Synopses & Reviews
Financial Turmoil in Europe and the United States shows George Soros responding in real time to a rippling earthquake of financial instability. In this collection of essays written since the aftermath of the Crash of 2008, he addresses the urgent need for the U.S. to restructure its banking and financial system. He anticipates the globalization of the crisis and, in particular, its perilous second phase in Europe; and finally he calls for concerted international action.
While charting the journey from the American mortgage crisis to riots in Athens, Soros often reveals an alternate course to that chosen by the U.S. and European governments. Soros was among the first to appreciate the scale of the disruption, and that “these are not normal times.” His analysis is cogent, informed by years as a fund manager and supporter of European integration. His concern for the eurozone’s future is palpable, as the markets test Europe’s banks and political processes to the brink of destruction, to a degree never before seen—or foreseen—since the creation of the European Community.
“Soros is someone who has made his billions… anticipating the reaction of markets to ordinary realities, pleasant and otherwise—so 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.”
Soros is someone who has made his billions
anticipating the reaction of markets to ordinary realities, pleasant and otherwiseso its well worth paying attention to his views on the worlds 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. Hes 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 hes describing commodity index investing or former U.S. Treasury Secretary Henry Paulsons 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 This is a compilation of op-ed articles that the billionaire investor wrote as the euro crisis boiled up. As a retread, it displays Soross knack for assessing market linkages and psychology on the fly.” 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 A curious combination of philosophy, finance and policy advice
His analysis is extremely authoritative and by pursuing his theory of reflexivity, his account has a certain uniqueness. It is also re-assuring to find that his argument is sufficiently complex as to be almost contradictory at times. Many accounts of the crisis seem to work the facts around a pre-determined narrative; Soros works his narrative around the facts
The book is a brisk and easy read, which contains such diversity of opinion as to interest anyone with an eye on recent events.”
The legendary financier reflects on key problems in the deepening global economic crisis since publication of his international bestseller The New Paradigm for Financial Markets: The Crash of 2008
The dire economic situation we find ourselves in is not a result of economic forces alone, but of the policies pursued, and not pursued, by world leaders. In this collection of his recent writings on the global financial situation, George Soros presents his views and analysis of key economic policy choices leading up to, during, and following the financial crisis of 2008-2009.
Soros explores domestic and international policy choices like how to manage the (then) potential implosion of Fannie Mae & Freddie Mac, deploying measures to stem global contagion from the sub-prime crisis, alternative options on bailing out lesser developed countries and why this was vital, the structural problems of European economic management, and more.
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.
About the Author
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 New Paradigm for Financial Markets: The Crash of 2008
; The Crisis of Global Capitalism
; The Bubble of American Supremacy
; Underwriting Democracy
; and The Age of Fallibility
. He was born in Budapest and lives in New York City.