The New Paradigm For Financial Markets
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In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world. The Washington Post - Peter Behr George Soros is a billionaire speculator whose voice is amplified by real money. His distaste for the Bush administration runs deep: He put millions of dollars into Sen. John Kerry's 2004 presidential campaign. Yet his account of the credit crash is personal and revealing, not mere political bashing.
Setting the StagePt. 1 Perspective1 The Core Idea 32 Autobiography of a Failed Philosopher 123 The Theory of Reflexivity 254 Reflexivity in Financial Markets 51Pt. 2 The Current Crisis and Beyond5 The Super-Bubble Hypothesis 816 Autobiography of a Successful Speculator 1067 My Outlook for 2008 1228 Some Policy Recommendations 142Conclusion 153Acknowledgments 161About the Author 163
