Soros’ Bretton Woods Conference Accelerates Push for New Global Economy
It’s been two weeks since George Soros bought himself a major economic conference designed to remake the entire global economy. Just because the event received little major news attention, it still had an impact Americans might be reeling from for years.
When the anti-American Soros spent $50 million creating the New York City-based Institute for New Economic Thinking(INET), he began a major move against the dollar. The billionaire who once crushed the British pound through currency trading openly declared his plans to “reform the currency system.” In the Machiavellian mind of Soros, the dollar needed to take a back seat and end its stint as the world reserve currency. “The dollar no longer enjoys the trust and confidence that it once did, yet no other currency can take its place,” he wrote in late 2009.
In 2011, he is already pushing aside the dollar. “The big question is whether the U.S. dollar should be the reserve currency; and, in fact, it no longer is,” Soros told Bloomberg. He’s not the only one. Nobel Prize winning economist and Soros buddy Joseph Stiglitz said he is arguing for “a global reserve currency.” Stiglitz, who also chairs the U.N. General Assembly on Reforms of the International Monetary and Financial System, called for a new “global system,” saying the current one is “fundamentally unfair because it means that poor countries are lending to the U.S. at close to zero interest rates.”
In the short time following the Soros-funded Bretton Woods event, the move against the dollar has gained momentum rapidly. Soros wrote in 2009 that “the rising powers must be present at the creation of this new system to ensure that they will be active supporters.” Here come those rising powers right now, singing the Soros tune.
The five BRICS nations – Brazil, Russia, India, China and new member South Africa – had their third summit meeting one week after Soros held his. Unsurprisingly, the themes were similar, with BRICS nations calling “for a restructuring of the World War II-era global financial system and an eventual end to the long reign of the U.S. dollar as the world’s reserve currency.”
We’ve heard that all before – from Soros himself. In 2009, Soros called for the increased use of an obscure economic tool called Special Drawing Rights (SDRs). Before your eyes glaze over, SDRs are essentially a “basket of currencies” – the euro, Japanese yen, pound sterling and U.S. dollar. If the world starts using them more and the dollar less, then U.S. economic status declines.