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6 of 6 people found the following review helpful
5.0 out of 5 stars Practical solutions to the Credit Crisis.
This excellent book is a collection of newspaper and magazine articles written by George Soros between 2008 and 2011. He covers the stock market crash of 2008, financial reform, the worldwide credit crisis and the Eurozone crisis of 2011.

There are now plenty of books about the credit crisis but they mostly explain what happened without giving much of an...
Published on 25 Feb. 2012 by Baraniecki Mark Stuart

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3.0 out of 5 stars Some good commentary
Soros know his stuff when it comes to derivatives so its interesting to read those passages its just a shame he only gives his views and not a whole lot on their roots.
Published 13 months ago by DIOMIDES MAVROYIANNIS


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6 of 6 people found the following review helpful
5.0 out of 5 stars Practical solutions to the Credit Crisis., 25 Feb. 2012
This review is from: Financial Turmoil in Europe and the United States: Essays (Hardcover)
This excellent book is a collection of newspaper and magazine articles written by George Soros between 2008 and 2011. He covers the stock market crash of 2008, financial reform, the worldwide credit crisis and the Eurozone crisis of 2011.

There are now plenty of books about the credit crisis but they mostly explain what happened without giving much of an indication of how to find a way out. As of this writing (Feb. 2012) we are still in the thick of it and Soros' articles are usefully light on apportioning blame (we already know who did it) with the majority of space being dedicated to finding realistic solutions.

He sees the root of the problem in assets that were previously seen as riskless, but which are now, on the contrary, perceived as full of risk or maybe even worthless (e.g. AAA Sub Prime or Greek government bonds) and he goes directly to the point in suggesting that banks should keep their non-performing assets (it was their mistake after all) and receive large equity injections to keep them afloat and in the business of lending.
He accepts that this would be costly and he also sees a very important role for government in a) stopping the inflation of bubbles by controlling leverage and insisting on transparency b) banning outright credit default swaps that he sees as only serving to allow the completely dangerous unlimited shorting of bonds.

The sovereign debt/ Euro crisis is presented as needing serious and effective central financial control in the form of a European Treasury with the right to tax and control spending, although he recognizes the many political hurdles that need to be crossed to reach the finishing line of a safe Euro and responsible government budgets.

Soros bases his analysis throughout on a "reflexive" view of economic affairs in which positive or negative feedback cycles frequently distort supposedly "efficient " markets. He notes that investment/ speculation in new technology often shows reflexive distortions in the use of capital but he doesn't consider that reflexivity itself could be a natural mechanism that has evolved to ensure that every new niche is fully exploited. For example, in the relatively recent computing/internet boom, a great deal of capital was wasted but no one would dispute that it aided the eventual winners (e.g. Intel, Microsoft, Amazon or Google) to raise capital when they needed it.

Highly recommended.
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3 of 3 people found the following review helpful
5.0 out of 5 stars Far more than the sum of it's parts, 2 July 2012
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A. J. Smith (UK) - See all my reviews
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For followers of the global economy, George Soros needs no introduction. However, the unconventionally minded may be unsure about purchasing a book that is a collection of essays. This collection of essays is no mere cut and paste job, rather it is a riveting expose of the current financial predicament we are in, and a comprehensive set of solutions for the underpinnings of the global economy.
Published mainly in the Financial Times, the first collection of essays reflects mainly on the initial crash of 2008, and Soros's take on the political response.
The second part of the book is more Eurocentric, examining the danger of the Eurozone, and proposing a comprehensive set of measures for rectifying the situation and correcting the underlying flaws in the design of the Euro.
Central to Soros's work is the notion that a super bubble began in 1980 with the election of Ronald Reagan and the tenure of Margaret Thatcher. While this reviewer does not share such a critical view of the aforementioned leaders, it is difficult to escape the charges against certain elements of market fundamentalism, which have, many would argue, been at least a contributor to the current financial mess.
However, the flaws regarding the Euro are far more complex than mere market fundamentalism, and Soros abandons such rhetoric in the latter pages of the book.
Far more than a collection of essays, the book reads coherently as a well structured whole, and contains a wealth of insight into the troubled times in which we live, and the necessary solutions for rectifying the situation.
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3.0 out of 5 stars Some good commentary, 2 Feb. 2014
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Soros know his stuff when it comes to derivatives so its interesting to read those passages its just a shame he only gives his views and not a whole lot on their roots.
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Financial Turmoil in Europe and the United States: Essays
Financial Turmoil in Europe and the United States: Essays by George Soros (Hardcover - 24 Jan. 2012)
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