Soros George - The new paradigm for financial markets


Author : Soros George
Title : The new paradigm for financial markets The credit crisis of 2008 and what it means
Year : 2008

Link download : Soros_George_-_The_new_paradigm_for_financial_markets.zip

Introduction. We are in the midst of the worst financial crisis since the 1930s. In some ways it resembles other crises that have occurred in the last twenty-five years, but there is a profound difference: the current crisis marks the end of an era of credit expansion based on the dollar as the international reserve currency. The periodic crises were part of a larger boombust process; the current crisis is the culmination of a superboom that has lasted for more than twenty-five years. To understand what is going on we need a new paradigm. The currently prevailing paradigm, namely that financial markets tend towards equilibrium, is both false and misleading; our current troubles can be largely attributed to the fact that the international financial system has been developed on the basis of that paradigm. The new paradigm I am proposing is not confined to the financial markets. It deals with the relationship between thinking and reality, and it claims that misconceptions and misinterpretations play a major role in shaping the course of history. ...

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