U.S. Policies Evoke Scorn at Davos - New York Times

U.S. Policies Evoke Scorn at Davos - New York Times: "For George Soros, the financier who made a fortune betting against the British pound, the slump now goes beyond subprime loans. It signals a reordering of the postwar economy and the end of dollar dominance.

“The current crisis is not only the bust that follows the housing boom,” Mr. Soros declared. “It’s basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency.”

Suggestions of a new economic order abounded here: India’s commerce and industry minister, Kamal Nath, said that China had overtaken the United States as his country’s largest trading partner, buttressing his view that India could come through an American recession unscathed.

The head of the National Bank of Kuwait, Ibrahim S. Dabdoub, said Americans who opposed sovereign wealth funds, like the one run by the Kuwaiti government, need to come to terms with the new reality."
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