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Soros: China Must Be Part Of The New World Order

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What sort of a financial deals should Obama be seeking to strike when he travels to China next month? I think this would be the time because you really need to bring China into the creation of a new uh... world order financial world order uh... they are kind of reluctant members of the IMF They play along, but they don't make much of a contribution because it's not their institution thereof share it his is not commensurate level to get myself commensurate to their verdict so I think you need a new world order that China has to be a part of the process of creating it and they have to buy it, they have to own it the same way as it's denied as its own washington consensus the current order and uh... and I think this would be a more stable one and where you would have coordinated you would have a coordinated policies I think the makings of it uh... are already there because digi trendy uniquely to peer reviewers effectively is moving in that direction given continued weakness in the u_s_ economy our people write starts be concerned about the dollar you brothers they are of course and the dollar is a very weak currency except for except for all the others a so there is a general sort of lack of confidence in income earners whose and and move away from currencies relapses the the did chinese how continuing uh... to around and could be annotated surface and they're still accumulating assets and to bcd apparently mindy use of that and prominently on the battery works because it's tied to the car uh... and uh... pat then there's the diversification from acess that normally have by central facts into other access especially uh... in the area of of uh... com what it takes there is a bush written and cold is uh... strength in and and and all is as and that means no way that flight from paris if they're going to be significant point moment at which the dollar is fatally weakened forget that just sort of carrying on but insisted for that as long as you as as as long as they remain b is tied to the dollar uh... don't seize how did the called the decline in the dollar except for two car now of course due to some extent it's very helpful because visited the u_s_ consumers the saving more and spending less exports it can't be aid simply for the u_s_ incumbent to be balanced either an orderly declined of the dollar is actually it desirable visit at some point need also to the clinic at the renminbi does there need to be some sort of the news global current ngo yet no i i but i believe that basically the the uh... the system ease and the use of the constituted t_v_ cannot affords to have to pay for that kind of chronic and mounting imbalances indicate in man international uh... error finance asso you need a new prep currency system and actually at the special drawing rights edu give you went to meetings of a system and i think it's is ill-considered on the part of the united states to the too resist at the providing a sort of special drawing us they could be very very useful now uh... then do you have a go bush was for of divide if you could actually ph internationally create cartoons at through visit the special categories and this is the delivery of panic reissued two hundred fifty billion dollars uh... and that's a very very news was that except the uh... the uh... the country's uh... don't actually need the additional reserves assaulting all they can do is wanted him to stop the dark and save you've got that projects etc but they conduct should be used i think the it could be used it could be to provide global of public works at the the countries equipped either put there allocations and escrow and that problem is uh... that if there is a cost to use against the odds uh... it's a very small cost at the moment its own less than half a percent bus route is a cost so somebody has to paint and i think we have actually the means to do it because the i_m_f_ has very large gold reserves and the advocate kept in the books at the very low price and it is being decided to use that uh... those gold reserves to the benefit of the things developed countries the invaded the hiremath with actually peacock the cost of paying for the special drawing right using iqbal author and and and in fact is being found it's not because indian it hasn't gotten any publicity but that i understand that uh... enemy stumble at the los mine and where i think the uh... the new p entrance actually transcript too billion perdollars offense the eyes of two billion dollars worth of two billion as we are about afoot to throughout india these development is and the i_m_f_ picks up the cost he said it's a road that's already being used and he could be used on the largest ko and what about the american cancer that eating embedding this in the way from the dollar as the world's reserve currency ultimately means of looking at the u_s_ economy it is not the most of the regis to have to tolerance to seoul verafarah c but uh... because the request of economy growers he believes additional parents and that's the if the dollar is said that they should proceed it means that the u_s_ has to have a chronic uh... part of the current deficit and that is not appropriate i think it's it's it's in our interests as well uh... to reform the system i think this is that bad at the healthiest painful adjustment that the world has too willful if america does next actively take part in yesterday's renegotiation uh... global finance what will happen what what's your nightmare scenario uh... at the uh... the chinese who call bilateral they already too late they already have a clearing here parents went through the content in our and i think they're working on one of the eighth personal and you will find that bud every more and more bilateral as a trance sodium the uh... the dollar remain the main international currency but issues will decline uh... acting deputy of bilateral relations is nasty stuff them to tell you who continuation of a multilateral system but that doesn't get the system we have now has actually broken-down only we haven't uh... quite recognized and so you need to it creates a new one and this is the time to do it in the united states how worried r_u_ about the budget deficit and maybe about the possibility of inflation uh... the there's certainly visit a decline in the value of the color is necessary inorder it too uh... composite's of for the fact that the U.S. economy real remain throughout the week nubia drag on the global economy uh... china after the marriage has to motor replacing the U.S. consumer and of course it's a smaller more true because the chinese economy is much smaller So the other economies will have less of a motor so if we move for that slower as a test in the last uh... 25 years. So China will be the engine driving it forward and the U.S. commute be actually had dragged that's being pulled along through a graduate declined in the value of the thaw that would be a slow uh... a decline in the value of the dollar but the recomendation decline and that could be edited the adjustment that it needs to be accomplished not excluded picture the to get out of hand and certainly the fear of the inflation view pc inflation heats up

Video Details

Duration: 10 minutes and 30 seconds
Country: United States
Language: English
Views: 233
Posted by: on Jun 17, 2011

full vid can be found here
In a recent interview Soros spills the beans, talks about the new world order and describes the current and future managed and well plot out destruction of the american dollar, all though he warns it might spin out of control.

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