In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivaled, places the crisis in the context of his decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. 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.
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About the Author
George Soros is chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The Bubble of American Supremacy, Underwriting Democracy, and The Age of Fallibility. He was born in Budapest and lives in New York City.
Table of Contents
Setting the Stage xiii
The Core Idea 3
Autobiography of a Failed Philosopher 12
The Theory of Reflexivity 25
Reflexivity in Financial Markets 51
The Current Crisis and Beyond
The Super-Bubble Hypothesis 81
Autobiography of a Successful Speculator 106
My Outlook for 2008 122
Some Policy Recommendations 142
About the Author 163