The Crash of 2008 and What It Means
George Soros
The New York Times Bestseller
'Soros' message for citizens, investors, politicians and regulators is to approach this new economy and new political order with humility. Be flexible and never dogmatic. Strive to find truth while realizing it's unattainable. It's false certainty that trips us up, in both investing and life.'
(Forbes.com)'It's time for a change in economic thinking, says Soros. The next generation of economists will have to understand financial bubbles rather than ignore them... They would be well advised to give Soros's theory of reflexivity serious consideration.'
Edward Chancellor (The Sunday Times (UK))'They're wrong about oil, by George: In short, the standard economic assumption that supply and demand drive prices is only a starting point for understanding financial markets. In boom-bust cycles, the textbook theory is not just slightly inaccurate but totally wrong. This is the main argument made by George Soros in his fascinating book on the credit crunch, The New Paradigm for Financial Markets.'
(London Times)George Soros on the Crash of 2008:
‘In the previous edition of this book, I put forward a conceptual framework for understanding the financial crisis then beginning to unfold. I recognized that the crisis was more severe than many were willing to accept, but even I never expected the financial system to actually break down and the global economy to collapse. In the past, whenever we came to the brink of a breakdown the financial authorities came to the rescue. That is what I expected for 2008, but that is not what happened. On September 15, 2008, Lehman Brothers was allowed to go into bankruptcy without proper preparation. Within days the entire financial system suffered what amounted to cardiac arrest and had to be put on artificial life support. The effect on the global economy was the equivalent of the collapse of the banking system during the Great Depression. The current breakdown is a relatively recent event whose full impact has not yet been felt …
‘Recognising this point is essential for understanding where we are and what policies we should follow …’
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 global implications.
Soros's 'account of the credit crash is personal and revealing, not mere political bashing.'
Peter Behr (Washington Post)'fascinating'
(Sydney Morning Herald)George Soros
George Soros is Chairman of Soros Fund Management, LLC and founder of The Open Society Institute.
He was born in Budapest in 1930. After surviving the Nazi occupation and then fleeing communist Hungary for England, he graduated from the London School of Economics. He then settled in the United States, where he accumulated a large fortune through the investment advisory firm he founded and managed.
Soros has been active as a philanthropist since 1979, and has established a network of philanthropic organisations that are now active in more than 50 countries. These organisations are dedicated to promoting the values of democracy and an open society. The foundation network itself spends about $400 million annually.
Soros is the author of several best-selling books, including The Bubble of American Supremacy. Underwriting Democracy, and The Age of Fallibility. He lives in New York City.
Website: http://www.georgesoros.com/
Buy from Readings
Extent: 288pp
Size: 210mm x 135mm
ISBN (13): 9781921372858
RRP: $27.95
Pub date: April 2009
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