Soros: U.S. Must Save Emerging Markets

Wednesday, October 29, 2008 9:56 AM

By: Julie Crawshaw

Billionaire George Soros warns that the United States must act immediately to save emerging-market countries from the global financial crisis.

Developed countries enjoy far more regulatory power over financial markets than do emerging markets, Soros writes in the Financial Times.

As evidence, Soros cites the veto rights the United States holds at the International Monetary Fund (IMF).

The result of this imbalance is that international monetary policies provide less stability and protection for emerging markets.

“The so-called Washington Consensus imposed strict market discipline on other countries, but the U.S. was exempt from it,â€