George Soros

The Financial Times distributed an interview with George Soros in which he points to the fact our system needs a reset. The full interview can be found here . Here some of the highlights.

– I believe that basically the system is broke and needs to be reconstituted (reset –wm). But the system we have now has actually broken down, only we haven’t quite recognized it. So you need to create a new one and this is the time to do it.

– You need a new world order where China has to be part of the process of creating it. They have to buy in. They have to own it the same way as the United States owns the Washington consensus, the current order.

– And I think this would be a more stable one where you would have coordinated policies. I think the makings of it are already there because the G20 .. effectively is moving in that direction.

– So there is a general lack of confidence in currencies and a move away from currencies into real assets. [..] Especially in the area of commodities. So there is a push in gold, there’s strength oil and that is in a way a flight from currencies.

(Thanks to Kevin Benning for editing)