Alternet/Financial Times: Soros: How to Recapitalize the Banks

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How to Recapitalize the Banks

"Instead of just purchasing troubled assets the bulk of the funds ought to be used to recapitalize the banking system. Funds injected at the equity level are more high-powered than funds used at the balance sheet level by a minimal factor of twelve -- effectively giving the government $8,400bn to re-ignite the flow of credit. In practice, the effect would be even greater because the injection of government funds would also attract private capital. The result would be more economic recovery and the chance for taxpayers to profit from the recovery".

The Independent: Hungarian born World Renowned Financial Expert Soros warns 'systemic failure' may be upon us - by Sean O'Grady

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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."