George Soros: Why We Need Another Bretton Woods To Reinvent The Global Financial System

Project Syndicate :

NEW YORK -- Twenty years after the fall of the Berlin Wall and the collapse of communism, the world is facing another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism. The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise. Following the path of least resistance will lead to the gradual disintegration of the international financial system. A new multilateral system based on sounder principles must be invented.

Read the whole story: Project Syndicate

Comments

[MyTake]

09:29 PM on 11/11/2009

Soros is showing his CFR/Bilderberg membership strips again and is doing their globalist bidding.

He has his capitalism labels wrong again. There are four types, not two.

You have State capitalism (hire enough tax lawyers to avoid taxes) .
You have international (transnational) capitalism (hide your money offshore and pay no taxes).
You have Casino capitalism (cause jitters in the stock market and cash out ala Exxon).
You have insider capitalism (profit at will ala Goldman Sachs and JPMorganChase)

Someone forgot to tell Soros that strong nation states counter balance one another. The U.S. won the Cold War and went to unbridled capitalism and corruption which collapsed the global financial system. Had there been a strong non communist nation to counterbalance the U.S., their crimes would not have happened or at least would have been exposed quickly.

[american-dolt]

02:00 PM on 11/11/2009

Hey George, go buy a new head, that one looks plum tuckerd out.

[SimJack]

10:13 AM on 11/11/2009

Capitalism is dead. The high net worth individuals, corporations, banks and elite investing groups control 95% of the financial motive force and resources on the planet. At best, the average individual could hope for them to behave as a beneficent oligarchy, essentially a fuzzy dictatorship, but they won't. They are psychopathic in nature but, thankfully, their biggest threat comes from others within their group with whom they are in direct competition with and who can do them the most harm. Also, powerful democratic governments are a thorn in their side and they will do whatever is in their best interests to topple/control them, even the US government, hence all the lobbyists and campaign financing. Herbert said it best in 'Dune', "He who can destroy a thing, controls a thing." The sleepers need to awaken, or perish.

[oath of fealty]

10:04 AM on 11/11/2009

Stock market surging while main street keeps getting squeezed

good articles: http://financeopinionss.blogspot.com

It looks like 9-8% unemployment is the new normal since the govt. wants ppl to be unemployed. Otherwise we would have REAL shovel ready projects and green jobs instead of the BS we have now.

[Bigidea]

03:14 AM on 11/11/2009

I think you broke half of it Soros. Have you heard of Socialism? You should have. You were born into it. Any system that depends on making money out of someone elses work is going to fail sooner or later. The answer is for the workers take back control of production and means of wealth generation mechnisms. It will happen one day. Damn, may be I can put some money on it and make a few millions. LOL. Isnt that what the hedge fund guys are doing? Gambling with our lives.
Time for civil disobedience.

[TJCole]

05:26 PM on 11/10/2009

The Capitalists have pretty much abandoned America, they've plundered it, broken it up, sold off it's prime assets and are now preying on it like a pack of hungry wolves that smell the blood of it's wounds...

[skaprt]

03:01 PM on 11/10/2009

Capitalism isn't broken Government regulation is broken.

[Erdgeist]

11:08 AM on 11/10/2009

The problem really lies with China as Soros seems to suggest. China's pegging its currency to the dollar throws Americans out of work. It also creates a huge trade deficit. In addition, China's actions turn U.S. GDP into phantom GDP. In other words, our economy is a fiction. The American ship is slowly sinking. Its lifeboats are already heading for China with the rich aboard.

[satyamg]

10:59 AM on 11/10/2009

We need a "jubilee"...

[blueken]

10:26 AM on 11/10/2009

I have thought for a long time that new systems are in order. Old paridigms have been out paced by history. I think Soros is right when he says "A new multilateral system based on sounder principles must be invented." I once had great faith in the financial system of this country. I thought that it might not be perfect, but it was a whole lot better than any other system. Greed and de-regulation have shaken my faith to the core. In order to reform our financial system into something that serves the economy more effectivly, we will need international co-operation. Otherwise, the crooks will just move off shore. The rich have rigged the game to such an extent, that they are in the process of killing the golden goose (the middle class). Time for some sensible regulations, nationaly and internationaly.

[TradeLosses]

09:15 AM on 11/10/2009

Lets all pray that the health care bill doesn't get stonewalled in the Senate...

good articles; http://financeopinions.blogspot.com

This is just one step in a staircase of much needed reforms after 8 years of destruction.

[sammyscout]

07:38 AM on 11/10/2009

"The system cannot survive in its present form, and the US has more to lose by not being in the forefront of reforming it. The US is still in a position to lead the world, but, without far-sighted leadership, its relative position is likely to continue to erode. It can no longer impose its will on others, as George W. Bush’s administration sought to do, but it could lead a cooperative effort to involve both the developed and the developing world, thereby reestablishing American leadership in an acceptable form. "

Soros has championed many great causes so think before you name call

[sammyscout]

07:35 AM on 11/10/2009

Agree with Soros, Time for Change across the board

[PhilipTaylor]

07:04 AM on 11/10/2009

P00R GE0RGE IS NOT ABLE TO SHORT COMPANY AFTER COMPANY INTO 0BL1VI0N TO SCAM OFF $2.9 BILLION FOR HIMSELF THIS YEAR!

P00R P00R GE0RGE! He only shorted the mortgages across America for personal gain!

[PhilipTaylor]

07:05 AM on 11/10/2009

LAST YEAR HE MADE $2.9 BILLION - 2009 NOT AS MUCH!

[DeSwiss]

05:46 AM on 11/10/2009

Oh yeah. Let's listen to one of the foxes give us the architectural design plans for the next "secure" hen house. Mr. Soros, your one of the few billionaires whom I'll take the time to read because I don't usually feel like I'm being sold a line. Now I'm not so sure. But if we can't legislate morality to end racism, as many a racist Senator told the world during the 1964 Civil Rights filibuster (which failed), then I don't how it'll work on the greedy either.

The only thing that worked when we were kids was Mom spanked your hand when it got caught in the cookie jar, and you got the message. If you didn't you got to go to your room until you could act in civilized society.

We don't need more Bretton Woods, we need to start sending more of these pinstripers to jail for orange suits. If it's supposed to work for us commoners, then its good enough for your guys too. Or is that playing it too fair???