Financial Turmoil in Europe and the United States: Essays

Financial Turmoil in Europe and the United States: Essays

Financial Turmoil in Europe and the United States: Essays

Financial Turmoil in Europe and the United States: Essays

Synopsis

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.

Excerpt

by George Soros

This series of essays published mainly in the Financial Times and the New York Review of Books constitutes a continuation of my previous books on the financial crisis— The New Paradigm for Financial Markets (2008) and The Crash of 2008 and What it Means (2009). It brings the story of the super bubble, which I contend started in 1980, up to date.

In 1980, when Ronald Reagan was elected president of the United States and Margaret Thatcher was prime minister of the United Kingdom, market fundamentalism became the dominant creed in the world. Market fundamentalists believe that financial markets would assure the optimum allocation of resources if only governments stopped interfering . . .

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