It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? …. To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.
~ George Soros: The Crisis of Global Capitalism (1998)
We (USA) have all we can do to regulate our own markets how R we to inpose unilateraly/ or by coalition oR version of virtue or even clean & honest trading?
If that is the best that government can do, I would give them an “F-“. They put a man on the moon but cannot run an orderly house at home. Methinks this failure was deliberate.
“By ye fruits ye shall know them” says The great book. Apply this to Mr Soros and it would disqualify him from being quoted. Socialist, interventionist and one world government advocate, albeit a polished one. The term “progressive” is such an irony for people such as Soros.
Also: “Judge not lest you be judged.”
I disagree with all three labels that you used. In my view George Soros is a “mensch”. He has spent a large portion of his wealth in the interest of improving the lives of others.
Hi Colin,
I too agree with Bluelead and thank you for the work you do and your take on the markets. As for the “judge not lest you be judged”, that would go close to being the most misapplied verse in the Bible. It’s prohibition on judging is that of us judging someone’s salvation, as we do not have the jurisdiction or the ability (but He will of course judge us). It is not a prohibition on making a judgement call on an issue, situation, or person, which we of course must do hundreds of times a day, and use the God-given brains we have.
That said, I recognise this is a markets site, not a theological one so I will stick to script and enjoy the commentary.
Thanks again,
Thank you for the correction. Perhaps “before you take the splinter out of your brother’s eye…..” may have been more appropriate.
Hi Colin,
First up, just want to say your research is hands down the best market commentry on the web – keep it up!
Secondly – just saw your comment on Thomas above. “Me thinks this failure was deliberate” – almost sounds tin-hat like thinking! You’re suggesting intentional mismanagement of the markets/economy?! If so, if be interested to hear why you think this is being done? Vested interests pulling the strings?
The sad part is that offshoring jobs and substituting domestically manufactured goods with cheaper imports doesn’t benefit anyone in the long-term. If you look at domestic manufacturers collectively, as a single unit, offshoring jobs and cheap imports will no doubt save $billions in costs every year. But the same actions will also cost $billions in sales when consumption falls as a result of lost manufacturing jobs.
…..its either intentional or incompetence. The latter seems unlikely.