A Quote by George Soros
The global crisis is caused by pathologies inherent in the global financial system itself.
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The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.
In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.
As soon as one bad actor like China massively cheats, they win at the expense of us; they win at the expense of Europe and over time it threatens the entire integrity of the global financial system and the global trading system.
It's just very hard to teach a class of students about what has happened in the Global Financial Crisis, how we ended up there and how we got to where we are today, without having some basic, non-trivial understanding of the financial sector, credit, and the banking system.
I think we're in a global crisis of unprecedented scale, with global warming and climate change, and we don't have the solution using any of the separated structures that are attempting to solve these issues, whether it be the United Nations, or the global corporations.
With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully.
This is the first global crisis that doesn't start in poor countries and it was caused by the rich countries. So it's necessary to take advantage of this crisis - the financial system has to be regulated. It's necessary that the central banks in the world should control a little bit the banks' financing, because they cannot bypass a certain range of leverage. And I believe that there's no other - more any reason for a G-8 group or any other "G." I believe that we should guarantee that the G-20 should be now an important forum to discuss the major economic issues of the world.
Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles.
The way the textbook works is you have gains from trade that should be distributed across all the trading partners. As soon as one bad actor like China massively cheats, they win at the expense of us; they win at the expense of Europe, and over time, it threatens the entire integrity of the global financial system and the global trading system.
Global warming activists claim a serious public concern presently exists and the overwhelming majority of scientists agrees humans are creating a global warming crisis. The survey of AMS meteorologists, however, shows no such overwhelming majority exists. Indeed, to the extent we can assign a majority scientific opinion to whether all the necessary components of a global warming crisis exist, the AMS survey shows the majority does not agree humans are creating a global warming crisis.
Senator Obama will be taking office at a critical juncture. There are many pressing challenges facing the international community, including the global financial crisis and global warming. We look forward to working closely with President-elect Obama and his team to address these challenges.
The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.
The environmental crisis is a global problem, and only global action will resolve it.
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