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Financial Turmoil in Europe and the United States
Essays
Description
The dire economic situation we find ourselves in is not a result of economic forces alone, but of the policies pursued, and not pursued, by world leaders. In this collection of his recent writings on the global financial situation, George Soros presents his views and analysis of key economic policy choices leading up to, during, and following the financial crisis of 2008-2009.Soros explores domestic and international policy choices like how to manage the (then) potential implosion of Fannie Mae & Freddie Mac, deploying measures to stem global contagion from the sub-prime crisis, alternative options on bailing out lesser developed countries and why this was vital, the structural problems of European economic management, and more.Financial Turmoil in Europe and the United States elegantly distills the choices at hand, and takes the reader on a journey of real time economic policy work and experimentation.
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Praise
“This is a compilation of op-ed articles that the billionaire investor wrote as the euro crisis boiled up. As a retread, it displays Soros's knack for assessing market linkages and psychology on the fly.” Malaysia Star “Every essay is excellent in brevity and content, attesting to Soros' consummate skill as a writer and his level of expertise as an investor. The introduction being the lead-in to a more serious matter is the best. In an astounding clear prose Soros explains the root of the crisis, calling it the culmination of a super bubble built since the 1980s under the reign of Reaganomics and Thatcherism that advocated for minimal government interference. Soro's recount of the aftermath of the crisis is by far the clearest. Not only is the sequence of events covered relevant, the principles and beliefs shaping minds of policy makers assigned to carry out rescue efforts are bluntly refuted.” LSE Review of Books
Kirkus Reviews
“Soros is someone who has made his billions… anticipating the reaction of markets to ordinary realities, pleasant and otherwise—so it's well worth paying attention to his views on the world's financial systems. Not for the faint of heart or the innumerate. For policy and financial wonks, a bracing read.”Bloomberg “Soros has called himself ‘a failed philosopher.' He's actually a rarer species: A pathologist of market linkages and psychology -- a man who quickly grasps how an unhealthy growth of credit here will morph into a morbid bubble there. His diagnoses are clear, whether he's describing commodity index investing or former U.S. Treasury Secretary Henry Paulson's flawed plan to purchase distressed mortgage-backed securities.” New York Journal of Books
“The current financial crisis is explained concisely with eloquence. Understanding what is happening and what is to be done is reason enough to read Financial Turmoil. . . . Dr. Soros shows us once again in these essays that he is not only a competent trader. He is an admirable thinker, and an adept policy analyst. If we were all as good at political economy as he is there would be no financial bubbles—and there would probably be less financial turmoil.” Bloomberg
“Soros is someone who has made his billions… anticipating the reaction of markets to ordinary realities, pleasant and otherwise—so it's well worth paying attention to his views on the world's financial systems. Not for the faint of heart or the innumerate. For policy and financial wonks, a bracing read.”Bloomberg “Soros has called himself ‘a failed philosopher.' He's actually a rarer species: A pathologist of market linkages and psychology -- a man who quickly grasps how an unhealthy growth of credit here will morph into a morbid bubble there. His diagnoses are clear, whether he's describing commodity index investing or former U.S. Treasury Secretary Henry Paulson's flawed plan to purchase distressed mortgage-backed securities.” New York Journal of Books
“The current financial crisis is explained concisely with eloquence. Understanding what is happening and what is to be done is reason enough to read Financial Turmoil. . . . Dr. Soros shows us once again in these essays that he is not only a competent trader. He is an admirable thinker, and an adept policy analyst. If we were all as good at political economy as he is there would be no financial bubbles—and there would probably be less financial turmoil.” Bloomberg