George Soros: China will lead “New World Order” and the dollar must be replaced as the world currency. “The system we have now has actually broken down only we haven’t quite recognized it”

Related: “Conspiracy?” “Surely People Couldn’t Be That Evil?” George Soros: Republic Enemy #1: Illegal Market Manipulation, Felony Insider Trading, Villain, Currency Collapses

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“You need a new currency system … The system we have now has actually broken down only we haven’t quite recognized it, so you need to create a new one and this is the time to do it”

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Soros: China Will Lead New World Order

Paul Joseph Watson
Prison Planet.com
Wednesday, October 28, 2009

Billionaire globalist George Soros told the Financial Times during an interview that China will supplant the United States as the leader of the new world order and that America should not resist the country’s decline as the dollar weakens, living standards drop, and a new global currency is introduced.

Asked what Obama should discuss when he visits China next month, Soros stated, “This would be the time because I think you really need to bring China into the creation of a new world order, financial world order,” adding that China was a reluctant member of the IMF who didn’t make enough of a contribution.

“I think you need a new world order that China has to be part of the process of creating it and they have to buy in, they have to own it in the same way as the United States owns…the current order,” said Soros, adding that the G20 was a move in this direction.

Soros said that there was a flight from currencies across the board, and that this is why the price of commodities, notably gold and oil, were generally rising. He also stated that an orderly decline of the dollar was “desirable” and that the entire system needed to be reconstituted towards a global currency.

“You need a new currency system and actually the Special Drawing Rights do give you the makings of a system and I think it’s ill-considered on the part of the United States to resist the wider use of Special Drawing Rights, they could be very useful now when you have a global shortfall of demand, you could actually internationally create currency through Special Drawing Rights,” said Soros, explaining that this was already in process after the IMF injected an allocation of Special Drawing Rights (SDRs) equivalent to $250 billion into the global economy.

Soros also stated that richer countries were already transferring wealth to poorer countries via SDR’s, with the IMF paying for the half per cent transaction cost.

Soros said the world would have to go through a “painful adjustment” following the decline of the dollar and the introduction of a global currency. Reading between the lines, he essentially threatened to kill the dollar completely if the United States did not get on board with the global currency.

Soros predicted that China would become the new engine of the global economy, replacing the U.S., and that this would slow economic growth and reduce living standards. Soros characterized the United States as a drag on the global economy because of the declining dollar.

Watch the video interview below.

[youtube=http://www.youtube.com/watch?v=TOjckJWqb0A]

full vid can be found here
http://tinyurl.com/sorosisscum

Paul Craig Roberts: Watching the Dollar Die

From: vdare.com

I’ve been watching the dollar die all my life. I sometimes think I will outlast it.

When I was a young man, gold was $35 an ounce. Today one ounce gold bullion coins, such as the Canadian Maple Leaf, cost more than $1,000.

Our coinage was silver. Our dimes, quarters, and half dollars had purchasing power. Even the nickel could purchase a candy bar, ice cream cone or soft drink, and a penny could purchase bubble gum or hard candy. If a kid could collect 5 discarded soft drink bottles from a construction site, the 2 cents deposit on the returnable bottles was enough for the Saturday afternoon movie. Gasoline was 32 cents a gallon. A dollar’s worth was enough for a Saturday night date. …

The US inflation rate is about twice as high as the government’s inflation measures report. In order to hold down Social Security payments, the government changed the way it measures inflation. In the old measure, inflation measured the nominal cost of a defined standard of living. If the price of steak rose, up went the inflation rate. Today if the price of steak rises, the government assumes that people switch to hamburger. Inflation doesn’t go up. Instead, the standard of living it measures goes down.

Click for Story

Ron Paul: The End of Dollar Hegemony

Congressman Ron Paul starts speaking at 2:00

[googlevideo=http://video.google.com/videoplay?docid=-8327695139643041382]

The End of Dollar Hegemony

by Ron Paul by Ron Paul

Before the US House of Representatives, February 15, 2006

A hundred years ago it was called “dollar diplomacy.” After World War II, and especially after the fall of the Soviet Union in 1989, that policy evolved into “dollar hegemony.” But after all these many years of great success, our dollar dominance is coming to an end. Continue reading “Ron Paul: The End of Dollar Hegemony”

Inflation – 1950 Dollar Worth Only 12 Cents Today

From: Opening page of The Inflation Report (contains 14 charts)

Inflation Report
By Michael Hodges – email
updated Sept. 2007
– a chapter of the Grandfather Economic Reports

INFLATION – WHO SAYS IT’S DEAD?

88% EROSION OF PURCHASING POWER – AND CONTINUING

– a dollar in 1950 will buy only 12 cents worth of goods today, 88% less than before –

Inflation in my adult years increased average prices 1,000% or more –
example 1: a postage stamp in the 1950s cost 3 cents; today’s cost is 41 cents – 1,266% inflation;
example 2: a gallon of 90 Octane full-service gasoline cost 18 cents before; today it is $3.05 for self-service – 1,870 % inflation;
example 3: a house in 1959 cost $14,100; today’s median price is $213,000 – 1,400% inflation;
example 4: a dental crown used to cost $40; today it’s $1,100 – 2,750% inflation;
example 5: an ice cream cone in 1950 cost 5 cents; today its $2.50 – 4,900% inflation;
example 6: monthly government Medicare insurance premiums paid by seniors was $5.30 in 1970; its now $93.50 – 1,664% inflation; (and up 70% past 5 years)
example: several generations ago a person worked 1.4 months per year to pay for government; he now works 5 months.
And in the past, one wage-earner families lived well and built savings with minimal debt, many paying off their home and college-educating children without loans. How about today?

Few citizens know that a few years ago government changed how they measure and report inflation, as if that would stop it – – but families know better when they pay their bills for food, medical costs, energy, property taxes, insurance and try to buy a house.

Is inflation a threat to society? Consider this famous quote:
“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” Lord John Maynard Keynes (1883-1946), renowned British economist.

DEFINITION OF INFLATION:
Inflation is the loss of a constant purchasing value of the dollar,
caused by an increase out of ‘thin air’ of the supply of money and debt creation by the financial system

See Entire Article & Charts

Related: All of my posts on INFLATION