The well-known financier said that he clearly sees signs of a redistribution of the balance of power in the global economy. George Soros believes that the current situation in the world is reminiscent of the end of World War II, when the United States “moved” the UK in economic terms. Now China is becoming a superpower, and it should take responsibility for the world order, while taking into account the interests of other countries.
“I think that a new world order is needed and China should be part of the process of creating it. They must be involved. This should belong to them, as, say, the United States belongs to the Washington consensus, the current order, and I think it will be a more stable order in which political measures will be coordinated. I suppose that the makings of this are already real, because the G20, which agreed to conduct an assessment of its activities by colleagues, is actually moving in this direction” – he said.
George Soros in his interview to “Financial times” also pointed out the shortcomings of the US Federal reserve’s quantitative easing (QE2) program, which plans to increase the money supply in circulation by $600 billion. In his opinion, as a result of such measures, “bubbles” will arise, and the work of world currency markets will be disrupted. Beijing also says that fresh liquidity from the US will go to emerging markets for quick profits. This, in turn, can cause China to increase inflation and the appearance of “bubbles” in the stock and real estate markets.