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Saturday, November 28, 2009

Soros : The system is broke and needs to be reconstituted

China should join the New World Order says George Soros

George Soros Interview with the Financial Times 23 October 2009

there is a general lack of confidence in currencies , the Renminbi is permanently devaluated because tight to the dollar “As long as the Renminbi is tied to the dollar, I don’t see how the decline in the dollar can go too far, of course to some extent it is very helpful , because the US consumers are saving more and spending less , exports can be a way for the US economy to be balanced , so an orderly decline in the dollar is actually desirable" George Soros said
"The system is broke and needs to be reconstituted we cannot afford to have the chronic and mounting imbalances in international finance , so you need a new currency system "

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.