TCS: George Soros looks to establish new global finance system

A new global economic policy will be on the table at a meeting in the American town of Bretton Woods. Economists, finance experts and scholars from across the world are gathered at the conference, held by billionaire George Soros.
The chosen venue has great historic significance -- this was the setting of the famous Bretton Woods Conference of 1944, which set the monetary system for the world as we now know it.
This is where the International Monetary Fund and what is now the World Bank were established, with the US dollar becoming the reserve currency for the world at this same conference.
Back in 1944 it was the United Nations that got together the allied countries towards the end of World War II. However, today it is a very different story.

This time it is billionaire George Soros bringing together two hundred intellectuals, with the belief that the current economic thinking and the current world monetary policy systems are no longer working.

Since the financial collapse shook the globe and reverberated all across the world, there hasn't been anything to replace the old system, something which might reflect the new world, where the US is not the one singular power that dictates economic policy.

The idea among the thinkers here is that there needs to be a system which reflects the fact that we live in a multi-polar world, a system which brings developing nations into the conversation. Many of these nations with booming economies have become rivals to developed nations such as the United States.

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