10 APR 2011
By Tyler Durden | Zero Hedge
Unlike the last time a bunch of men gathered at Bretton Woods to determine the monetary fate of the world and set the stage for globalization, this time around the prevailing activity was a casting call for the role of the new Emperor Palpatine.
Yet despite that (or maybe because of) George Soros appeared in full Open Society regalia and spoke to Bloomberg TV about how importing foreign asset collateral (also known as exporting debt) through "globalization" is still the name of the game.
And obviously while the Hungarian billionaire would not disuss the true purpose for his presence in Bretton Woods, he did have some words of caution for China bulls: "while the big banks under direct central control are in fact refusing to lend, there is a shadow banking system that is growing out of control. There is a real danger there of wage price inflation because prices have gone up, particularly real estate prices have gone up because there was a real estate boom."
But to those concerned about the key issue at play, namely the future of the reserve monetary system, some could interpret the following statement by Soros as a tacit agreement that the end of the dollar is fast approaching: "cautionary words for the dollar: "There's a big question whether the U.S. dollar should be the main reserve currency and in fact it no longer is because it maybe accounts for two-thirds of the monetary reserves. The euro is an alternative and there's a lot of diversification into other currencies and even more into commodities. Not only gold, but actually oil is now an asset class for investors. That has put some upward pressure on the commodities."
Of course what actually is decided in B-W will be made clear over the next year or so, once the decision makers have already placed their bets accordingly and pull the rug from under the market.
Read entire article and watch video
SOROS CONVENES ‘BRETTON WOODS II’
(American Free Press