söndag 25 maj 2008

Ekonomin dödsdömd enligt George Soros

Den märklige hycklaren/valutaspekuleraren/ekonomen/kapitalism-kritikern George Soros säger till The Economist att ekonomin är dödsdömd. Kanske inte den mest originella slutsatsen just nu men inte desto mindre intressant när det kommer från någon som dinerat med både Wallenberg och kungen. Han menar bl a att USA:s tid som motor i ekonomin är över.

“The period of the US consumer acting as the motor of the global economy has come to an end,” he says, with finality. Surely, I protest, the US won’t allow the dollar to lose its special status. “There’s not much they can do.”

Which currency will take the dollar’s place? “No other currency is sufficiently attractive. They’re all overpriced. So there’s a general flight from investing in currencies to commodities - and that partly accounts for the explosion in the price of oil and food.”

One reason we’re in difficulties, he seems to be saying, is the sheer range of currencies used for trade. Does that mean we need a new approach? Should we, for example, revisit the proposal made by the economist John Maynard Keynes after the second world war for a special currency for international trade - he called it the bancor - which would not be issued by any single country?

Soros nods. “I would welcome something like the bancor - it could come to that. The existing system is . . . I don’t want to say it’s breaking down, but it’s pretty creaky. Eventually, the system is going to need to be reformed.”

The anomaly, of course, is that the man proposing some new kind of international currency is the same super-speculator who has made billions by betting on national currencies.


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