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
Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.
We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.
I am for maximum supervision and minimum regulation.
Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention, and I wouldn't underestimate the value of that. But they're not designed to take care of social needs.
In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.
If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.
A full and fair discussion is essential to democracy.
I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.
The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).
As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.
It is credit that matters, not money (in other words, monetarism is a false ideology).
When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.
When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.