The New Paradigm For Financial Markets » (Bargain)

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.

In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. 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.

The Washington Post - Peter Behr

George Soros is a billionaire speculator whose voice is amplified by real money. His distaste for the Bush administration runs deep: He put millions of dollars into Sen. John Kerry's 2004 presidential campaign. Yet his account of the credit crash is personal and revealing, not mere political bashing.

Setting the Stage

Pt. 1 Perspective

1 The Core Idea 3

2 Autobiography of a Failed Philosopher 12

3 The Theory of Reflexivity 25

4 Reflexivity in Financial Markets 51

Pt. 2 The Current Crisis and Beyond

5 The Super-Bubble Hypothesis 81

6 Autobiography of a Successful Speculator 106

7 My Outlook for 2008 122

8 Some Policy Recommendations 142

Conclusion 153

Acknowledgments 161

About the Author 163