George Soros
George Soros
George Sorosis a Hungarian-American business magnate, investor, philanthropist, political activist and author who is of Hungarian-Jewish ancestry and holds dual citizenship. He is chairman of Soros Fund Management. He is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of pounds, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis. Soros is one of the 30 richest people in the world...
NationalityHungarian
ProfessionEntrepreneur
Date of Birth12 August 1930
CityBudapest, Hungary
Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and U.S. government bonds into real assets.
I think the (Brazilian) government has done most of the things it promised to do on the fiscal front, ... However, it has mismanaged the process so badly that the currency overshot.
Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. That is absurd.
However, even a strong government can't perform miracles. It needs money from the taxpayers.
I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
You need a government that believes in government. It also believes in markets and wants to give markets the best, the greatest opportunity, but is trying to govern well.
I think that my foundation uses the money better than the government does. In any event, I do pay taxes.
To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.
You could adjust the punishment to fit the infraction. Even a small fine would be enough to bring an errant government to heel.
I call government that works the best for people open society, which is basically just another more general term for a democracy that is - you call it maybe a liberal democracy. It's not only majority rule but also respect for minorities and minority opinions and the rule of law. So it's really a sort of institutional democracy.
Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities. They really kicked off this crisis. The state should set the rules and enforce them but not become involved as a market player.