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Soros sees end of US-led globalized market system | Markets | Bonds News | Reuters
WASHINGTON, Oct 12 (Reuters) - Billionaire investor George Soros predicted on Sunday that the financial crisis would mean the end of a U.S.-led market system that has dominated the global economy with debt and deregulation since the 1980s.
"Globalization, America as the center of the globalized financial markets, was sucking up the savings of the world," Soros said in a CNN interview.
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"This belief became the dominant creed. And this, then, led to the globalization of markets, the deregulation of markets and the increased use of leverage and all the financial engineering," Soros said.
"This whole enormous construct is built on false conceptions," he added. "You can go a very long way. But in the end, reality rears its ugly head and that's what happened now."
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"The age of Reaganism is over," Sachs said in a separate CNN interview. "The no-regulation, low-taxes (philosophy) has broken the back of our economy. We now have to get serious about reconstructing normal government that pays its way and a normal financial sector that's properly regulated."