George Soros Calls G20: “Make or Break”

By Joe Lynam

071113_p00_soros

Billionaire investor Gorge Soros has said the G20 summit will be a “make or break” event for the world’s economy.

In a BBC interview, Mr Soros said the international financial system had collapsed because it was flawed and it had to be restructured.

Mr Soros say it may be the last chance to prevent a full-scale depression.

He said the G20 meeting had to come up with concrete solutions to help the developing world in particular, which had been been worst hit.

‘Depression’

Mr Soros warned that any attempt to pull economies out of recession had to be done co-operatively.

He said: “The G20 meeting is make or break because unless they do something for developing world there will be serious collapse in that part of the world.

“I’m using phrase depression because unless we take the right measures we’re liable to end up there.

If countries start doing it [engineering a new financial world order] bilaterally instead of multilaterally, the system will fall apart and we’ll end up in depression.”

He also said the rebuilding meant the previous economic system had to be scrapped.

The International financial system has collapsed and cannot be restored in its current form ”
George Soros

“I don’t think we’ll ever be back to where we came from. It should be recognised that the last 25 years were an aberration and we cannot go back there. We have to reconstruct the financial system from its foundations up.”

Mr Soros said regulators and the financial sector shared the blame for the meltdown, as they “participated in this crazy boom built on false premises on the belief that markets are self-regulating and should be left alone”.

Mr Soros also warned the UK economy was in a deep recession “which is going to be a lasting one”.

He added: “The International financial system has collapsed and cannot be restored in its current form. It will have to be restructured because it was flawed and collapsed under its own weight.”

In May last year, Mr Soros was interviewed by the BBC’s business editor Robert Peston and said he was worried about the US and UK’s ability to deal with the downturn because of their reliance on credit.

Mr Soros urged wealthy nations to give their allocations of the IMF’s internal currency, called Special Drawing Rights, to poorer ones because developing countries were not in a position to bail out their own failing banks.

George Soros famously made his name – and $1bn – when he bet that sterling would have to withdraw from the European Exchange Rate Mechanism in 1992. He’s also said to have accurately predicted and profited from the Asian financial crisis in 1997.

The 78-year-old Hungarian is one of the largest aid donors in Africa, having donated around $6bn to his favourite causes.

Comments

  1. One has to wonder and ask… What on earth are world leaders thinking? Who are they getting their advice from and what are their real intentions?

  2. loveandlightgodbless says:

    G20 Summit in London;Prayers & Good Wishes, 2 April 2009; God Bless

    Prayers are amazing. This precious gift is always with us

    Let us all pray for the G20 Summit in London where the Leaders of the World accompanied along with Strategic Decision Makers meet

    That they form a coalition; a mutual understanding based upon a Vision for the Global Economy

    A Vision that is based upon Values Based Principles and grows from strength to strength to overcome the challenges being faced globally with Wisdom

    Seek the grace of God to fill the Universe with a Vision of Happiness & Wisdom always
    When the World prays together; the wishes seek to manifest

    When the World is Happy, we are all Happy. In one another’s Happiness is our true Happiness; Development; Prosperity & Progress

    Let us gratefully acknowledge; appreciate and express our sincere thanks to God for everything always;

    Protocol; Etiquette, Be Appreciative; Be Grateful; Be Meaningful; Be Purposeful; Be Respectful and Be Responsible always Please

    Express thanks to God time and again always, For the Health and Wellness,
    For the Wonderful Families; Friends, For the Inspiration & Wisdom, For Fulfilling our Needs, For Showing us the way, For the Courage, For the Natural Resources,
    For always being near us, For the lamp of peace; love; faith and hope that glows in all our hearts, For God’s graceful and loving presence, For God’s Blessings,
    For Guidance through the challenges, For the Trust in us, For knowing what is best for us always, For permitting the Love and Light of God to shine through our lives

    Prayer; May One and All be Appreciative; Grateful and Thankful

    Happiness

    May Happiness be showered on One and All; May One and All be Healthy;

    May One and All be Loved & Respected; May One and All have Well-being

    May One and All realize that their Happiness is linked to others Happiness;

    May One and All recognize that when the World is Happy, they are Happier;

    May One and All discover the true meaning of Life is that Life is Precious

    May One and All be Resourceful & Talented; May One and All Achieve and Excel;

    May One and All be Considerate; Creative; Meaningful; Purposeful and Responsible;

    May One and All Love Nature; The Environment & Humanity;

    May One and All Respect One Another; May One and All Inspire One Another;

    May One and All realize that they each have a very meaningful and special purpose in Life;

    May One and All believe that they are the precious Gems of this Universe;

    May One and All realize that Life is Beautiful; Precious, Meaningful and Purposeful;

    May One and All be a Symbol of God’s Loving Love and Light; Radiating Joy for others;

    May One and All be Blessed with Happiness, Prosperity; Progress& Wisdom always

    Thank you for your prayers for the World; they are immensely appreciated and reciprocated with utmost appreciation and gratitude

    Trust in God and Faith in Ourselves, May God Bless You and Your Families with a Vision of Happiness and Wisdom always

    When the World is Happy, We are all Happy; In one another’s Happiness is our true Prosperity, Development and Greatest Happiness

    May Universal Appreciation; Happiness; Consideration; Compassion; Respect; Peace; Love; Cooperation; Inspiration; Gratitude; Economic Development, Stability; Prosperity, Progress & Wisdom prevail always

    Love & Light;

    God Bless,

    Vashi

    ©2009 Vashi Ram Chandi

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