"His influence on the US may be more subdued (he spent $US27.5 million trying to prevent Bush's re-election in 2004, to no great effect), but as an independently wealthy "stateless statesman" -- as a former prime minister of Macedonia described him, a description in which Soros clearly revels -- his capacity to attempt change is remarkable: Soros is Noam Chomsky with a war chest."
Soros is reportedly the major funder of Moveon.org and, no doubt, has some influence on the actions of that organization which appears designed to keep the more progressive elements of the Democratic Party within the party and not coming to their senses. Part of its agenda is
silence on issues concerning Israel. [1]
[2]
George Soros's new book, "The Age of Fallibility: Consequence of the War on Terror" is now available in stores. In his new book George Soros reveals the philosophy that he attributes to his successes and shows you how you can use this philosophy to make your world a better place.
"I have developed a philosophy that has played a central role in my life. It has guided me in making money and spending it, although it is not about money. I know how important that philosophy is for me personally, but I am still in the process of finding out whether it can have a similar significance for others. That is my first priority and this book is probably my final effort in this regard." ~ George Soros, The Age of Fallibility
You can read excerpts from this book (below) and download the introduction for free.
Excerpts from The Age of Fallibility
How Self-Reinforcing Booms Eventually Become Self-Defeating Busts
In The Alchemy of Finance,* I cite many examples from the financial markets. Each case involves some type of short-circuit between the subjective and objective aspects of reality; usually...
George Soros on the Current Real Estate Market
I believe we are currently in the midst of a gigantic real estate bubble. It was caused by the determination of the Federal Reserve Bank not to allow a stock market decline in 2001...
Read More > [3]
Excerpt: Real Estate
George Soros on the Current Real Estate Market
I believe we are currently in the midst of a gigantic real estate bubble. It was caused by the determination of the Federal Reserve Bank not to allow a stock market decline in 2001 to turn into a self-reinforcing rout. The federal funds rate was lowered to 1 percent. Mortgage institutions encouraged mortgage holders to refinance their mortgages and withdraw the excess equity. They lowered their lending standards and introduced new products such as adjustable rate mortgages (ARMs), 'interest only' mortgages, and promotional 'teaser rates.' All this encouraged speculation in residential housing units. House prices started to rise at double-digit rates. This served to reinforce speculation, and the rise in house prices made the owners feel rich; the result was a consumption boom that has sustained the economy in recent years. Again, the bubble can be attributed to a short-circuit between the value of assets and the act of valuation. This short-circuit is called the wealth effect. (Read more in the Age of Fallibility)
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