In an October 23, 2009 interview with Chrystia Freeland of the Financial Times, George Soros advocated a “new global currency system,” and called the decline of the dollar necessary. Under Soros’ new system, China would figure prominently in the creation of a new world financial order. “You need a new world order that China has to be part…they have to buy in, they have to own it in the same way that the United States owns the current order,” opined Soros. The man who once bet against the British pound stopped short of predicting the end of the dollar but characterized a managed decline in the value of the dollar as a "healthy, if painful adjustment," citing the United States as a drag on the world economy. He further conceded that the coordinated policies of the G20 have helped move the world in the direction of establishing a new financial world order. 

When asked about the financial reforms in the United States, Soros called for greater bank regulation opining that financial markets do not “tend towards equilibrium,” but rather are prone to create asset “bubbles.”  Soros also advocated compensation regulation at the so-called “too-big-to-fail” institutions like Goldman Sachs.

As Charles Scaliger noted in his article "The Diminishing Dollar" in The New American magazine for November 9:

"The creation of a true global central bank is perhaps the gravest threat now under serious consideration to America’s financial sovereignty, but it is by no means the only one. A myriad of new proposals for international regulation of financial institutions and transactions is little less troubling."

Among the international financial regulatory bodies cited by Scaliger are The Financial Stability Board (FSB), created last April by the G-20 and based at the Bank of International Settlements in Basel, Switzerland, which is working “to develop and implement strong regulatory, supervi-sory and other policies in the interest of financial stability."

The article notes that "the FSB 'comprises senior representatives of national financial authorities (central banks, regulatory and supervisory authorities and ministries of finance), international financial institutions, standard setting bodies, and committees of central bank experts.' Among these 'standard setting bodies' are the Basel Committee on Banking Supervision (BCBS), the Committee on the Global Financial System (CGFS), the Committee on Payment and Settlement Systems (CPSS), and the International Association of Insurance Supervisors (IAIS). All of these bodies, as their names imply, are embryonic global financial regulatory bodies, and all of them would be completely unnecessary in the absence of modern central banks and fiat currencies."

As for a solution to block the creation of a New World Financial Order, Scaliger repeats the admonition long advocated by free-market economists: "Simply enough, the United States can unilaterally return to a gold standard and abolish the Federal Reserve System."

Both of these solutions have already been embodied in bills introduced in Congress by free-market legislators like Rep. Ron Paul (R-Texas) incuding H.R. 833, the Federal Reserve Board Abolition Act, and legislation introduced in the last Congress to repeal our nation’s legal tender laws and to help restore gold and silver money.

Michael E. Telzrow is Executive Director of the National Railroad Museum and a Contributor to The New American magazine.

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DDW said:

	Let us hope and pray That Constitutionalists will prevail here in these United States.
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November 09, 2009
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rprew said:

Leave U.S. out of it! Abolish the Fed and re-establish a constitutionally mandated system of sound money. Get the U.S. out of the IMF and the World Bank. Eliminate the "most favored trade" insanity, and institute a flat, revenue producing tariff that applies to ALL imports from ALL nations. Then let the globalists regulate the fiat currencies of the rest of the world to their heart's content. As Rhett Butler said, "Frankly my dear, I don't give a d*mn!"

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November 10, 2009
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SCHNORCHEL said:

Keeping Your Eye on the Ball George Soros is a member of the Council on Foreign Relations, the "Government" behind the Government of the United States. He has dabbled in Derivatives, and has a Fund called the Quantum Fund. He also has an eastern-European Conspiratorial Think Tank, called the "Institute for the Science of Man." His Derivative manipulation caused the collapse of the Malaysian economy, as a blackmail measure to get Malaysia dependent on the World Bank. Soros (His born first name is Györgiy) is a an Hungarian-born Jew who was raised in a middle-class family in Hungary and became a refugee that fled to America. He is a bon-vivant and has a great following among the ladies.

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November 10, 2009
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