Hungarian born World Renowned Financial ExpertSoros warns 'systemic failure' may be upon us - by Sean O'Grady
This is not a normal crisis", said George Soros, the doyen of international finance, the man who made billions from sterling's expulsion from the Exchange Rate Mechanism in 1992.Mr Soros offered the proceedings a deep historical perspective. To his mind, he told participants at the World Economic Forum, we are "at the end of an era". The 60-year economic supremacy of the US and the dollar's status as the international reserve currency of choice is drawing to a close, fundamentally weakened by the shift in economic power eastwards with the rise of China.
Soros said, "What is needed now is assurance that the main market makers will not be allowed to fail. "We need a new sheriff, not Washington consensus."
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