Willem Middelkoop: OMFIF Report Says China Talks about Bretton Woods Issues

Willem Middelkoop has just published a new blog article in which he shares the contents of a recent OMFIF publication. The OMFIF is one of the leading sources of information on the topics we cover here and Mr. Middelkoop is on their Advisory Board. Below are some quotes from his blog article which I believe has some significant news in it related to what we are following here.

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"We have found some new confirmation China is discussing a reset of world’s financial system with other ‘leading countries’, just like was done during the Bretton Woods Conference in 1944. In an OMFIF-publication, the second highest ranking Chinese banker within the IMF, Dr Jin Zhongxia stated; ‘The topics currently discussed among the leading countries are not significantly different from those debated at the Bretton Woods conference. Those who open up and learn from the dusty archives of Bretton Woods may perhaps gain insights into many other issues relevant today.’"

. . . . . 

"During The Bretton Woods Committee Annual Meeting 2015 a discussion between investor and philanthropist George Soros and Committee Co-Chair James D. Wolfensohn on the future of the Bretton Woods System was organized. According to the Committee’s website; ‘Soros remarked that the Bretton Woods institutions (IMF and World Bank -WM) have now “lost their monopoly,” and the world has broken into two “rival camps.”

Click here to read the full blog article

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My added comments: 

If the statement quoted from George Soros above is true, this is very significant news. It suggests that the ongoing rift between China and the BRICS and the US/West is very real. Some have suggested that the rift might be more for theatrics than a genuine split. Soros comments here imply that it is possible that a full scale split into "two rival camps" could be happening. This would make it very difficult to implement any kind of true global central bank or global reserve currency. You cannot have a split on these issues between what amounts to half the world on each side and expect global cooperation to move forward smoothly. We have noted a number of articles recently here on the blog which talk about the breakdown in global cooperation as well.

This is important information in relation to the two big questions we are following here:

1) Will we get another major financial crisis worse than 2008?
2) Will the SDR used at the IMF eventually become a global reserve currency?

If we get a full scale split (the world has broken into two "rival camps") as Soros describes, it makes it much more difficult to get a yes answer to question #2. Interestingly, if we get a yes answer to question #1, it might cause the rival camps to set aside differences and come together to get a yes answer on question #2 as a way to try and resolve a crisis.

Thank you to Mr. Middelkoop for sharing this information as it bears directly on what we follow here on the blog. He has also been a good friend to the blog as well which we appreciate.
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Added news note 1pm:

The US Fed announces it will leave interest rates unchanged. This decision makes Jim Rickards prediction on this correct. He still sees no rate hike any time this year.