ISTANBUL (AA) - World-famous U.S. speculator and investor George Soros said on Wednesday that governments should restrict hot money flows.
In a conference on ''how better a role the United States can have in the world'' held in Turkish commercial hub of Istanbul, Soros referred to the fact that the United States became the single super power in the world.
''United States determines the agenda of the world, the fate of the world is determined in Washington D.C.,'' said Soros.
Noting that the problems in the current world order could only be resolved by cooperation, Soros said that problems couldn't be resolved by the dictation of one power.
Soros commented that nationalism was on the rise in all parts of the world, stressing that the effect of it (nationalism) was also seen in the rejection of the EU Constitution by French and Dutch peoples.
When asked what the biggest impediment in the US policy of bringing democracy to the Middle East was, Soros said that ''the reply is easy, the United States lost its legitimacy by occupying Iraq. Democracy can't come true by military power, the destiny (of people) can't be imposed on them (the people).''
Upon a question on 'hot money,' a concept used for very short term capital movements, Soros expressed concern about it, saying that governments should restrict hot money flows.
I CAN CONSIDER IT IF THERE IS ANY OPPORTUNITY TO INVEST IN TURKEY
Answering questions of reporters after the conference, Soros said that Turkey was an attractive and suitable country for investors, and noted, ''I can consider it if there is any opportunity to invest (in Turkey).''
Upon a question regarding democracy, Soros said, ''the United States is working to strengthen democracy around the world. Islam is influential in Turkey, but democracy is good here. President Bush will support you. There can be differences of opinion, but Mr. Bush will respect it.''
Assessing the (ruling) Justice & Development Party (AKP), Soros said, ''Turkey has made impressive progress during the rule of AKP. There are still some deficiencies in democracy, but these deficiencies can also be seen in the United States.''
Asked if Turkey should be included in the Greater Middle East Initiative or the European Union (EU), Soros said, ''these are not the alternatives of each other. Turkey should be more European, and democracy should be supported.''

2005-06-08