(MONEY NEWS) — Hedge fund legend George Soros says a new currency system is needed, with the IMF’s special drawing right (SDR) at its center, in place of the U.S. dollar.
“I believe that basically the system is broken and needs to be reconstituted,” Soros told the Financial Times. “We cannot afford to have the kind of chronic and mounting imbalances in international finance.”
So what’s the answer? “The special drawing rights do give you the makings of a system,” Soros says.