Posted on 11/03/2009 2:09:05 PM PST by inpajamas
Budapest, Oct. 30 (Xinhua) -- Investor and philanthropist George Soros forecast in Budapest on Friday that China would emerge as the big winner of the global financial crisis.
Soros called on Chinese leaders to "rise to the occasion" and take an active role in the creation of a new multilateral financial order urgently required to reinvent the "broken international financial system."
Soros also warned that "the worst financial crisis since WWII" may not be over. The Hungarian-born billionaire sounded a pessimistic note throughout the week and said that those who believe the global economy is stabilizing are wrong.
In the last of a week-long series of lectures on capitalism and the global financial crisis at the Central European University in the Hungarian capital, Soros spoke of disarray in the international financial system and confusion in the political arena.
Soros urged greater international cooperation and called for a reorganization of the world order to prevent a total breakdown. "The total freedom of financial capital to move around internationally has proved to be a source of instability and needs to be curbed. A new grand bargain is required," he said, referring to the Bretton Woods conference at the end of WWII which led to the establishment of institutions such as the International Monetary Fund.
"Global markets need global regulations, but the regulations that are currently in force are rooted in the principle of national sovereignty. A new multilateral system needs to be invented that would serve the interests of both the United States and China and of course the rest of the world," he said.
"Such an institution could then decide how to treat financial institutions that are too big to fail and would consider new rules to control capital movements," Soros said.
The reorganization of the prevailing world order should also extend beyond the financial system and involve the United Nations, especially membership of the Security Council, Soros argues, if progress is to be made in resolving issues like global warming and nuclear proliferation.
"The process needs to be initiated by the United States but China and other developing countries ought to participate in it as equals. They are reluctant members of the Bretton Woods institutions which are dominated by countries that are no longer dominant. The rising powers need to be present at the creation of the new order to ensure that they will be active members of it. Hopefully the Chinese leadership will rise to the occasion. It is no exaggeration to say that the future of the world depends on it."
Soros believes in the long-term the United States stands to lose the most from the recent turmoil and China is poised to emerge as the greatest winner.
"In the United States, the crisis was an internally-generated event leading to the collapse of the financial system, while China was largely insulated from the financial crisis although there was an external shock to exports. The new world order that will eventually emerge will not be dominated by the United States to the same extent as the old one. China may be able to take its place to some extent," Soros said.
It is also in China's interests, however, to submit to a new multilateral system, according to Soros. "In order to continue rising China must make itself more acceptable to the world, move towards a more open society, combining an increased measure of individual freedom with the rule of law."
As he had planned, no doubt.
Of course the USA will lose. Obama is Soros’ puppet.
Wasn’t he supposed to die by now?
He must be very happy. I’m sure Mao is one of his favorite
philosophers.
Your dollar exporting trade deals at work.
Does this mean we can count on Soros moving to China and tanking them next?
Madoff Part II
Soros is a kook and a demon...who happens to have billions at his disposal to make mischief
OK. First, let's confiscate all the money from the politically manipulative mega-rich, like Soros, who have too much concentrated power to adequately represent the interests of the ‘global’ community. Money concentrated in such a way with one individual engenders the risk that the voice of the one, e.g. Soros, will be heard at the expense of all the global voices.. It's not fair, or representative in the global sense, so we should just confiscate his money and divide it up among all citizens of the globe.
He should be in prison I don’t see why no one sends him to France where he is a convicted felon. And that evil little man is paying people to destroy capitalism.
http://www.newsweek.com/id/219720
In my lifetime America’s economic standing was supposed to be eclipsed by Germany, Japan, Asian Tigers, EU, and now China. Here is a hint, go to any Chinese City that reflects the new economic China and drive 20 miles out in any direction and take a look around. China is growing, but is still largely agricultural in a 19th century kind of way. Love the Chinese, hate the Soros bullshit. My guess if Soros is talking something up he is planning on shorting it within two months.
He knows they would assassinate him. Putin would do the same. Only liberal democracies tolerate this sack o shiite
The world should have rid itself of his evilness a long time ago.
"[B]ehind this picture of growth and success lays class conflict on a huge scale. The conflict between Chinese workers and their employers – along with their friends in the ruling Communist Party – has increased in intensity. . . According to Chinese government, the first quarter of 2009 saw the highest number of “mass incidents” recorded to date. The euphemism refers to strikes, demonstrations, protests, roadblocks and the like which involve over 25 people. The state claims there were 58,000 such incidents in the quarter, and should the trend prove to be consistent throughout the year, 2009 would be the most volatile since records began, with nearly twice as many incidents as the year before . . . 30,000 and 80,000 people, workers lined up behind a huge portrait of Chairman Mao as they marched through the city . . . .
The conditions are worse today than the time of the Nationalists?
Gonna have to be a whol' lot 'o tiananmen squarin' goin' on if Sorholes (sp?) is right.
I want the CIA to drop him off in France where he is wanted there for messing with their financials. :)
China is the big winner, with Russia towing along for second (Energy producer and will emerge as Europe’s biggest economy), India for third, and Brazil as the fourth biggest winner. Even Iran wins.
Soros has been working to bring down America!!! He will make SURE it happens!! He is a DESPICABLE HUMAN BEING!
We are fighting back. We will win and arrest the criminals who violated our Constitution while in office.
China will fail. There system is built on oppressive labor who will eventually revolt.
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