Published March 23, 2011
Two years ago, George Soros said he wanted to reorganize the entire global economic system. In two short weeks, he is going to start – and no one seems to have noticed.
On April 8, a group he’s funded with $50 million is holding a major economic conference and Soros’s goal for such an event is to “establish new international rules” and “reform the currency system.” It’s all according to a plan laid out in a Nov. 4, 2009, Soros op-ed calling for “a grand bargain that rearranges the entire financial order.”
NEW: Clyde Prestowitz Comments
Clyde Prestowitz: I am wholeheartedly behind Soros on this. I think much of our problem arises from the fact that the Bretton Woods institutions established the dollar as the key world currency. That we can borrow in our own currency allows us to be economically irresponsible by dissaving and dis-investing. It also allows the Chinese and others to get away with running huge surpluses and over-saving and over-investing. In my book – Three Billion New Capitalists – I called for changing the global international institutions and replacing the dollar with a new reserve instrument or instruments. So I am on Soros side.
On your core point, while valid, I think the two issues are somewhat separate. What Soros is talking about is pretty radical in terms of the International Monetary system. The question of bankers is more of a domestic question in each country. The Japanese, for example, don’t have bankers speculating with other people’s money. Best, ClydePhi Beta Iota: This is extraordinary at multiple levels, not least of which is Fox News actually breaking a major story NOT being covered by the captive media. While George Soros is certainly correct in labeling the USA dangerous for having lost political and economic power while retaining the ability to use its military globally, both Fox News and George Soros are completely missing the larger point: Soros is trying to reform an OLD global economy. There is nothing in this initiative that is relevant to the NEW global economy, which is a bottom-up local to global resilient economy that demands transparency of true cost in order to eliminate waste–Soros and his shennanigans are part of the waste that needs to be flushed from the system. Corruption is corruption. Nothing Soros is proposing takes the inherent corruption out of the global system. Where’s “The Virgin Truth” when we need it?