Patrick's Reviews > The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means

The New Paradigm for Financial Markets by George Soros
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Jan 10, 2011

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bookshelves: 2011, adobe-epub, borrowed, economics, finance, philosophy, politics
Read in January, 2011

Interesting and thought provoking concerning Soros' theory of "Reflexivity," silliness raised to a power of ten when Soros accuses others of being ideological. Curiously, it does not look like most of the predictions he had the cojones to make at the end of the book have come to pass. Yet.

I would also have liked more information on the "Super-bubble" he posited, and whose start date seemed to shift from the end of World War II to the election of Reagan and Thatcher, to whenever was most convenient...The concept of all organizations suffering from fatal flaws that will bring them down in the end, makes a great deal of sense but still made for startling reading.

I cannot comment on his claims that monetarism is a complete failure, and that markets not only never achieve equilibrium, they often fail to even move towards equilibrium, my ignorance is simply too vast on the topic. But the market fundamentalists (to use Soros' term) don't seem to be able to explain things any better than he can, and in fact seem to be doing an even worse job.
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