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Gran Leon Books - The New Paradigm for Financial Markets: The Credit Crash of 2008 and What It Means
![The New Paradigm for Financial Markets: The Credit Crash of 2008 and What It Means]()
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List Price: $13.95
Our Price: $11.16
Your Save: $ 2.79 ( 20% )
Availability: Not yet published
Manufacturer: PublicAffairs
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Average Customer Rating:   
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Binding: Paperback
Dewey Decimal Number: 332
EAN: 9781586486990
ISBN: 1586486993
Label: PublicAffairs
Manufacturer: PublicAffairs
Number Of Items: 1
Number Of Pages: 208
Publication Date: 2009-05-11
Publisher: PublicAffairs
Release Date: 2009-05-11
Studio: PublicAffairs
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Editorial Reviews:
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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.George Soros, whose breadth of experience in financial markets is unrivalled, 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 a once in a lifetime moment', writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centres 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 the world.
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Spotlight customer reviews:
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Customer Rating:
Summary: Soros mixes recent history and economic philosophy.
Comment: This book is short, to the point, and easy to read. I strongly recommend the book to anybody who wants to understand the current economy or anybody with a passing interest in economics. This makes a GREAT gift for a friend who constantly preaches total abiding faith in economic forces. This book gently demonstrates a few problems with that philosophy.
Soros gives a brief account of economic history beginning with the repeal of the gold standard in 1972. He believes that the dominant economic philosophy of the past 30 years (conservative) has led us to the present housing crisis and he gives a recap of economic events to over this period. He offers an economic theory that contradicts the conservative dogma that markets always tend towards equilibrium. Soros claims that markets tend towards periodic bubbles for two reasons: (1) People have imperfect knowledge and (2) while institutions aptly consider the consequences of a single economic action (i.e. issuing a single sub-prime loan), they do not consider the consequences where that economic action is converted into a general policy (i.e. issuing sub-prime loans to everybody). He faults excessive deregulation of the financial industry for the present housing crisis and points out that the US taxpayer is eventually forced to bail out the system. Since market forces do not automatically protect tax payers, we have a right to be protected under a sensible set of regulations.
Customer Rating:
Summary: Mr. Soros tries prove something - what?
Comment: OK, let me state first - who is Mr. Soros and who's me - to make a critics there. But.
I was hesitating to write this, but I truly want, that if you are reading this review, you are making the decision, whether to get the book on your shelf or no.
1. I had read a lot of books, will read more, but such an EGO driven book is a one I face first time. Mr. Soros is trying to prove something to someone. Me, my, I, me, my father, I, me, us........... It's like a da ja vu, once you are at the end of book.
2. Mr. Soros is very good at telling us WHAT HAPPENED, and WHY it happened, saying that subprime crisis will lead to trouble (of course saying - but I knew it, but I knew it..lalala... all are dumb, all are stupid only me knew it).
3. All the time Mr. Soros is trying to prove, that he is not ONLY a SUCCESSFUL SPECULATOR (if you my reader stil are in doubt who is a winner, I will call all chapter as "SUCCESSFUL SPECULATOR"), byt he also a Philosopher, and as any extrapolated to cosmos ego driven maniac he is placing his name near a all antique Greek philosophers and more contemporary ones. In that way Mr. Soros is devoting a whole chapter to his cloudy Theory of Reflexivity, which says a lot words, a lot of everything, but it can e said in 2 words - you can not predict future events based on past because the knowledge of people are not absolute, and they behave as social creatures.
4. Well, yeah, great. So, what we do? If you say, that we scroll the economy factbooks and recycle them at nearest garbage bin what next?
5. Next is at the end of book. Mr. Soros is proudly announcing that he is going short US bonds (now biggest rally in history), and long on China stocks (hardest hit of equity markets last year).
6. Oh, you still think Mr. Soros write book not for his ego, but you my friend?
How about this - I am citing - "I will not write anything about Russian market because I do not want invest here"
Customer Rating:
Summary: Reality
Comment: After reading George Soros' book, The New Paradigm for Financial Markets, I can imagine him tracking us down, asking, "Can you hear me now?" Much of this new book revisits and explains again his earlier work, The Alchemy of Finance, and his theory of reflexivity. Under his theory, there is constant interaction between the objective dimension of cognitive analysis, and the subjective component of trying to beat other investors by taking particular actions. In both books he makes the case for imperfect markets, arguing against the prevailing theory of market equilibrium. Soros suggests that we would be well served if we worked toward a better understanding of the human condition. We are sorely mistaken if we think financial markets can be captured and understood solely by mathematics. He notes that the recent cycles of bubbles and bust prove his theory. The 162 pages of this book are well worth reading, and it's always interesting to listen to what a billionaire has to say.
Rating: Three-star (Recommended)
Customer Rating:
Summary: The ramblings of an old man who was once relevent
Comment: This book's point could have been made in one paragraph on a BLOG. The rest of the book is a waste of cellulose fibers. Soros is a brilliant investor who has an interesting theory that markets do not tend to equilibrium but are significantly effected by human emotion. Thus there is a bubble effect. There ya go - save your money for the book. The rest is just ramblings. If he were to do any real analysis it would have been worth the time to read.
It would be interesting to bring Milton Friedman back from the dead and have him and Soros on a 4 hour TV special to argue their points. Soros is clearly in conflict with Friedman and clearly in conflict with Bush administration shock politics (Naomi Klein) and clearly in keeping with the Obama socialist movement. Soros idea is a 'cheerleader in the bleechers' for the current wave of change in the US.
Customer Rating:
Summary: Let Soros's words speak for themselves...
Comment: I believe this quote from Ch. 8 expresses what Soros really thinks, as opposed to the many subtle to blatant distortions of some of the reviewers:
"Clearly an unleashed and unhinged financial industry is wreaking havoc with the economy. It needs to be reined in. Credit creation is by its nature a reflexive process. It needs to be regulated to prevent excess. We must remember, however, that regulators are not only human but also bureaucratic. Going overboard with regulations could severely impede economic activity...Credit availability not only fosters productivity but also flexibility and innovation. Credit creation should not be put in a straight jacket. The world is full of uncertainty, and markets can adjust to changing conditions much better than bureaucrats. At the same time, we must recognize that markets do not just passively adjust to changing circumstances but also actively contribute to shaping the course of events. They may create instabilities and uncertainties that make their flexibility so valuable. Markets should be given the greatest possible scope compatible with maintaining economic stability."
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