Tags: global | economy

Soros: Global Deal Needed for New Financial Rules

Friday, 30 Oct 2009 08:23 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

BUDAPEST -- International controls over capital movements and new global playing rules are needed to reinvent the global financial system, billionaire investor and philanthropist George Soros said on Friday.

"That is what a new Bretton Woods conference could accomplish," Soros told a lecture. "It would decide how to treat financial institutions that are too big to fail and it would consider new rules to control capital movements."

Soros added that he expected China to maintain capital controls but said China will establish bilateral clearing accounts with some countries, like Brazil, denominated in yuans.

Such accounts could diminish the dollar's status as the international currency, he added.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved