Popular George Soros Quotes

Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore what has happened as a result of the introduction of the euro is largely Germany’s its responsibility.


Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.


I give away something up to $500 million a year throughout the world promoting Open Society. My foundations support people in the country who care about an open society. It’s their work that I’m supporting. So it’s not me doing it.


What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.


By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.


There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place.


I passionately disagreed with Treasury Secretary Hank Paulson’s plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.


When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.


By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.


I passionately disagreed with Treasury Secretary Hank Paulson’s plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.


The people currently in charge have forgotten the first principle of an open society, namely that we may be wrong and that there has to be free discussion. That it’s possible to be opposed to the policies without being unpatriotic.


Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.


A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.


The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.


The secularization of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximizing fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.