(snip)He said: "The G20 meeting is make or break because unless they do something for developing world there will be serious collapse in that part of the world.
"I'm using phrase depression because unless we take the right measures we're liable to end up there.
If countries start doing it [engineering a new financial world order] bilaterally instead of multilaterally, the system will fall apart and we'll end up in depression."
He also said the rebuilding meant the previous economic system had to be scrapped."(snip)
(snip)He added: "The International financial system has collapsed and cannot be restored in its current form. It will have to be restructured because it was flawed and collapsed under its own weight."
In May last year, Mr Soros was interviewed by the BBC's business editor Robert Peston and said he was worried about the US and UK's ability to deal with the downturn because of their reliance on credit.
Mr Soros urged wealthy nations to give their allocations of the IMF's internal currency, called Special Drawing Rights, to poorer ones because developing countries were not in a position to bail out their own failing banks.
George Soros famously made his name - and $1bn - when he bet that sterling would have to withdraw from the European Exchange Rate Mechanism in 1992. He's also said to have accurately predicted and profited from the Asian financial crisis in 1997. "(snip)
- observation 1 ... Soros is now calling for the use of IMF SDR's as a new international currency, right along with China, Russia etc.
- observation 2 ... one wonders how much of Mr. Soros' past success in the way of predicting financial calamities is related to passive 'crystal ball gazing' versus active 'hidden hand' financial manipulations.



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