7 ms·
Why I’m Investing $500M in Migrants
- desdiv 10y agoThe "web" link isn't working me (on my setup at this particular moment). It just returns HN pages and old stories. If you experience the same problem, google: Why I’m Investing $500 Million in Migrants I will invest in startups, established companies... Which is the story title + subtitle.
- dovdov 10y agoyep, paywalled. Paste the url into google search and go from the results link.
- gregn610 10y agohttp://www.zerohedge.com/news/2016-08-16/soros-hack-reveals-plot-behind-europes-refugee-crisis-media-funding-and-manipulation?page=2 http://www.zerohedge.com/news/2016-08-16/soros-hack-reveals-...
- spoonie 10y agoThat article does some serious gymnastics. "It's almost as if Europe's refugee crisis was planned and prepared" follows from Soros's foundation seeing it as an opportunity to change immigration policies?
- hiddencost 10y agoReading that left me impressed with how thorough of a job Soros is doing to try to make the world a better place. As far as I can tell the article tries to make the point that the Soros foundation is trying to manipulate global policy. Which ... Yes. That's what these organizations do, and it's been essential to the process of developing good policy, over the last hundred years... There is absolutely nothing embarrassing about that memo. If I had written it I would be proud to see it leaked.
- loop2 10y agoSure as hell isn't making it a better place for Germans or anyone else in targeted nations.
- jlebrech 10y agoI would invest in a fortified city in the middle east with added security and let people flee war there instead of having to go all the way to western countries. there they'll be able to claim asylum to their country of choice and when they are given a visa they'll get a free flight there.
- usaphp 10y agoThe problem is - which country in the middle east will agree to host this city?
- 0xmohit 10y agoI guess that wsj links are invariably paywalled. Can't HN stop such links from being submitted?
- Inconel 10y agoAt the risk of sounding overly cynical, while it's great that Mr. Soros is donating this money to a worthy cause, I wonder if, as long as he's feeling charitable, he might also be willing to stop domiciling his investment vehicles in jurisdictions known for supporting tax evasion/avoidance. Perhaps with the increased tax revenue, governments could afford to better shoulder the costs of adequately integrating migrants and refugees without the assistance of billionaires.
- hueving 10y agoIf he wants it all to go to migrants, giving it to the government would almost be the worst possible way to ensure that will happen.
- Inconel 10y agoWhile you are correct, most governments would undoubtably find much less productive uses for this money than helping either their own citizens or migrants and refugees, I would still prefer that choice be left up to society and not the whims of a person who's investments vehicles are most likely engaged in rampant tax avoidance or even worse, outright tax evasion.
- hueving 10y agoThen change the tax laws. It's silly to suggest that they should pay more to the government than is legally required. Actual tax evasion comes with pretty serious penalties, so people with loads of money tend to be pretty prudent when ensuring what they are doing with their taxes is legal.
- Inconel 10y agoI agree that changing tax law would be the best remedy but I'm not entirely sure if tax "avoidance" on a massive scale doesn't have some ethical considerations. When the people engaging in said avoidance have an outsized influence on the way tax laws are set up and interpreted relative to working/middle class citizens, I can certainly understand why some might attach an ethical consideration to such schemes. Just to be clear, this is an issue that I myself still haven't come to a conclusion on, but at the very least I can see both sides of the argument. I don't necessarily think it's "silly", perhaps naive or ignorant on my part though. With regards to your second point, I'm not sure if I agree with your statement that "people with loads of money tend to be pretty prudent when ensuring what they are doing with their taxes is legal". I mean, I'm sure this is the case for many people but it seems that illegal tax evasion is a pretty serious global problem so clearly there are plenty of people who's main concern seems to be not getting caught rather than following the law. I also don't have a tremendous amount of faith that the US or other governments can adequately tackle the problem of enforcement at this time. Again, I could very well be wrong on all counts. Mr. Soros in particular is problematic to me since he has a prior conviction for insider trading and there have been allegations surrounding his Quantum funds for many years. The secrecy and opaqueness with which he runs his investment vehicles certainly seems somewhat antithetical to an "open society", I wonder if the irony is lost on Mr. Soros.
- edderly 10y agowsj.com Why I’m Investing $500 Million in Migrants George Soros Sept. 20, 2016 12:00 a.m. ET The world has been unsettled by a surge in forced migration. Tens of millions of people are on the move, fleeing their home countries in search of a better life abroad. Some are escaping civil war or an oppressive regime; others are forced out by extreme poverty, lured by the possibility of economic advancement for themselves and their families. Our collective failure to develop and implement effective policies to handle the increased flow has contributed greatly to human misery and political instability—both in countries people are fleeing and in the countries that host them, willingly or not. Migrants are often forced into lives of idle despair, while host countries fail to reap the proven benefit that greater integration could bring. Governments must play the leading role in addressing this crisis by creating and sustaining adequate physical and social infrastructure for migrants and refugees. But harnessing the power of the private sector is also critical. Recognizing this, the Obama administration recently launched a “Call to Action” asking U.S. companies to play a bigger role in meeting the challenges posed by forced migration. Today, private-sector leaders are assembling at the United Nations to make concrete commitments to help solve the problem. In response, I have decided to earmark $500 million for investments that specifically address the needs of migrants, refugees and host communities. I will invest in startups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves. Although my main concern is to help migrants and refugees arriving in Europe, I will be looking for good investment ideas that will benefit migrants all over the world. This commitment of investment equity will complement the philanthropic contributions my foundations have made to address forced migration, a problem we have been working on globally for decades and to which we have dedicated significant financial resources. We will seek investments in a variety of sectors, among them emerging digital technology, which seems especially promising as a way to provide solutions to the particular problems that dislocated people often face. Advances in this sector can help people gain access more efficiently to government, legal, financial and health services. Private businesses are already investing billions of dollars to develop such services for non-migrant communities. This is why money now moves instantaneously from one mobile wallet to another, drivers find customers by using only a cellphone, and how a doctor in North America can see a patient in Africa in real time. Customizing and extending these innovations to serve migrants will help improve the quality of life for millions around the world. All of the investments we make will be owned by my nonprofit organization. They are intended to be successful—because I want to show how private capital can play a constructive role helping migrants—and any profits will go to fund programs at the Open Society Foundations, including programs that benefit migrants and refugees. As longtime champions of civil society, we will be focused on ensuring that our investments lead to products and services that truly benefit migrants and host communities. We will also work closely with organizations such as the Office of the United Nations High Commissioner for Refugees and the International Rescue Committee to establish principles to guide our investments. Our goal is to harness, for public good, the innovations that only the private sector can provide. I hope my commitment will inspire other investors to pursue the same mission. Mr. Soros is chairman of Soros Fund Management LLC and founder of the Open Society Foundations.
- dovdov 10y ago"I will invest in startups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves." Delusion pro! Sure there will be talented people, but they'll find a way, it's still nice they'll get help getting funded, but what about the masses who come for social benefits, and don't really wish to work during their lifetime. Not to mention the lack of single f*ck they give about European culture. Come back and live in Europe Soros papa, THEN have it as your playground.
- zyx321 10y ago$500M wouldn't last very long if you had to split it among the masses. It's easy for Soros et al to support mass immigration if they aren't the ones who bear the cost.
- redsummer 10y agoSoros is directly responsible for massive increases in rape in Germany and Sweden, as well as encouraging terrorism in the west with his compulsive promotion of immigration of unsuitable people. It's noticeable that he does not promote Syrian immigration to Israel, which is next door and has taken in zero refugees, and instead uses all of his resources to force Western countries to accept thousands of young unaccompanied men with violent backgrounds.
- summarite 10y agoThere's either a falsity or serious misunderstanding of facts in each one of your sentences.
- neximo64 10y agoIs there a source for this? What you're saying is quite.. radical and unsubstantiated. Also while a considerably debatable topic, refugees are going/intending to go more or less where they want. It's not that you can force countries like Israel to take them.
- lifeisstillgood 10y ago>> Soros is directly responsible for massive increases in rape No, he isn't. Your entire post is inflammatory, and makes unsubstantiated and lurid claims that contribute nothing to a debate about a deep and difficult international problem.
- redsummer 10y agoI've seen a Syrian immigrant attempt to sexually assault a women with my own eyes. You should stay in your ivory tower if you want to be able to maintain your delusions.
- deleted 10y ago[deleted]
- malinens 10y agoSoros is main sponsor of many very liberal pro-immigration NGOs in Eastern Europe
- deleted 10y ago[deleted]
- zorked 10y agoThis discussion if quickly being flooded with right-wing extremists. If you make a claim, please, provide a reputable source. If you see a claim being made without a source, do something for the intellectual health of this community and downvote.
- deleted 10y ago[deleted]
- Mizza 10y agoI don't think just because people disagree with the preferred political narrative of the global rich that that automatically makes them right-wing extremists. You know, it's possible to not like George Soros while also not being a literal Nazi.
- deleted 10y ago[deleted]
- andrelaszlo 10y agoI just noticed a pattern in a few comments. Does it have a name? It would be useful as a shorthand to point out this behavior in "discussions". If not, maybe "reference flooding" is a good way to describe it? These comments make a claim, then link to a paper that seems related to it. Sometimes the only thing in common is the title of the paper. Not sure if it's in good faith and these people have trouble understanding what they read, or a strategy intended to convince people who don't have the time to read the paper that they have science on their side. It also puts a heavy burden on an honest participant in the discussion, since their intellectual bandwidth will be flooded by semi-relevant papers. This only works if the reference is vague enough. Like the title of a paper without a quote or even page number, or "just Google X".[1] 1: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3980010/pdf/nihms562614.pdf http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3980010/pdf/nihm...
- vixen99 10y agoPlease apply your request to your own claim by being precise regarding what constitutes a right-wing extremist - an emotive phrase and clearly intended as such.
- lifeisstillgood 10y agoI would prefer to see policies that will cost soros his money: - weapons cannot be sold to countries we do not have reciprocal defence agreements with - weapon and oil sanctions are enforced globally - a decade long investment of around 5% of world GDP increasing energy efficiency, at the same time as building electricity pipelines to take solar from tropical zones to rest of world and an end to oil pipelines - end to oil subsidies globally - global agreements on water rights between countries, on investment and policy for efficient (drip) water use in agriculture Grief, that's just off top of my head and is probably only half the problem. Basically if we can do all that, Soros will lose his wedge. I doubt he would mind too much.
- readittwice 10y agoIMHO he will be one of the people responsible for radically limitting the human right of asylum and the rise of right-wings all over Europe. Asylum once was a nice idea, but right now it is misused for mass-immigration in Europe.
- rdtsc 10y agoHeh, I just made a joke in another thread about how I like to imagine sometimes people like Soros are actually hidden ultra-conservatives. They promote pro-immigration policies because it is the most robust way to turn West Europeans towards conservatism and nationalism. If one indeed wanted to achieve that goal, I couldn't think of a faster way. At this rate, we'll probably see walls built in Europe before we see Trump's wall over here.
- kyrre 10y agoSoros seems to have a hand in everything...
- kyrre 10y agoSoros seems to have a hand in everything...
- matthewmorgan 10y agoOh look, turns out the role of the ultra-rich in flooding my homeland with foreigners wasn't entirely disinterested. Who could possibly have guessed.
- puranjay 10y agoHave no knowledge of Mr. Soros' policies or public stance on issues, but I ask: why is there even a need for a separate fund for migrants? From what I know, investors are driven by profit, not be ethnicity. If a business has potential to turn a profit, I don't think any VC would want to turn away. At least that's how things work for some of my Indian friends in the Valley. No one has ever denied them investment because they were immigrants.
- zyx321 10y agoIt only makes sense from a PR stand point: Drawing attention to the far outliers at the top. On a cognitive level, we all know that migrants are people not entirely unlike ourselves, capable of a wide range emotion sand behaviors, but what the news would organically expose us to are the outliers at the bottom - rapists, terrorists, organized crime. By creating this fund, Soros is trying to steer the conversation towards the top outliers, the innovators and job creators.
- erlend_sh 10y agoI don't know anything about Soros' intentions, but there are many reasons besides PR to create a fund like this. Refugees have a complicated nationality status, which can exclude them from the global economy. A fund such as this could specialise in working around those limitations.
- phs318u 10y agoOn a slight tangent here... I've always thought one of the biggest problems with globalisation as a concept is the absence of free movement of people. What I mean by that is the ability of people anywhere to move anywhere else, to work, consume, pay tax, and otherwise take part in civic life, for as long as they wish. We have free movement of capital and free movement of goods. However the limitation on movement of labour has turned some parts of the planet into labour ghettos, creating forced economic gradients that benefit a few. While this has been the case for some time, the free movement of information has informed even the most ignorant that this need not be the case. The so-called "economic" migration sweeping the world is the inevitable result of this state of affairs. Its not just information that wants to be free. I find it hard to see how one could be a true believer in the power for good of the free market, without including free movement of labour. If you follow the thought experiment of what such free movement would look like, you could imagine the end state being an effective equalisation across most of the globe. The net effect would also be an acceleration of cultural equalisation (religious extremists notwithstanding). Of course, the journey from here to there would be interesting!
- jjn2009 10y agoSome cultures are more aggressive than others and do not allow for the free exchange of ideas. This is why this does not always work. The freedoms provided by western culture are fragile, a monopoly over a democracy can result in an antidemocratic anti-free society, one where the benefits of free anything are extinguished.
- phs318u 10y agoI think that's a bit of a simplistic generalisation. It's probably more accurate to say that there are aggressive and "dangerous" ideas that have taken hold among some groups of people, including among native westerners. And I agree that some of these ideas are inimical to free discourse and enlightenment ideals. However, other than the pathological power-seekers that cynically exploit such ideas for their own benefit, most followers (those that are more inclined to support simplistic and extreme positions) are not much different across ideas. There is more in common between a neo-Nazi and a fundamentalist Muslim than either would care to admit. Both are fear-driven, exclusionary, apocalyptic, conspiratorial, and inclined to violent remedies. Both regard typical western centrists (both progressive and pale-conservative) as weak. I'm not sure what the solution is, but surely some elements of a successful strategy must include education, focusing on unifying similarities, and forging alliances of moderate groups across religious, cultural, political and national boundaries. All of which take generations of sustained effort. There are no quick fixes, contrary to what demagogues would have us believe.
- MaggieL 10y ago"Investing in migrants" is an incredibly cheap way to buy votes.