The Soros Archive
Every major Soros text — books, speeches, interviews, and essays — indexed by concept and historical period.
Quantum Fund era and philosophical foundations
The Alchemy of Finance
Soros introduces his theory of reflexivity — the idea that financial markets are shaped by the biased perceptions of participants, creating self-reinforcing feedback loops that cause markets to deviate systematically from equilibrium. The book documents his real-time trading experiment to test reflexivity in action.
Joint Ventures: A Way to Make Perestroika Work
Soros argues that perestroika cannot succeed without an infusion of managerial and entrepreneurial skills from abroad, and proposes joint ventures funded by convertible-currency consumer goods as enclaves of efficiency in the collapsing Soviet economy.
How to Help Poland
When the heads of state meet in Paris later this month, they will have Poland on the agenda. It will be one item out of many, and there is a danger that they will miss an opportunity that comes along only once in a great while.
Incredible Shrinking Superpowers
There are two main objections that have been raised in the United States against actively supporting Soviet President Mikhail Gorbachev. One is that Gorbachev may not last. If we go too far in dismantling our defenses, we may find ourselves confronting a different regime that has only one card left to play: military aggression.
A Cold-Cash Winter Proposal for Russia
With Gaidar's reform government expiring and Russia facing disintegration without end, Soros urges Western governments to fund a social safety net — minimum subsistence for the unemployed — as the last chance to keep Russian reform alive.
Termites Are Devouring Hungary
Disturbed by recent events in Hungary, I recently wrote the following letter to Prime Minister Jozsef Antall:
Prospect for European Disintegration
Soros's 1993 Aspen lecture: applying boom-bust logic to the European Community, he warns that a union built on Maastricht's far-from-equilibrium arrangements risks disintegration rather than deeper integration — with open society as the criterion for judging Europe's evolution.
Toward a New World Order: The Future of NATO
With the Cold War superpower order dead, Soros argues the West needs a new world order built around an expanded NATO and a strengthened United Nations to secure the former communist world's transformation.
The Soros Foundations Network
There is a certain irony in my addressing a conference of European foundations because I take a very jaundiced view of philanthropic activities in general and I am particularly opposed to conferencing and networking-not working I call it. In my opinion, philanthropy goes against the grain because our civilization is built upon the pursuit of self-i…
The Theory of Reflexivity
Soros presents the most systematic formulation of reflexivity to an academic audience, arguing that standard economic theory is fatally flawed by its assumption of rational actors and efficient markets. He proposes reflexivity as a replacement paradigm for social science.
Toward Open Societies
In the last five years I have devoted much of my time, energy, and money to Central and Eastern Europe and the former Soviet Union because I believed that the collapse of the Soviet system was a revolutionary event whose outcome would shape the course of history.
Postpone the Bosnian Elections
I am deeply committed to making the Dayton peace process work. My foundation, among its many projects, has prepared a $15 million plan for providing pluralistic TV broadcasting to most of Bosnia prior to the elections, and the U.S. and European governments have pledged substantial funds to turn the plan into reality. Yet I feel compelled to voice a…
Relighting a Lamp Outside America’s Darkening Door
Soros announces a broadening of his philanthropy from building open societies in Central and Eastern Europe to repairing open-society values at home in the United States.
The Drug War Cannot Be Won
Like many people, I was delighted this past November when voters in California and Arizona approved, by substantial margins, two ballot initiatives that represent a change in direction in our drug policies. The California initiative legalized the cultivation and use of marijuana for medicinal purposes. The Arizona initiative went further, allowing…
I’m Ready to Fund Organized Programs
In the wake of Littleton and youth violence in New York, Soros offers major matching funds for after-school programs and chastises city leaders unwilling to budget their share.
To Avert the Next Crisis
So will it be business as usual in 1999? The recent dramatic volatility in financial markets is but a distant memory. The miseries of Russians and Indonesians seem far away. But the global financial system still has fundamental flaws. Unless these problems are addressed and we learn the lessons of the past year, the system is liable to collapse.
Ukraine: It Isn’t Enough to Shed Communism
Kuchma's re-election, won with strongarm tactics and tainted privatization, falls short of a democratic mandate; shedding communism is not enough — Ukraine needs accountable institutions.
End the Estate Tax? No, Keep It Alive To Help the Needy
Supporters of repealing the estate tax say the legislation would save family farms and businesses and lift a terrible and unfair burden. I happen to be fortunate enough to be eligible for the tax benefits of this legislation, and so I wish I could convince myself to believe the proponents’ rhetoric. Unfortunately, it just isn’t so.
How to Encourage the Balkans
The fall of Slobodan Milosevic does not cure the political woes of the Balkans; it raises their urgency.
Who Lost Russia?
The collapse of the Soviet empire in 1989 and the Soviet Union in 1991 offered a historic opportunity to transform that part of the world into open societies; but the Western democracies failed to rise to the occasion and the entire world has to suffer the consequences. The Soviet Union and later Russia needed outside help because an open society i…
Open Society advocacy and market reform
Assembling Afghanistan
The United States and its allies are winning the war in Afghanistan. But the danger is that a short-sighted vision of what our role should be once the Taliban have been removed from power still could lose the peace.
Step Aside, Mr. Kuchma
The future of Ukraine as an independent democratic state hangs in the balance. President Leonid Kuchma stands accused of complicity in the murder of Georgy Gongadze, a journalist whose headless and mutilated body was identified this week, months after his disappearance The revelations about Mr Kuchma’s alleged involvement in a host of crimes from m…
Don’t Blame Brazil
The International Monetary Fund’s $30bn rescue package for Brazil was larger than expected, and should have brought relief to the markets. But it did not. After an initial rally, bond interest rates have settled at levels incompatible with long-term solvency.
Bush’s Inflated Sense of Supremacy
With U.S. and British troops poised to invade Iraq, the rest of the world is overwhelmingly opposed. Yet Saddam Hussein is generally seen as a tyrant who must be disarmed and the United Nations Security Council has unanimously demanded that he disclose and destroy his weapons of mass destruction. What has gone wrong?
In Ever-Richer European Union, Roma Still Live in Abject Poverty
The newly expanded European Union will stretch from the Atlantic to the Aegean, from the Arctic to the Mediterranean. Europeans will have 23 official languages in which to discuss how to spend their common currency. Borders have been knocked down, and cooperation has increased. The E.U., however, has not been a partnership for all its citizens.
Why I Gave
I and a number of other wealthy Americans are contributing millions of dollars to grass-roots organizations engaged in the 2004 presidential election. We are deeply concerned with the direction in which the Bush administration is taking the United States and the world.
Europe Must Take a Wider View of the Future
The Wider Europe Initiative, launched recently by the European Commission to manage relations with its neighbors, looks great on paper. But the plan will be doomed to obscurity if it is allowed to moulder in the European bureaucracy.
Playing Into Their Hands
The Bush administration is in the habit of waging personal vendettas against those who criticize its policies, but bit by bit the evidence is accumulating that the invasion of Iraq was among the worst blunders in U.S. history.
Putin’s Heavy Hand Could Halt Russia’s Rise
President Vladimir Putin of Russia has thrown the gauntlet to civil society. In an address to the nation last month he made clear that the state reigns supreme. His speech drove home just how grim Russia’s political landscape has become.
Why I Have Campaigned Across America to Put John Kerry in the White House
I have been criss-crossing the United States for the past three weeks, arguing against the re-election of President Bush. I feel strongly that he has led us in the wrong direction. The invasion of Iraq was a colossal blunder, and only by rejecting the President at the polls can we hope to escape from the quagmire in which we find ourselves.
Azerbaijan Should Seek Real Democracy by Election
In country after country in the former Soviet Union, people angered by rigged elections have toppled a string of entrenched, corrupt leaders. While their actions boosted prospects for democracy, Azerbaijan should not see this as a model to emulate when it goes to the polls in November.
Transparency Can Alleviate Poverty
Countries that are rich in natural resources are often poor because exploiting those resources takes precedence over good government. Competing oil and mining companies, backed by their governments, have often been willing to deal with anyone who could assure them of a concession. This has bred corrupt and repressive governments and armed conflict.…
A New Bargain for UN Reform
The United Nations is torn apart by internal tensions. No sooner was the controversy over the creation of a Human Rights Council satisfactorily resolved than a new battle has erupted. The United States is pressing for administrative reforms and threatening to cut off funding if the reforms are not forthcoming.
A Self-Defeating War
The war on terror is a false metaphor that has led to counterproductive and self-defeating policies. Five years after 9/11, a misleading figure of speech applied literally has unleashed a real war fought on several fronts — Iraq, Gaza, Lebanon, Afghanistan, Somalia — a war that has killed thousands of innocent civilians and enraged millions around…
Back to Afghanistan
While the unremitting violence in Iraq grabs the world’s headlines, Afghanistan still struggles for peace. The country’s parliament is packed with warlords, the drug trade is thriving, and violence is on the rise.
Interview with Harvey Blume
“I got lost in philosophical abstractions,” writes 75-year-old billionaire philanthropist George Soros, about his attempt, decades ago, to compose a philosophical treatise. “I decided to quit and devote myself to making money.”
Remarks delivered at the EPC – OSF Policy Dialogue
Europe is in search of its identity. I don’t think one needs to look very far. To my mind, the European Union embodies the principles of an open society and it ought to serve as a model and motive force for a global open society.
Rosneft Flotation Would Spur Putin On
The planned initial public offering of Rosneft, the Russian state-owned oil company, on the London Stock Exchange raises serious ethical and energy security issues.
America and Israel Must Open the Door to Hamas
The Bush administration is again committing a blunder in the Middle East by supporting the Israeli government in its refusal to recognise a Palestinian unity government that includes Hamas. This precludes any progress towards a peace settlement at a time when such progress could help avert conflagration in the greater Middle East.
On Israel, America and AIPAC
The Bush administration is once again in the process of committing a major policy blunder in the Middle East, one that is liable to have disastrous consequences and is not receiving the attention it should. This time it concerns the Israeli-Palestinian relationship. The Bush administration is actively supporting the Israeli government in its refusa…
A Danish Fix For the US Mortgage Crisis
The recent compromise struck between the Treasury and Democrats in Congress on the fate of Fannie Mae and Freddie Mac, the government-sponsored mortgage guarantors, constitutes the worst of all possible worlds. The Treasury offered a blank cheque to come to the rescue, if necessary, but the managements of both companies were kept in place. They kno…
America Must Lead a Rescue of Emerging Economies
The global financial system as it is currently constituted is characterised by a pernicious asymmetry. The financial authorities of the developed countries are in charge and they will do whatever it takes to prevent the system from collapsing. They are, however, less concerned with the fate of countries at the periphery. As a result, the system pro…
Denmark Offers a Model Mortgage Market: There is a Safe Way to Securitize Home Loans
Denmark Offers a Model Mortgage Market: There is a Safe Way to Securitize Home Loans
How to Capitalize the Banks and Save Finance
Now that Hank Paulson has recognised that the troubled asset relief programme is best used to recapitalise the banking system, it is important to spell out exactly how it should be done. Since it was not part of the Treasury secretary’s original approach, there is a real danger that the scheme will not be properly structured and will not achieve it…
Paulson Cannot be Allowed a Blank Check
Hank Paulson’s $700bn rescue package has run into difficulty on Capitol Hill. Rightly so: it was ill-conceived. Congress would be abdicating its responsibility if it gave the Treasury secretary a blank check. The bill submitted to Congress even had language in it that would exempt the secretary’s decisions from review by any court or administrative…
Recapitalize the Banking System
George Soros : The emergency legislation before Congress was ill-conceived – or, more accurately, not conceived at all. As Congress tried to improve what Treasury requested, an amalgam plan has emerged that consists of Treasury’s original troubled asset relief programme and a quite different capital infusion programme in which the government invest…
Remarks delivered at the First Roma Summit
The European Union is, in my opinion, today perhaps the world’s best example of an open society, guided by the principles of democracy, tolerance, and international cooperation. An open society, in my definition, is an imperfect society that holds itself open to improvement. In no other area is the need for improvement as great as it is in the trea…
Soros: Global Investing’s Godfather
George Soros retired as a multibillionaire. But now he’s back, hedging his wealth against what he calls the worst economic crisis in 75 years.
The Crisis & What To Do About It
The salient feature of the current financial crisis is that it was not caused by some external shock like OPEC raising the price of oil or a particular country or financial institution defaulting. The crisis was generated by the financial system itself. This fact-that the defect was inherent in the system -contradicts the prevailing theory, which h…
The False Belief at the Heart of the Financial Turmoil
The proposal from Hank Paulson, US Treasury secretary, for reorganising government regulation of financial institutions misses the point. We need new thinking, not a reshuffling of regulatory agencies. The Federal Reserve has long had authority to issue rules for the mortgage industry but failed to exercise it. For the past 25 years or so the finan…
The Macleans.ca Interview
As a speculator, George Soros is perhaps most famous for bringing the Bank of England to the brink of collapse in 1997, raking in over $1 billion in a single day. As a philanthropist, he’s indelibly associated with any number of political causes. But in his new book, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Mean…
The Perilous Price of Oil
The following is adapted from testimony given by George Soros before the US Senate Commerce Committee Oversight Hearing on June 3, 2008.
The Worst Market Crisis in 60 Years
The current financial crisis was precipitated by a bubble in the US housing market. In some ways it resembles other crises that have occurred since the end of the second world war at intervals ranging from four to 10 years.
A New World Architecture
Twenty years after the fall of the Berlin Wall and the collapse of communism, the world is facing another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism. The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise. Followin…
Do Not Ignore the Need for Financial Reform
The philosophy that has helped me both in making money as a hedge fund manager and in spending it as a policy oriented philanthropist is not about money but about the complicated relationship between thinking and reality. The crash of 2008 has convinced me that it provides a valuable insight into the workings of the financial markets.
Financing the Fight against Climate Change
It is now generally agreed that the developed countries will have to make a substantial financial contribution to enable the developing world to deal with climate change. Funds are needed to invest in new low-carbon energy sources, reforestation and protection of rain forests, land-use changes, and adaptation and mitigation. But there is no similar…
Hope for the Roma
Hated, alienated, and shunned as thieves and worse, the Roma have for too long been easy and defenseless targets for disgruntled racists in Hungary, Romania, Slovakia, the Czech Republic, and other European countries.
One Way to Stop Bear Raids
In all the uproar over AIG, the most important lesson has been ignored. AIG failed because it sold large amounts of credit default swaps (CDS) without properly offsetting or covering their positions. What we must take away from this is that CDS are toxic instruments whose use ought to be strictly regulated: Only those who own the underlying bonds o…
Our Double-Dip Future
We are at a moment when the range of uncertainties facing the global economy is unusually wide. We have just passed through the worst financial crisis since World War II. The only relevant comparisons are with the Japanese real-estate bubble, which burst in 1991 (and from which Japan has not recovered), and the Great Depression of the 1930’s – exce…
Peripheral Care Should be the Central Concern
The forthcoming Group of 20 meeting is a make-or-break event. Unless it comes up with practical measures to support the less developed countries, which are even more vulnerable than the developed ones, markets are going to suffer another sinking spell just as they did last month when Tim Geithner, Treasury secretary, failed to produce practical mea…
Spanish Leadership for Europe’s Roma
Continued discrimination against Roma in Europe not only violates human dignity, but is a major social problem crippling the development of Eastern European countries with large Roma populations. Spain, which has been more successful in dealing with its Roma problem than other countries, can take the lead this month as it assumes the European Union…
The General Theory of Reflexivity
The first of five CEU lectures and Soros's definitive public statement of his philosophy: the twin principles of fallibility and reflexivity, the cognitive and manipulative functions, negative and positive feedback loops, and a sweeping critique of equilibrium economics and its 'physics envy' — interwoven with the autobiographical story of how the framework took shape from wartime Budapest to the Crash of 2008.
The People’s Sovereignty
Sovereignty is an anachronistic concept originating in bygone times when society consisted of rulers and subjects, not citizens. It became the cornerstone of international relations with the Treaty of Westphalia in 1648. During the French Revolution, the king was overthrown and the people assumed sovereignty. But a nationalist concept of sovereignt…
The Right and Wrong Way to Bail Out the Banks
According to reports in Washington, the Obama administration may be close to devoting as much as $100bn of the second tranche of the troubled asset relief programme funds to creating an “aggregator bank” that would remove toxic securities from the balance sheets of banks. The plan would be to leverage this amount up 10-fold, using the Federal Reser…
The Three Steps to Financial Reform
The Obama administration is expected today to propose a reorganisation of the way we regulate financial markets. I am not an advocate of too much regulation. Having gone too far in deregulating – which contributed to the current crisis – we must resist the temptation to go too far in the opposite direction. While markets are imperfect, regulators a…
The Way Ahead
The closing CEU lecture, delivered barely a year after Lehman: Soros warns the recovery will run out of steam, argues the global financial system cannot be put back together ('Humpty Dumpty cannot be put together again'), maps the tectonic shift from the United States to China — international capitalism versus state capitalism — and calls for a new Bretton Woods with a reworked IMF and wider use of Special Drawing Rights.
We Can Do Better Than a ‘Bad Bank’
The Obama administration should come out of the gate with a comprehensive economic program that has two pillars in addition to a fiscal stimulus package. One would prevent housing prices from overshooting on the downside by making mortgages cheaper and more available and reducing foreclosures to a minimum; the other would enable banks to resume len…
Financial crisis analysis and Eurozone commentary
America Must Face Up to the Dangers of Derivatives
The US Security and Exchange Commission’s civil suit against Goldman Sachs will be vigorously contested by the defendant. It is interesting to speculate which side will win; but we will not know the result for months. Irrespective of the eventual outcome, however, the case has far-reaching implications for the financial reform legislation Congress…
America Needs Stimulus Not Virtue
The Obama administration’s insistence on fiscal rectitude is dictated not by financial necessity but by political considerations. The US is not in the position of Europe’s heavily indebted countries, which must pay hefty premiums over the price at which Germany can borrow. Interest rates on US government bonds have been falling and are near record…
China Must Fix the Global Currency Crisis
I share the growing concern about the misalignment of currencies. Brazil’s finance minister speaks of a latent currency war, and he is not far off the mark. It is in the currency markets where different economic policies and different economic and political systems interact and clash.
Europe Needs Educated Roma
Continued discrimination against Roma in Europe not only violates human dignity, but is a major social problem crippling the development of eastern European countries with large Roma populations. Spain, which has been more successful in dealing with its Roma problem than other countries, can take the lead this month as it assumes the European Union…
Europe Should Rescue Banks Before States
The architects of the euro knew that it was incomplete when they designed it. The currency had a common central bank but no common treasury – unavoidable given that the Maastricht treaty was meant to bring about monetary union without political union. The authorities were confident, however, that if and when the euro ran into a crisis they would be…
Germany’s Europe Deficit
Germany used to be at the heart of European integration. Its statesmen used to assert that Germany had no independent foreign policy, only a European policy. After the fall of the Berlin Wall, its leaders realized that German reunification was possible only in the context of a united Europe, and they were willing to make some sacrifices to secure E…
Grounds For Hope for the Climate Change Agenda
The official communique from the Cancún climate change conference cannot disguise the fact that there will be no successor to the Kyoto protocol when it expires at the end of 2012. Japan, among others, has withdrawn its support for efforts simply to extend the Kyoto treaty.
New Green Drivers of Growth
United Nations Secretary-General Ban Ki-Moon has just released the final report of his High-Level Advisory Group on Climate Change Financing (AGF). As the two private-sector members of the AGF, we are proud of our work. The report lays out the available options for mobilizing $100 billion annually for climate-change mitigation and adaptation in dev…
Reforming a Broken Mortgage System
Treasury Secretary Geithner testified Tuesday on a long-term plan to reform Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) now in limbo. But we don’t have to wait for years to reform the mortgage system — there’s a better approach that could be introduced right away.
Remarks delivered at the INET Conference at King’s College
Economic theory has modeled itself on theoretical physics. It has sought to establish timelessly valid laws that govern economic behavior and can be used reversibly both to explain and to predict events. But instead of finding laws capable of being falsified through testing, economics has increasingly turned itself into an axiomatic discipline con…
Remarks delivered at the Institute of International Finance’s Spring Membership Meeting
Remarks delivered at the Institute of International Finance’s Spring Membership Meeting
Remarks delivered at the Second Roma Summit
I am pleased to be here for the Second Roma Summit. These meetings often begin with pious statements and end with lofty declarations. I would like to see something different come out of today’s summit.
Remarks delivered at the World Leaders Forum at Columbia University
As you know I have written several books which serve to explain the crash of 2008. Two years have elapsed since then – it is time to bring the story up to date. That is what I propose to do today.
The Crisis and the Euro
I believe that misconceptions play a large role in shaping history, and the euro crisis is a case in point.
The Euro Will Face Bigger Tests Than Greece
Otmar Issing, one of the fathers of the euro, correctly states the principle on which the single currency was founded. As he wrote in the FT last week, the euro was meant to be a monetary union but not a political one. Participating states established a common central bank but refused to surrender the right to tax their citizens to a common authori…
The Plight of the Roma
The Roma have been persecuted across Europe for centuries. Now they face a form of discrimination unseen in Europe since World War II: group evictions and expulsions from several European democracies of men, women, and children on the grounds that they pose a threat to public order.
The US-China Dialogue of the Deaf
The visit on January 19 of China’s president, Hu Jintao, is coming at a time when economic conflict between the United States and China has become one of the most worrying global developments. Throughout last year, the US pressed China to revalue the renminbi, while China blamed the US Federal Reserve policy of “quantitative easing” for currency-ma…
Why I Support Legal Marijuana
Our marijuana laws are clearly doing more harm than good. The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.
A French Cure for the Resource Curse
The campaign to ensure that companies engaged in extractive activities disclose all of their payments in their host countries is gaining momentum – and France is leading the effort. President Nicolas Sarkozy should be applauded for supporting a new initiative promoting strict transparency standards for petroleum, gas, and mining companies listed on…
A Path through Europe’s Minefield
Earlier this week, a group of almost 100 prominent Europeans delivered an open letter to the leaders of all 17 eurozone countries. The letter said, in so many words, what the leaders of Europe now appear to have understood: they cannot go on “kicking the can down the road.” And, just as importantly, they now understand that it is not enough to ensu…
A Routemap Through the Eurozone Minefield
A group of almost 100 prominent Europeans delivered an open letter to the leaders of all 17 eurozone countries on Wednesday. The letter said, in so many words, what the leaders of Europe now appear to have understood: they cannot go on “kicking the can down the road”. The road has been blocked by the German constitutional court which has found the…
Does the Euro Have a Future?
The euro crisis is a direct consequence of the crash of 2008. When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. This took the form of substituting the sovereign credit of governments for the bank and other credit that had collapsed. At a memorable meeting of European finance m…
Europe Re-Divided?
The so-called euro crisis is generally seen exclusively as a currency crisis, but it is also a sovereign-debt crisis – and even more a banking crisis. The situation’s complexity has bred confusion, and that confusion has political consequences.
Germany Must Defend the Euro
Financial markets abhor uncertainty; that is why they are now in crisis mode. The governments of the eurozone have taken some significant steps in the right direction to resolve the euro crisis but, obviously, they did not go far enough to reassure the markets.
How Germany Can Avoid a Two-Speed Europe
The “euro crisis” is generally seen as a currency crisis, but it is also a sovereign debt and, even more, a banking crisis. The situation is complex. The complexity has bred confusion, and this has political consequences. Europe’s various member states have formed widely different views and their policies reflect their views rather than their true…
How to Resolve the Euro Crisis
A comprehensive solution of the euro crisis must have three major components: reform and recapitalization of the banking system, a eurobond regime, and an exit mechanism.
How to Stop a Second Great Depression
Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation. They need to regain control and they need to do so now.
My Philanthropy
The formative experience of my life was the German occupation of Hungary in 1944. I was Jewish and not yet fourteen years old. I could have easily perished in the Holocaust or suffered lasting psychological damage had it not been for my father, who understood the dangers and coped with them better than most others. He had gone through a somewhat si…
My Seven Point Plan to Save the Eurozone
1) Member states of the eurozone agree on the need for a new treaty creating a common treasury in due course. They appeal to European Central Bank to co-operate with the European financial stability facility in dealing with the financial crisis in the interim – the ECB to provide liquidity; the EFSF to accept the solvency risks.
Only Way to Stop the Run on Eurozone Debt
The current turmoil in the eurozone bonds markets shows striking parallels to the situation in autumn 2008. Then, bank depositors had lost confidence in the stability of the institutions holding their assets, and the threat of a bank-run could only be avoided by comprehensive government guarantees for all banks. Today, we are observing a bond-run:…
Openness Can Help Lift the Curse of Resources
The natural resources sector has the potential to generate billions of dollars in revenues that can be used for poverty reduction and sound investment. For decades, however, management secrecy has allowed corruption to thrive in countries such as Angola, Cambodia and Guinea. According to Nigeria’s own corruption agency, up to $400bn of oil money ha…
Remarks delivered at Press Conference for Young Men’s Initiative
Good Morning. Thank you Mayor Bloomberg. I am delighted to be here today for the launch of New York City’s Young Men’s Initiative. The Mayor has shown vision and leadership with this Initiative and that is why I am happy to join forces with him.
Remarks delivered at the Cato Institute (Excerpt)
Friedrich Hayek is generally regarded as the apostle of a brand of economics which holds that the market will assure the optimal allocation of resources — as long as the government doesn’t interfere. It is a formalized and mathematical theory, whose two main pillars are the efficient market hypothesis and the theory of rational expectations.
The Road from Depression
Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation. They need to regain control, and they need to do so now.
Thinking Smaller in Europe
To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable. So, to resolve Europe’s sovereign-debt crisis, it is now imperative to prepare for the possibility of default and defection from the eurozone by Greece, Portugal, and perhaps Ireland.
Three Steps to Resolving the Eurozone Crisis
A comprehensive solution to the euro crisis must have three major components: reform and recapitalisation of the banking system; a eurobond regime; and an exit mechanism.
Transcript of Interview with Fareed Zakaria on GPS
ZAKARIA: George Soros is the 14th wealthiest American, according to “Forbes Magazine.” He’s one of the most successful investors of all times who has spent billions of his dollars to promote democracy around the world, to promote what he calls open societies.
True Europeans Now Need a ‘Plan B’
The European Union was brought into existence by what Karl Popper called “piecemeal social engineering”. A group of far-sighted statesmen, inspired by the vision of a United States of Europe, recognised that this ideal could be approached only gradually, by setting limited objectives, mobilising the political will needed to achieve them and conclud…
Why Obama Has to Get Egypt Right
Revolutions usually start with enthusiasm and end in tears. In the case of the Middle East, the tears could be avoided if President Obama stands firmly by the values that got him elected. Although American power and influence in the world have declined, our allies and their armies look to us for direction. These armies are strong enough to maintain…
A Europe of Solidarity, Not Only Discipline
Originally, the European Union was what psychologists call a “fantastic object,” a desirable goal that inspires people’s imaginations. I saw it as the embodiment of an open society – an association of nation-states that gave up part of their sovereignty for the common good and formed a union dominated by no one nation or nationality.
Angela Merkel is Leading Europe in the Wrong Direction
SPIEGEL: German Chancellor Angela Merkel is praised globally as “Mrs. Europe” and popular at home – partly thanks to her strong refusal to pledge more German money to the Euro rescue effort. You, however, are highly critical of Merkel’s leadership. Why?
Europe’s Crisis of Values
NEW YORK – Xenophobia and extremism are symptoms of societies in profound crisis. In 2012, the far-right Golden Dawn won 21 seats in Greece’s parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front’s Marine Le Pen received strong backing in France’s presidential election. Growing support for similar…
Europe’s Future is Not Up to the Bundesbank
Far from abating, the euro crisis has recently taken a turn for the worse. The European Central Bank relieved an incipient credit crunch through its longer-term refinancing operations. The resulting rally in financial markets hid an underlying deterioration; but that is unlikely to last much longer.
Europe’s Year of Indecision
The dire economic situation in which most of the rich world found itself in 2011 was not merely the result of impersonal economic forces, but was largely created by the policies pursued, or not pursued, by world leaders. Indeed, the remarkable unanimity that prevailed in the first phase of the financial crisis that began in 2008, and which culminat…
George Soros on the Euro Crisis
SPIEGEL ONLINE: In Germany, once the motor of European integration, people are openly discussing the possibility of leaving the euro zone. Many Germans believe that a return to the deutschmark would be cheaper than to remain stuck in a flawed currency union. Are they right?
How Europe Can Rescue Europe
At their meeting in Rome last Thursday, the leaders of the eurozone’s four largest economies agreed on steps towards a banking union and a modest stimulus package to complement the European Union’s new “fiscal compact.” Those steps are not enough.
How to Save the Euro
My new book, Financial Turmoil in Europe and the United States , tries to explain and, to the extent possible, predict the outcome of the euro crisis. It follows the same pattern as my other books: it contains an updated version of my conceptual approach and the application of that approach to a particular situation, and it presents a real-time exp…
New Year, Same Crisis
The measures introduced by the European Central Bank last December, especially the Long Term Refinancing Operation (LTRO), have relieved the liquidity problems of European banks, but have not cured the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger the capital adequacy of banks, ha…
Remarks delivered at the Festival of Economics
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus on the causes and the extent of that failure.
Remarks delivered at the INET Annual Plenary Conference
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus, even among participants in this conference, on the extent of that failure. As a sponsor of INET I am delighted, because it shows that INET is open to a variety of new economi…
Remarks delivered at the INET Council on the Eurozone Crisis
“Proposal for a European Fiscal Authority (EFA), a Debt Reduction Fund and European Treasury Bills”
Remarks delivered at the Institute for Media and Communications Policy
Thank you all for coming. My purpose in coming to Berlin is to put before you a lasting solution to the seemingly intractable problems connected with the euro. That sounds like mission impossible. After all, the problems have been with us for a number of years and they have been growing worse rather than getting resolved. We have been drifting from…
Remarks delivered at the World Economic Forum
I have just published a book which tries to explain and, to the extent possible, predict the outcome of the euro crisis. It follows the same pattern as my other books: it contains an updated version of my conceptual approach, the application of that approach to a particular situation and some kind of real time experiment to test the validity of my…
Reversing Europe’s Renationalization
Far from abating, the euro crisis has taken a turn for the worse in recent months. The European Central Bank managed to relieve an incipient credit crunch through its long-term refinancing operation (LTRO), which lent over a trillion euros to eurozone banks at one percent. This brought considerable relief to financial markets, and the resulting ral…
Rule of Law Can Rid the World of Poverty
Poverty is on the retreat. Despite the global economic downturn, the World Bank and UN reported this year that the number of people living in extreme poverty has dropped in every region of the world for the first time since record keeping began. Though progress on the UN’s Millennium Development Goals has been uneven, we should be heartened that we…
The Accidental Empire
It is now clear that the main cause of the euro crisis is the member states’ surrender of their right to print money to the European Central Bank. They did not understand just what that surrender entailed – and neither did the European authorities.
The Tragedy of the European Union and How to Resolve It
Preface: In a fast-moving situation, significant changes have occurred since this article went to press. On August 1, as I write below, Bundesbank President Jens Weidmann objected to the assertion by Mario Draghi, the president of the European Central Bank, that the ECB will “do whatever it takes to preserve the euro as a stable currency.” Weidmann…
Why Germany Should Lead or Leave
Europe has been in a financial crisis since 2007. When the bankruptcy of Lehman Brothers endangered the credit of financial institutions, private credit was replaced by the credit of the state, revealing an unrecognized flaw in the euro. By transferring their right to print money to the European Central Bank (ECB), member countries exposed themselv…
Angela Merkel’s Pyrrhic Victory
As far as Germany is concerned, the drama of the euro crisis is over. The subject was barely discussed in the country’s recent election campaign. Chancellor Angela Merkel did what was necessary to ensure the euro’s survival, and she did so at the least possible cost to Germany – a feat that earned her the support of both pro-European Germans and th…
Empowering Europe’s Roma
BUDAPEST – Across Europe, millions are suffering from unemployment and the prospect of a long period of economic stagnation. But no group has been harder hit than the Roma.
Europe Needs a Roma Working Class
Roma represent more than 20% of new entrants into the labor force in the European Union’s newest member states but their living conditions have actually deteriorated since many of them became EU citizens.
Germany’s Choice
FRANKFURT – The euro crisis has already transformed the European Union from a voluntary association of equal states into a creditor-debtor relationship from which there is no easy escape. The creditors stand to lose large sums should a member state exit the monetary union, yet debtors are subjected to policies that deepen their depression, aggravat…
Remarks delivered at the Boao Forum for Asia Annual Conference
My assignment today is to give an overview of global financial markets. Well, the situation is very complicated with many cross currents and cross purposes. In order to explain what is happening let me put the current situation into historical context.
Remarks delivered at the Center for Financial Studies
My objective in coming here today is to discuss the euro crisis. I think you will all agree that the crisis is far from resolved. It has already caused tremendous damage both financially and politically and taken an extensive human toll as well. It has transformed the European Union into something radically different from what was originally intend…
Remarks delivered at the Global Economic Symposium
I shall take a holistic approach to the future of Europe. I have developed a conceptual framework, which has guided me in my decisions throughout my adult life. The framework is much broader than the financial markets; it deals with the relationship between thinking and reality. What makes that relationship so complicated is that the thoughts and a…
The Resistible Fall of Europe
SOROS: I have been very concerned about Europe. The euro is in the process of destroying the European Union. To some extent, this has already happened, in the sense that the EU was meant to be a voluntary association of equal states. The crisis has turned it into something that is radically different: a relationship between creditors and debtors.…
A Futile War on Drugs that Wastes Money and Wrecks Lives
The war on drugs has been a $1tn failure. For more than four decades, governments around the world have pumped huge sums of money into ineffective and repressive anti-drug efforts. These have come at the expense of programs that actually work such as needle exchanges and substitution therapy. This is not just a waste of money, it is counterproducti…
Britain Needs Greater Unity Not a Messy Break-Up
This is the worst possible time for Britain to consider leaving the EU – or for Scotland to break with Britain.
Europe’s Ukrainian Lifeline
Last weekend’s European Parliament election and presidential election in Ukraine produced sharply contrasting results. Europe’s voters expressed their dissatisfaction with the way that the European Union currently functions, while Ukraine’s people demonstrated their desire for association with the EU. European leaders and citizens should take this…
Fallibility, Reflexivity, and the Human Uncertainty Principle
I am honored that the editors of the Journal of Economic Methodology have created this special issue on the subject of reflexivity and have invited me, as well as a distinguished group of scholars, to contribute.
It is Time to Stand Up for the European Union
There is an important debate under way about the future of Europe and Britain’s place in the EU. I bring a pro-European bias to this debate. I am a great believer in the Union as it was originally conceived. This is a function of my personal history and of the philosophy I developed based on my life experience.
Sustaining Ukraine’s Breakthrough
Following a crescendo of terrifying violence, the Ukrainian uprising has had a surprisingly positive outcome. Contrary to all rational expectations, a group of citizens armed with not much more than sticks and shields made of cardboard boxes and metal garbage-can lids overwhelmed a police force firing live ammunition. There were many casualties, bu…
The Future of Europe: An Interview with George Soros
Parts of the following interview with George Soros by the Spiegel correspondent Gregor Peter Schmitz appear in their book, The Tragedy of the European Union: Disintegration or Revival?, just published by PublicAffairs.
The World Economy’s Shifting Challenges
NEW YORK – As 2013 comes to a close, efforts to revive growth in the world’s most influential economies – with the exception of the eurozone – are having a beneficial effect worldwide. All of the looming problems for the global economy are political in character.
Wake Up, Europe
Europe is facing a challenge from Russia to its very existence. Neither the European leaders nor their citizens are fully aware of this challenge or know how best to deal with it. I attribute this mainly to the fact that the European Union in general and the eurozone in particular lost their way after the financial crisis of 2008.
A New Policy to Rescue Ukraine
The sanctions imposed on Russia by the US and Europe for its interventions in Ukraine have worked much faster and inflicted much more damage on the Russian economy than anybody could have expected. The sanctions sought to deny Russian banks and companies access to the international capital markets. The increased damage is largely due to a sharp dec…
A Partnership with China to Avoid World War
International cooperation is in decline both in the political and financial spheres. The UN has failed to address any of the major conflicts since the end of the cold war; the 2009 Copenhagen Climate Change Conference left a sour aftertaste; the World Trade Organization hasn’t concluded a major trade round since 1994. The International Monetary Fun…
By Failing to Help Refugees Europe Fails Itself
As many as 400,000 people will make dangerous journeys to reach Europe this year, about half of them fleeing the civil war in Syria or brutal government repression in Eritrea. By the time they reach the west, they will have had to risk their lives twice: once in fleeing their countries, and again in entering ours.
Europe at War
NEW YORK – By invading Ukraine in 2014, President Vladimir Putin’s Russia has posed a fundamental challenge to the values and principles on which the European Union was founded, and to the rules-based system that has kept the peace in Europe since 1945. Neither Europe’s leaders nor its citizens are fully aware of the scope of this challenge, much l…
Last Chance for Ukraine and Europe
LONDON – The European Union stands at a crossroads. The shape it takes five years from now will be decided in the coming 3-5 months.
Nations Work Best When They Work Together, in Europe and Beyond
As Britain approaches a crucial vote on whether to leave or remain in the EU, there is no doubt about how far-reaching the consequences could be for future generations. While some may be reluctant to be drawn into the debate, I believe the stakes are simply too high to remain silent.
Rebuilding the Asylum System
The European Union needs to accept responsibility for the lack of a common asylum policy, which has transformed this year’s growing influx of refugees from a manageable problem into yet another political crisis. Each member state has selfishly focused on its own interests, often acting against the interests of others. This precipitated panic among…
Save the New Ukraine
A new Ukraine was born a year ago in the pro-European protests that helped to drive President Viktor F. Yanukovych from power. And today, the spirit that inspired hundreds of thousands to gather in the Maidan, Kiev’s Independence Square, is stronger than ever, even as it is under direct military assault from Russian forces supporting separatists in…
The Terrorists and Demagogues Want us to be Scared. We Mustn’t Give In.
Open societies are always endangered. This is especially true of America and Europe today, as a result of the terrorist attacks in Paris and elsewhere, and the way that America and Europe, particularly France, have reacted to them.
Ukraine & Europe: What Should Be Done?
Because of the structural defects of the euro, the European authorities have had to become masters of the art of muddling through one crisis after another. This practice is popularly known as kicking the can down the road although it would be more accurate to describe it as kicking the can uphill so that it keeps coming back. But Europe now faces a…
Ukraine Deserves Debt Relief
Ukraine is struggling to negotiate a deal with its creditors, which the International Monetary Fund demands as a condition for further financial support. Russian aggression has taken a terrible toll on the economy of the new Ukraine, making its $19 billion in foreign debt unsustainable. Talks to renegotiate the country’s debt are currently under wa…
AI, China, and open society defense
Brexit and the Future of Europe
Britain, I believe, had the best of all possible deals with the European Union, being a member of the common market without belonging to the euro and having secured a number of other opt-outs from EU rules. And yet that was not enough to stop the United Kingdom’s electorate from voting to leave. Why?
Bringing Europe’s Migration Crisis Under Control
LONDON – The asylum policy that emerged from the European Union’s negotiations last month with Turkey became effective on April 4, when 202 asylum-seekers were deported from Greece. The policy has four fundamental flaws.
Europe: A Better Plan for Refugees
The asylum policy that emerged from last month’s EU-Turkey negotiations—and that has already resulted in the deportation of hundreds of asylum seekers from Greece to Turkey—has four fundamental flaws. First, the policy is not truly European; it was negotiated with Turkey and imposed on the EU by German Chancellor Angela Merkel. Second, it is severe…
On the Bombing of Aleppo
The world is witnessing in Syria a humanitarian catastrophe of historic proportions. It is being perpetrated by Russian President Vladimir Putin in support of his protégé, Syrian President Bashar al-Assad. Russian warplanes are bombing the civilian population of Aleppo, the country’s most populous city, to assist Syrian government forces attempting…
Open Society Needs Defending
Well before Donald Trump was elected President of the United States, I sent a holiday greeting to my friends that read: “These times are not business as usual. Wishing you the best in a troubled world.” Now I feel the need to share this message with the rest of the world. But before I do, I must tell you who I am and what I stand for.
Putin is a Bigger Threat to Europe’s Existence than Isis
The leaders of the US and the EU are making a grievous error in thinking that president Vladimir Putin’s Russia is a potential ally in the fight against Islamic State. The evidence contradicts them. Putin’s aim is to foster the EU’s disintegration, and the best way to do so is to flood Europe with Syrian refugees.
Saving Refugees to Save Europe
The refugee crisis in Europe was already pushing the European Union toward disintegration when, on June 23, it helped drive the British to vote to Brexit the EU. The refugee crisis and the Brexit calamity that it spawned have reinforced xenophobic, nationalist movements that will seek to win a series of upcoming votes– including national elections…
The Brexit Crash Will Make All of You Poorer – Be Warned
David Cameron, along with the Treasury, the Bank of England, the International Monetary Fund and others have been attacked for exaggerating the economic risks of leaving the EU. This criticism has been widely accepted by the British media and many financial analysts. As a result, British voters are now grossly underestimating the true costs of Brex…
The Case for Surge Funding
Important progress was made at the donors’ conference for Syrian refugees convened in London on February 4. But much more remains to be done. The international community is still vastly underestimating what is needed to support refugees, both inside and outside the borders of the European Union. To deal with the refugee crisis, while putting the EU…
The EU is on the Verge of Collapse – An Interview
The following is a revised version of an interview between George Soros and Gregor Peter Schmitz of the German magazine WirtschaftsWoche.
The Promise of Regrexit
Until the people of the United Kingdom voted to leave the European Union, the refugee crisis was the greatest problem Europe faced. Indeed, that crisis played a critical role in bringing about the greater calamity of Brexit.
This is Europe’s Last Chance to Fix Its Refugee Policy
The refugee crisis was already leading to the slow disintegration of the European Union. Then, on June 23, it contributed to an even greater calamity — Brexit. Both of these crises have reinforced xenophobic, nationalist movements across the continent. They will try to win a series of key votes in the coming year — including national elections in F…
Why I’m Investing $500 Million in Migrants
The world has been unsettled by a surge in forced migration. Tens of millions of people are on the move, fleeing their home countries in search of a better life abroad. Some are escaping civil war or an oppressive regime; others are forced out by extreme poverty, lured by the possibility of economic advancement for themselves and their families.
Brexit in Reverse?
Economic reality is beginning to catch up with the false hopes of the general population. They believed the promises of the popular press that Brexit would not reduce their living standards, so they managed to maintain those standards by running up their household debts.
Rebuttal of the October 9 National Consultation in Hungary
On October 9, 2017, the Hungarian government mailed a national consultation to all eight million eligible Hungarian voters purporting to solicit their opinions about a so-called “Soros Plan.” The statements in the national consultation contain distortions and outright lies that deliberately mislead Hungarians about George Soros’s views on migrants…
Remarks delivered at the Brussels Economic Forum
I am greatly honored to be invited to address this illustrious audience. The European Commission, just published a reflection paper on the future of the European Monetary Union, which will open a debate that I greatly welcome. I should like to join the previous speaker in dedicating my remarks to the memory of my great friend Tommaso Padoa Schioppa…
Remarks delivered at the launch of the European Roma Institute for Art and Culture
Remarks delivered at the launch of the European Roma Institute for Art and Culture
When Hate Surges
President Trump has wasted no time in cracking down on immigration. He pledged to build a wall, hire 15,000 new Immigration and Customs Enforcement and Border Patrol agents and speedily deport millions of undocumented immigrants. He justified these actions by claiming that immigrants regularly flout the “rule of law and pose a threat.” In his first…
A Better Bailout Was Possible
Back in 2008, a critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors. The result was not only prolonged stagnation, but also the Republican Party’s embrace of demagogic populism and the election of Donald Trump.
I Won’t Butt Out
I am, it seems, a ‘foreign plutocrat’. The considerable sum of money I’ve donated to the Remain side of the Brexit debate is ‘tainted’ and should be handed back immediately. I should ‘butt out’ of British politics. All of this grew out of a dinner party I hosted just a few days ago. I have never made any secret of my opposition to Brexit and, indee…
If the EU Punishes Italy, it Will Reap the Whirlwind
European leaders must resist the temptation to make Italians pay for the sins of their government. It is smarter to offer help.
Remarks at WEF Davos 2018
Soros's 2018 Davos address: with open society's survival — and civilization itself — in question, he calls for a principled counterattack against its enemies, from Trump to the IT monopolies.
Remarks delivered at the European Council on Foreign Relations
It is good to be here. Thank you. I think this is the right place to discuss how to save Europe.
Remarks delivered at the Trento Festival of Economics
Last week all that could be said about Italy was that it was facing new elections in the midst of a political crisis. Now, instead of elections it has a government based on an uneasy coalition between Luigi Di Maio of Movimento 5 Stelle and Matteo Salvini of Lega Nord. The coalition is uneasy because Salvini was eager to have elections while Di Mai…
Europe, Please Wake Up
Europe is sleepwalking into oblivion, and the people of Europe need to wake up before it is too late. If they don’t, the European Union will go the way of the Soviet Union in 1991. Neither our leaders nor ordinary citizens seem to understand that we are experiencing a revolutionary moment, that the range of possibilities is very broad, and that the…
Europe’s Silent Majority Speaks Out
What voters said in last month’s European Parliament election is that they want to preserve the values on which the European Union was founded. But can Europe’s leaders carry out the radical institutional reforms that voters also want?
In Defense Of Open Society
George Soros—universally known for his philanthropy, progressive politics, and investment success—has been under sustained attack from the far right, nationalists, and anti-Semites in the United States and around the world because of his commitment to open society and liberal democracy.
Remarks at WEF Davos 2019
Soros warns Davos that authoritarian states and data-rich IT monopolies are converging into systems of totalitarian control, with China's social credit system as the most dangerous opponent of open society.
Remarks delivered after receiving the Courage Award at the 16th Annual Ridenhour Prizes event
Remarks delivered after receiving the Courage Award at the 16th Annual Ridenhour Prizes event
Remarks delivered at Hispanic Federation
The Federation and my foundation have a lot in common and share the same concerns.
Will Trump Sell Out the U.S. on Huawei?
The greatest—and perhaps only—foreign policy accomplishment of the Trump administration has been the development of a coherent and genuinely bipartisan policy toward Xi Jinping ’s China. The administration rightly declared Beijing a strategic rival and placed Huawei, China’s multinational telecommunications giant, on the Commerce Department’s so-ca…
An Effective Response to Europe’s Fiscal Paralysis
I have written a lot in the past about the desirability of the European Union issuing perpetual bonds . But today I am proposing that individual member states should do so.
Europe Must Recognize China for What It Is
Neither the European public nor European political and business leaders fully understand the threat presented by Xi Jinping’s China. Although Xi is a dictator who is using cutting-edge technology in an effort to impose total control on Chinese society, Europeans regard China primarily as an important business partner. They fail to appreciate that s…
Europe Must Stand Up to Hungary and Poland
Hungary and Poland have vetoed the European Union’s proposed €1.15 trillion ($1.4 trillion) seven-year budget and the €750 billion European recovery fund. Although the two countries are the budget’s biggest beneficiaries, their governments are adamantly opposed to the rule-of-law conditionality that the EU has adopted at the behest of the European…
Europe Must Stand with Turkey over Putin’s War Crimes in Syria
Since the beginning of its intervention in Syria in September 2015, Russia has not only sought to keep in place its most faithful Arab ally, Syrian president Bashar al-Assad. It has also wanted to regain the regional and global influence that it lost since the fall of the Soviet Union.
Guarantee Paychecks for All Workers Displaced by Coronavirus to Save the Economy
The catastrophic collapse in U.S. employment due to the coronavirus crisis demands far more from the federal government than it has done so far.
Mark Zuckerberg Should Not Be in Control of Facebook
At a dinner last week in Davos, Switzerland, I was asked if I thought Facebook was behaving more responsibly today than it did during the 2016 presidential election.
Pandemic Requires Comprehensive Debt Standstills
The Covid-19 pandemic is a one-two financial punch for developing economies. Not only has it put extraordinary pressure on the budgets of governments, which need to ramp up public health spending and prop up their reeling economies, but it has also caused a sharp exodus of capital from emerging markets. JPMorgan Chase & Co. predicts that 1 in 5 eme…
Perpetual Bonds Could Save the European Union
In an interview, published today, George Soros has set out how the European Union (EU) can maintain its AAA rating and finance its COVID-19 recovery package.
Remarks at WEF Davos 2020
Soros announces 'the most important project of my life' — the $1 billion Open Society University Network — arguing that open societies and the climate both face existential threats at a transformational moment in history.
Spain Is Leading the Way on Perpetual Bonds
When the European Council’s virtual summit convenes on April 23 to address how the European Union should cope with the economic fallout of the COVID-19 pandemic, it should consider the Spanish government’s submission carefully. Indeed, it should be the first item on the meeting’s agenda.
The Case For Perpetual Bonds
Within a matter of weeks authorities will have to take decisions that will determine the fate of the European Union. The EU can either pull together and fulfill the expectations and aspirations of its citizens or it will continue to disintegrate.
The Costs of Merkel’s Surrender to Hungarian and Polish Extortion
The European Union is facing an existential threat, and yet the EU’s leadership is responding with a compromise that appears to reflect a belief that the threat can simply be wished away. Prime Minister Viktor Orbán’s kleptocratic regime in Hungary and, to a lesser extent, the illiberal Law and Justice (PiS) government in Poland, are brazenly chall…
The Crisis of a Lifetime
GREGOR PETER SCHMITZ: You have seen many crises. Is the COVID-19 pandemic comparable to any previous one? GEORGE SOROS: No. This is the crisis of my lifetime. Even before the pandemic hit, I realized that we were in a revolutionary moment where what would be impossible or even inconceivable in normal times had become not only possible but probably…
The EU Should Issue Perpetual Bonds
European Commission President Ursula von der Leyen has announced that Europe will need about €1 trillion ($1.1 trillion) to fight the COVID-19 pandemic. This money could be used to establish a European Recovery Fund. But where will the money come from?
The Great Anticipator
George Soros is one of the most iconic financiers of the century. He is the man who in 1992 “broke” the Bank of England, the philanthropist who has given away $32 billion to promote open societies, the political pugilist who has sparred with Donald Trump and Viktor Orban. And yet, sitting in his private flower garden at his home in Long Island, and…
Latest writings on democracy and technology
BlackRock’s China Blunder
BlackRock, the world’s largest asset manager, has begun a major initiative in China. On Aug. 30 it launched a set of mutual funds and other investment products for Chinese consumers. The New York-based firm is the first foreign-owned company allowed to do so. The launch came just weeks after BlackRock recommended that investors triple their allocat…
Investors in Xi’s China Face a Rude Awakening
Xi Jinping, China’s leader, has collided with economic reality. His crackdown on private enterprise has been a significant drag on the economy. The most vulnerable sector is real estate, particularly housing. China has enjoyed an extended property boom over the past two decades, but that is now coming to an end. Evergrande, the largest real estate…
This is the time for France to issue perpetual bonds
Medical science will eventually bring the Covid-19 pandemic under control by producing enough vaccines to inoculate everyone. In the meantime, the virus has caused an economic shock of global proportions, worse than the financial crisis of 2008. With the rapid evolution of various strains the experts predict a new wave of infections that may be wor…
Xi’s Dictatorship Threatens the Chinese State
Xi Jinping, the ruler of China, suffers from several internal inconsistencies which greatly reduce the cohesion and effectiveness of his leadership. There is a conflict between his beliefs and his actions and between his public declarations of wanting to make China a superpower and his behavior as a domestic ruler. These internal contradictions hav…
George Soros on China: Remarks Delivered at the Hoover Institution
The following remarks were delivered at the opening of a Hoover Institution panel—China on the Eve of the Winter Olympics: Hard Choices for the World’s Democracies—on January 31, 2022.
Issuing Perpetual Bonds Would Show that Sunak is Serious
After Liz Truss’s disastrous financial performance as UK prime minister, the first task of her successor, Rishi Sunak, is to reassure markets that he is a professional. He must acknowledge the market worries about deficit spending, which were on full display in the turmoil that followed former chancellor Kwasi Kwarteng’s “mini” Budget.
Remarks Delivered at the 2022 World Economic Forum in Davos
Russia invaded Ukraine. This has shaken Europe to its core. The European Union was established to prevent such a thing from happening. Even when the fighting stops as it eventually must, the situation will never revert to what it was before.
US Democracy Under Concerted Attack
The United States has been a constantly evolving democracy ever since it was founded in 1776, but its survival as a democracy is now gravely endangered. A set of loosely interconnected developments at home and abroad is responsible for this crisis.
We Must Stand with Ukraine, as They Stand for Us
I have witnessed Ukraine transform from a collapsing part of the Soviet Union to a liberal democracy and an open society. It has faced countless acts of Russian aggression, but has persisted. Brave Ukrainians are now on the frontline and risking their lives. The horrible images coming out of Ukraine remind me of war torn Budapest in 1944 and the si…
Why I Support Reform Prosecutors
Americans desperately need a more thoughtful discussion about our response to crime. People have had enough of the demagoguery and divisive partisan attacks that dominate the debate and obscure the issues.
Can Democracy Survive the Polycrisis?
We are living in troubled times. Too much is happening too fast. People are confused. The Columbia University economic historian Adam Tooze has, indeed, popularized a word for it. He calls it a “polycrisis.”
Remarks Delivered at the 2023 Munich Security Conference
I’ve spent my entire life trying to understand the world I was born into, and I can claim some modest success. At a relatively early age I realized that our understanding is inherently imperfect.
Updating My Munich Predictions
The countries of the former Soviet empire, eager to assert their independence, eagerly await defeat of the Russian army in Ukraine. At that point, Vladimir Putin’s dream of a renewed Russian empire will disintegrate and cease to pose a threat to Europe, and the world will be able to focus on its biggest problem: climate change.