Financial Turmoil in Europe and the United States Essays

by Soros, George

• ISBN13: 9781610391528
• ISBN10: 1610391527
• Edition: 1st
• Format: Hardcover
• Copyright: 2012-02-07
• Publisher: PublicAffairs

Summary

Financial Turmoil in Europe and the United Statesshows George Soros responding in real time to a rippling earthquake of financial instability. In this collection of essays written since the aftermath of the Crash of 2008, he addresses the urgent need for the U.S. 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 U.S. and European governments. Soros was among the first to appreciate the scale of the disruption, and that "these are not normal times." His analysis is cogent, informed by years as a fund manager and supporter of European integration. His concern for the eurozone's future is palpable, as the markets test Europe's banks and political processes to the brink of destruction, to a degree never before seen-or foreseen-since the creation of the European Community.

Author Biography

George Soros was named as the Financial Times Person of the Year for 2018, citing the standard bearer of liberal democracy and open society: the ideas which triumphed in the cold war, now under siege from all sides, from Vladimir Putin's Russia to Donald Trump's America.

For more than three decades, George Soros has used philanthropy to battle against authoritarianism, racism and intolerance. Through his long commitment to openness, media freedom and human rights, he has attracted the wrath of authoritarian regimes and, increasingly, the national populists who continue to gain ground, particularly in Europe.

He is chairman of Soros Fund Management and founder of a global network of foundations dedicated to supporting open societies. Soros is the author of several bestselling books including The Crash of 2008 and The Crisis of Global Capitalism.

Table of Contents

Introduction	p. vii
2008: After the Crash
"The Worst Market Crisis in 60 Years"	p. 3
"The Perilous Price of Oil"	p. 8
"Paulson Cannot Be Allowed a Blank Check"	p. 18
"Recapitalise the Banking System"	p. 22
"How to Capitalise the Banks and Save Finance"	p. 25
"America Must Lead a Rescue of Emerging Economies"	p. 29
2009: The Right and Wrong Financial Reform
"The Right and Wrong Way to Bail Out the Banks"	p. 3 5
"Peripheral Care Should Be the Central Concern"	p. 39
"One Way to Stop Bear Raids"	p. 43
"The Three Steps to Financial Reform"	p. 47
"Do Not Ignore die Need for Financial Reform"	p. 52
2010: The Crisis Goes Global
"The Euro will Face Bigger Tests than Greece"	p. 59
"Reforming a Broken Mortgage System"	p. 63
"America Must Face Up to the Dangers of Derivatives"	p. 69
"The Crisis and the Euro"	p. 73
"America Needs Stimulus Not Virtue"	p. 90
"China Must Fix the Global Currency Crisis"	p. 95
"Europe Should Rescue Banks before States"	p. 100
2011: The Eurozone
"How Germany Can Avoid a Two-Speed Europe"	p. 107
"True Europeans Now Need a 'Plan B'"	p. 111
"Germany Must Defend the Euro"	p. 116
"Three Steps to Resolving the Eurozone Crisis"	p. 120
"Does the Euro Have a Future?"	p. 124
"How to Stop a Second Great Depression"	p. 134
"A Routemap through the Eurozone Minefield"	p. 139
"A Seven Point Plan to Save the Eurozone"	p. 144
"The ECB Must Step in to Save the Eurozone"	p. 147
Index	p. 153
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