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Financial Turmoil in Europe and the United States: Essays Kindle Edition
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.
- LanguageEnglish
- PublisherPublicAffairs
- Publication dateJanuary 24, 2012
- File size495 KB
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Editorial Reviews
Review
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 otherwiseso 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 bubblesand there would probably be less financial turmoil.”
Bloomberg
About the Author
For more than three decades, George Soros has used philanthropy to battle against authoritarianism, racism and intolerance. Through his long commitment to openness, media freedom and human rights, he has attracted the wrath of authoritarian regimes and, increasingly, the national populists who continue to gain ground, particularly in Europe.
He is chairman of Soros Fund Management and founder of a global network of foundations dedicated to supporting open societies. Soros is the author of several bestselling books including The Crash of 2008 and The Crisis of Global Capitalism.
Product details
- ASIN : B006R6Z0WE
- Publisher : PublicAffairs; 1st edition (January 24, 2012)
- Publication date : January 24, 2012
- Language : English
- File size : 495 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 211 pages
- Best Sellers Rank: #2,003,161 in Kindle Store (See Top 100 in Kindle Store)
- #701 in Money & Monetary Policy (Kindle Store)
- #1,700 in Government & Business
- #1,905 in Economic Conditions (Kindle Store)
- Customer Reviews:
About the author
George Soros is the chairman of Soros Fund Management and the founder the Open Societies Institute, a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The New Paradigm for Financial Markets/The Crash of 2008 and What It Means, The Bubble of American Supremacy and The Age of Fallibility. He was born in Budapest and lives in New York City.
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Top reviews from the United States
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There are now plenty of books about the credit crisis but they mostly explain what happened without giving much of an indication of how to find a way out. As of this writing (Feb. 2012) we are still in the thick of it and Soros' articles are usefully light on apportioning blame (we already know who did it) with the majority of the text dedicated to finding realistic solutions.
He sees the root of the problem in assets that were previously seen as riskless, but which are now, on the contrary, perceived as full of risk or maybe even worthless (e.g. AAA Sub Prime or Greek government bonds) and he goes directly to the point in suggesting that banks should keep their non-performing assets (it was their mistake after all) and receive large equity injections to keep them afloat and in the business of lending.
He accepts that this would be costly and he also sees a very important role for government in a) stopping the inflation of bubbles by controlling leverage and insisting on transparency b) banning outright credit default swaps that he sees as only serving to allow the completely dangerous unlimited shorting of bonds.
The sovereign debt/ Euro crisis is presented as needing serious and effective central financial control in the form of a European Treasury with the right to tax and control spending, although he recognizes the many political hurdles that need to be crossed to reach the finishing line of a safe Euro and responsible government budgets.
Soros bases his analysis throughout on a "reflexive" view of economic affairs in which positive or negative feedback cycles frequently distort supposedly "efficient " markets. He notes that investment/ speculation in new technology often shows reflexive distortions in the use of capital but he doesn't consider that reflexivity itself could be a natural mechanism that has evolved to ensure that every new niche is fully exploited. For example, in the relatively recent computing/internet boom, a great deal of capital was wasted but no one would dispute that it aided the eventual winners (e.g. Intel, Microsoft, Amazon or Google) to raise capital when they needed it.
Highly recommended.
Even more importantly, it gives us indicators to monitor in order to "guesstimate" the future outcome of today's actions aimed at correcting the situation. In all, a good read and more worries for our future.
If you haven't, give this a try. His theory of financial reflexivity is very interesting. But when every book revolves around it, you are wasting your time. And he isn't a fan of the free market system, which is contradictory because he used the free market system to short the Pound and almost break the Bank of England.
Top reviews from other countries
Published mainly in the Financial Times, the first collection of essays reflects mainly on the initial crash of 2008, and Soros's take on the political response.
The second part of the book is more Eurocentric, examining the danger of the Eurozone, and proposing a comprehensive set of measures for rectifying the situation and correcting the underlying flaws in the design of the Euro.
Central to Soros's work is the notion that a super bubble began in 1980 with the election of Ronald Reagan and the tenure of Margaret Thatcher. While this reviewer does not share such a critical view of the aforementioned leaders, it is difficult to escape the charges against certain elements of market fundamentalism, which have, many would argue, been at least a contributor to the current financial mess.
However, the flaws regarding the Euro are far more complex than mere market fundamentalism, and Soros abandons such rhetoric in the latter pages of the book.
Far more than a collection of essays, the book reads coherently as a well structured whole, and contains a wealth of insight into the troubled times in which we live, and the necessary solutions for rectifying the situation.