, persal of cash to intellectuals and reform­ with a billion dollars might exchange his refers to himself as "a stateless statesman", a Letter ers across the globe. His intentions are greenbacks for deutsch marks with the ex­ "deus ex machina", and "a self-made man." plain, not meglomaniacal, he insists. pectation that, tomorrow, the mark will be He created the Central European Uni- First is his financial self-interest. Each continuedon page3 Trustees meet Classifieds and personals ENTREPRENEURS: Start fun and we love you all. Re­ your part-time business. Re­ ally. Student reps report on triannual meeting sidual income monthly. No in­ Ba rd' s a "college town" by taking ad- Levy spoke on the role that the ventory, No retail sales, NO Fay Board of vantage of the popularity and the Levy F.conomics Institute played RISK! Sound intriguing? Call Laurie Trusteesgath- grassrootsdevelopmentofnearby in defeating the balanced budget 679-4150. Student looking for a Curr~· ered for their Tivoli. amendment. Letters, personalap­ quiet place-to live and do re­ search over the summer. If Gunt Spring meet- Bard is already establishing peals and institute reports from SUMMER SUBLETS The ing March 22 shuttleswhichruntoandfromthe the Levy were very instrumental Graduate School of Environ­ you are looking for a respon­ Writer in New York Bardexpatriatevillage. OtherBard in dissuading policy-makers in mental Studies is looking for sible housesitter or want to City. Presi- actionscouldindudethepurchase Washington from passing this student housing for this sum­ sublet your apartment, please dent Leon of real estate for housing and the constitutional amendment. mer, mid June· through mid call Julie at 752-7523. Botstein's opening report touched expansion of the path leading to The institute was unified in August. If you wish to sublet on a few positive developments Tivoli. its protest of the policy, explained or rent, please call 758-7483 or, To the wild woman from inthe Bard community. In terms of on-<:ampus de- Levy, "but individuals were see Molly or Liz in Sottery 101. this afternoon: kiss mel kiss Herevealed thatthecollegeis velopment, Bard will use grants against it for different reasons." me! kiss me!-love Billy Ray having a banner year for admis- from IBM and Mellon for the use Finally, thecruxofthemeet­ The Bard Observer seeks C. sions. The fact that Bard has had to of technology in teaching arts, to ing was discussion of the increase staff. All interested writers, reject more applicants than ever expand the capabilities of the intuitionforthe1995-96year.Vice photographers, copy editors, "Tim Hart," give us your beforeisduemostlytothepublicity computer center. The college will President Dimitri Papadirnitriou artists, cartoonists, etc. are real name- we might print that the school receives for its af- use monies given by the Oaire presented several options to the welcome. Meetings are held in your letter. filiation with the Bard Center for BoothLucefoundationtodevelop board and demonstrated from a room 84, Tewksbury basement, Studies in Decorative Arts in New a program for female science marketforecastreport,thatBard's Thursdays at 7:00 P,m., or call "Am I too slow to turn York Oty and Simon's Rock, from scholars at Bard. increase was on par with or even 758-0772. .. my thouhgts to words?" You "word of mouth," and as a result of At the end of his report, the less than the proposed increases of can still kicky my in Scrabble ... diversity mechanisms like the Ex- president enumerated the speaker comparable schools like Reed, The Bard Music Festival cellenceandEqualCost(EEC)pro- andhonorarydegreerecipientsfor Haverford and Bryn Mawr. To needs people. If you are going "Whet have I done? What gram, among others. this year's graduation. Henry student representative Dara to be around this sum.mer, or have I done? What have I With these positive develop- LouisGates,Jr.,African-American Silverman's question whether would like to be around this done?" men ts, commented Botstein, come scholar, author and educator from Bard had any contingency plans if summer and would like to get new challenges for the school, like Harvard, willbethemajorspeaker cuts are made in federal and state first hand knowledge of how a Repeat: "I will write for evolving new criteria for selectiv- at commencement. financial aid, the president re­ music festival works, or even the Bard Observer." Repeat .. ity. Arnold J.Davis, Bard alum- sponded, "We are fighting this if you are just curious, please Another problem of growth nus, class of 1944, will receive a battle. Ifwe lose it, we wilrfuve to call Robin Leebard·t at 758-7410 Si! Si! Soy "hip!" Soy (which the students fated to the Doctorate of Humane Letters. regroup." (x. 7410). "hip!" waitinglistalreadyknow)is,where Mary-Oaire King, the biologist (See President Botstein's to house more students. The space who discovered the gene that March 21 op-e:i piece on finan­ Lost keys, little yellow Fey problem can only be alleviated by causes breast cancer, will receive a cial aid cuts from the New York keychain. If you find them, more housing, the president ex- Doctorate of Science. The Painter Times.) please call 876-8355.
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