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Monday, April 19, 2010

George Soros on the Economic Crisis

George Soros Perspectives


Financier George Soros, who initiated the Institute with a $50 million gift, gives his perspective on the Institute and some of the huge issues facing economists in the 21st century.
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Soros: Euro, EU Will Collapse if Germany Does not Make Concessions

George Soros :“The Germans have always made the concessions needed to advance the European Union, when people were looking for a deal. Not anymore,” Soros recently told Corriere della Sera. “That’s why the European project is stalled. And if it can’t go ahead from here, it will go backwards. It’s important to understand that if you don’t make the next steps forward for the euro, the euro will go to pieces and the European Union, too,”
George Soros on The Milan Based Italian News Paper Corriere Della Sera
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.