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FrankRep
04-12-2011, 11:41 AM
http://thenewamerican.com/images/stories2011/09aApril/georgesoros-t-ap.001.jpg



Billionaire George Soros announced after the Bretton Woods II conference that the U.S. dollar is no longer the world's currency reserve.


George Soros: U.S. Dollar No Longer World Reserve Currency (http://thenewamerican.com/economy/commentary-mainmenu-43/7087-soros-us-dollar-no-longer-world-currency-reserve)


Jack Kenny | The New American (http://thenewamerican.com/)
12 April 2011


It was President Richard M. Nixon, a favorite of the neoconservative establishment, who announced in his first term that "We're all Keynesians now," indicating that the old Republican bible of balanced budgets and a limited role for government in the marketplace was dead forever. Perhaps a future President — no doubt one who, like Nixon, got elected by preaching the virtues of free markets and small government — will look back at the Bretton Woods II Conference and announce grandly: "We're all Sorosians now."

Whether the conference held at the Mount Washington hotel in Bretton Woods, New Hampshire, over the past weekend eclipses in significance its namesake of 1944 is yet unknown. The event — organized by left wing billionaire George Soros, was strictly a private affair — a gathering of kingmakers who, like their 1944 counterparts, are out to reshape the world and redefine its currency. Then the world had been torn apart by World War II and the creation of a "new world order" would, in the early postwar years, be accomplished on such a scale that when President Harry Truman's Secretary of State Dean Acheson published his memoirs, the book's title was Present at the Creation (http://www.amazon.com/gp/product/0393304124/ref=as_li_ss_tl?ie=UTF8&tag=libert0f-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0393304124).

This time the crisis is the burden of debt that is driving the United States and key western allies to the brink of bankruptcy and the declining dollar that had long been the leader of world currencies.

Soros, like British economist John Maynard Keynes, whose pump-priming, big-spending activist role for government became orthodoxy in America during the New Deal of the 1930s, appears to be looking for a more inflatable, adaptable currency, more easily manipulated by the political and economic elite to create yet another "new world order." And Soros, of course, would be "present at the creation" and, presumably, calling the shots.

Speaking to Bloomberg News on Sunday, Soros described the decisions (http://deadlinelive.info/2011/04/10/george-soros-claims-us-dollar-no-longer-world-reserve-currency-bloomberg/) facing the world leaders at the conference:



The big question is whether the U.S. dollar should be the reserve currency. It no longer is[;] it shares that role with the euro, other currencies and commodities. But it's not just gold being used as a substitute, but oil too, which is putting upward pressure on the market.


While the original Bretton Woods Conference created the World Bank and the International Monetary Fund, the second was called to create a new financial "architecture" for the world, Soros wrote when he called for a second Bretton Woods Conference two years ago. Current economic arrangements are not working, he told Bloomberg on Sunday, as developed nations have devalued their currencies and are sinking beneath mountains of unsustainable debt. Yet even as the Obama administration and the Republican-dominated House of Representatives in Washington square off in a battle over raising the legal ceiling on the nation's debt of more than $14 trillion, Soros believes the United States should, à la the Keynes philosophy, be willing to take on still more debt to jumpstart a stagnant economy. He acknowledged, "There is very a strong push to tighten the budget as a way to reduce government spending. In my opinion, the country could actually absorb some more debt in order to get the economy going."

Soros contends that with a growing economy the United States could "tolerate a higher level of debt." He recognized China as a major new powerhouse on the world economic scene and observed that despite risks of inflation, the Asian giant has emerged as the "big winner" in the current financial crisis. No longer isolated, China has become the "main beneficiary" of the globalization of national and regional economies, Soros commented.

The billionaire investor also indicated that he believes last Thursday's hike in interest rates by the European Central Bank came at a "quite inappropriate" time and called China's reluctance to allow currency appreciation a mistake:



There is a real danger of wage price inflation because prices have gone up and particularly real estate prices have gone up. So, the Chinese government I think made a mistake not allowing its currency to appreciate, which would have controlled the price inflation.


Instead, authorities now face 20-percent to 30-percent wage increases, which seem to be falling out of their control, Soros added. Moreover, he sees a shadow banking system that is "growing out of control" in China because of the strong demand for money while banks are refusing to lend.

China, officially communist since the conquest by Mao Tse-tung's red army and the establishment of the People's Republic of China in 1949, has in recent decades relied for economic growth on state capitalism, a system that allows the government to both stimulate and control economic development. Because of the nation's spectacular economic success in recent years, other countries are emulating the Chinese way. But Soros sees the surging Asian giant as an economic threat to the rest of the world. "They are effectively controlling the world currency system," he declared.

More statements regarding the secret conference are expected to come out over the next several weeks, Bloomberg News reported.


SOURCE:
http://thenewamerican.com/economy/commentary-mainmenu-43/7087-soros-us-dollar-no-longer-world-currency-reserve



Related News:

George Soros' Doublespeak (http://thenewamerican.com/economy/commentary-mainmenu-43/7070-george-soros-doublespeak)

During his 15-minute video appearance on Bloomberg Television, leftist billionaire George Soros said that the United States can tolerate increased debt. by Raven Clabough


Funding of Bretton Woods II by George Soros Exposed (http://thenewamerican.com/world-mainmenu-26/north-america-mainmenu-36/6895-funding-of-bretton-woods-ii-by-george-soros-exposed)

When billionaire George Soros wrote two years ago that what the world needed now was “a new world architecture (http://www.google.com/search?q=George+Soros+new+world+architecture),” he was already laying plans for Bretton Woods II, April 8-11, 2011, to be held at the Mount Washington Hotel in Bretton Woods, New Hampshire.

specialK
04-12-2011, 03:18 PM
He recognized China as a major new powerhouse on the world economic scene and observed that despite risks of inflation, the Asian giant has emerged as the "big winner" in the current financial crisis. No longer isolated, China has become the "main beneficiary" of the globalization of national and regional economies, Soros commented.

You don't say. They are bidding up our real estate prices here to absolutely ridiculous levels. Mainland Chinese are bidding against one another. This average looking home just sold for 800,000 over asking for 2.8 million CAD ( over 2.9 US)


http://www.realestatetalks.com/download/file.php?id=1536

May people born and raised here can no longer afford to live here, as a result.

acptulsa
04-12-2011, 03:26 PM
Well, let's see if we can decipher this.

We just created a new currency because we wanted to beat the Chinese to it. It's another fiat currency, but that's ok, it's a shiny new one. For now, you'll never see it, it'll just be used by us. But when we let the dollar go to hell, you will. Or, rather, you'll see the card or get the implanted chip.

Travlyr
04-12-2011, 04:38 PM
Well, let's see if we can decipher this.

We just created a new currency because we wanted to beat the Chinese to it. It's another fiat currency, but that's ok, it's a shiny new one. For now, you'll never see it, it'll just be used by us. But when we let the dollar go to hell, you will. Or, rather, you'll see the card or get the implanted chip.

Or stand-up for our rights like Utah is doing, and use PM's along with other competing currencies.

FrankRep
06-19-2011, 07:27 AM
Russia and China’s New World Order: Chinese President Calls for Global Governance With Increasing Power for China and Russia Over Global Economic System (http://www.theblaze.com/stories/russia-and-chinas-new-world-order-chinese-president-calls-for-global-governance-with-increasing-power-for-china-and-russia-over-global-economic-system/)


The Blaze
June 18, 2011



http://www.youtube.com/watch?v=A5pxz2MSsWs&feature=player_embedded