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Download Financial Turmoil in Europe and the United States: Essays fb2, epub

by George Soros

Download Financial Turmoil in Europe and the United States: Essays fb2, epub

ISBN: 1610391527
Author: George Soros
Language: English
Publisher: PublicAffairs; 1 edition (February 7, 2012)
Pages: 208
Category: Politics & Government
Subcategory: Politics
Rating: 4.8
Votes: 427
Size Fb2: 1789 kb
Size ePub: 1835 kb
Size Djvu: 1792 kb
Other formats: lrf lit lrf mbr


Receive George Soros’ articles and essays by mail. In this collection of essays written since the aftermath of the Crash of 2008, he addresses the urgent need for the . to restructure its banking and financial system

Receive George Soros’ articles and essays by mail. 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 . and European governments

Soros shows us once again in these essays that he is not only a competent trader

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.

George Soros is chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies. He was born in Budapest and lives in New York City.

Essays covering events and reasons of financial crisis in . and Europe. All of the essays in this book have been previously published in Financial times (most of them) at the time of crisis of 2008 and further eurozone crisis.

To read this book, upload an EPUB or FB2 file to Bookmate.

Financial Turmoil in Europe and the United States: Essays. To read this book, upload an EPUB or FB2 file to Bookmate.

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 discusses the euro zone crisis with CNBC's Maria Bartiromo See all. Photos.

Soros discusses the euro zone crisis with CNBC's Maria Bartiromo. George Soros on CNBC: More Needed to Safeguard Euro Zone. Despite recent actions by European regulators, billionaire investor George Soros told CNBC's Maria Bartiromo, more is needed to safeguard the teetering euro zone amid a possible Greek default. Financial Turmoil in Europe and the United States by George Soros See all.

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.

First, the buried lede, which comes late in the book: The European economy is pegged to the euro, and the euro is a patently flawed construct

First, the buried lede, which comes late in the book: The European economy is pegged to the euro, and the euro is a patently flawed construct. It is flawed, writes the author, because its architects had not yet formed the perfect-or even an imperfect-financial union sufficient to back the unified currency, expecting its flaws to be corrected, if and when they became acute, by the same process that brought the European Union into existence.

Enter Zip Code or city, state. Error: Please enter a valid ZIP code or city and state

Enter Zip Code or city, state. Error: Please enter a valid ZIP code or city and state. 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.

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.

Comments:

Duzshura
Any review of this book would have to start with what this book is and what its intended audience is. This book is not an original text but instead consists of a compilation of articles written for the Financial Times, New York Review of Books and the Wall Street Journal as well as testimony in front of the U.S. Senates' Commerce Committee. The bulk of these articles, about 80% of the total text, come from the articles written for the Financial Times. As such, they are written, obviously, for the audience that reads this paper - those very knowledgeable regarding macroeconomics and international finance. The articles assume that readers already have a good knowledge regarding those fields (i.e., at least equal to an upper level undergraduate economics major's education but more like that akin to an MA or MBA in the field). Readers without such a background would not obtain much from these articles.

The articles are assembled into four sections, each written in the years 2008 through 2011 inclusively. The articles begin with the onset of the crash in 2008 and end addressing the Euro crisis as it unfolded through the end of 2011. Those in the first half of the book (roughly) cover the need to provide liquidity to the banking and finance sectors in the immediate aftermath of the 2008 crash. Soros was opposed to the form of Paulson's original TARP plan, which would have provided Paulson with a blank check to act as he pleased, and instead proposed an injection of liquidity in the form of equity into the banking and finance systems instead. Soros makes the case that this would have been more efficient than ridding the banks of "toxic assets". Firstly, because it would have been quicker to engage in and secondly it would have avoided the issue of attempting to value the toxic assets which were very difficult to value anyway. What he overlooks, however, is the fact that this would have probably required the U.S. to nationalize many banks (much like Sweden did during its banking crisis of the 1990s). In these essays, like those throughout most in the book, he very unfortunately ignores the political feasibility of what he proposed albeit his strategies are excellent solutions, at least from a purely academic perspective.

In the essays covering 2009 and 2010 he mostly concentrates on reforms needed to bring bubbles under control or, at least, to mitigate their size. Examples of reforms he proposes in these sections of the book include passing legislature to make CDOs more transparent and reducing the degree of financial leverage. Again, these are good ideas and can work towards the goal of reducing bubbles but in terms of political feasibility they do not seem very likely, unfortunately, to pass the legislatures in either the U.S. or most of the major industrial nations. Considering how important political feasibility is, it is an issue that should have been addressed.

In the last section of the book, covering 2011, he looks at the topical issue (at least topical as of the beginning of 2012) of the Euro and how to solve (or at least mitigate) the problem of the Euro's liquidity. His recommendation is the creation of a Treasury to back the Euro (primarily through bond issuance and bond guarantees) along with providing the European Central Bank with more authority to control monetary supply. He makes the argument well that these steps are the only ones that can prevent a depression in Europe (and possibly the rest of the world being transmitted through Europe). Very unfortunately, again, his essays ignore the political reality. Particularly German opposition to the creation of such institutional changes. In addition, he ignores to address the issue of how much monetary reserves can be made available through such institutions and whether or not they will be sufficient for the purpose. These are two issues that should have been addressed, both in terms of how to overcome them and what the probability would be of overcoming them.

In short, Soros' "solutions" are intellectually sound, at least in the modern (and mainstream) framework of current lines of macroeconomic and international financial thought. His "solutions" are, pretty much, the same as those coming out of most central bankers and academic economists mouth. Very unfortunately, his articles do not address the very important issues of political (in all cases) and economic feasibility (in terms of what he proposes for the Euro). How feasible are his proposals in terms of probability of actually being implemented due to political or economic restraints? What can be done for their successful enactment (i.e., how can the political economic constraints inherent in his proposals be overcome)? These essays needed to include serious and in-depth discussions of these issues. The absence of such discussions prevents this reviewer from granting this collection of essays a five star rating.
Mallador
This excellent book is a collection of newspaper and magazine articles written by George Soros between 2008 and 2011 in which 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 the text 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.
Zovaithug
His understanding of the core issues regarding the financial meltdown is remarkable. He explains his ideas regarding the causes and calls out the impacts of policy decisions in real time as events are unfolding. With the benefit of hindsight his analyses have been shown to be accurate. This is a man who really understands how financial markets operate and it's not what they teach in business schools.
Kirizan
The brilliant George Soros is right on the mark a couple years ahead of the events. Europe is collapsing and the one percent really want that collapse. Soros is the guy with the sign walking the streets saying the "End of the World" Repent austerity sinners and look to Saint Keynes.
Villo
Great Essays and a play by play of the EU crisis. Being a market participant, when you read his views in summation after major events and even while it still is occurring. You must respect him and his ability to chart the environment, before it exist.
skriper
Soros proposes other time his vision related the misconceptions those often occur in the economic context.
But the interesting idea is that just those variations from the rules generate the feed-back what is able to resolve similar situations.
This theory talks about the fact that the errors, if they don't be too big, produce the limits for the knowledge itself.
But if we want research other types of solution to the crisis of 2008, we find many data and many interpretations, but we find also a big confusion about the methods those we should follow for exit from this crisis.
Fordrelis
Boring. Did I even finish it? Little to be learned from this.
I must learn more about finances. This is one way, but the hard way. George Soros writes interestingly, but if you are not up to date on financial matters, you may not get too much out of this.

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