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The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

George Soros

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George Soros
Age: 94
Born: 1930
Born: August 12
Banker
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Buda Pest
György Schwartz
György Soros
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More quotes by George Soros

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My main concern is with the world order
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Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.
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Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
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Political debate is more interested in manipulating the truth, than finding the truth.
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The people currently in charge have forgotten the first principle of an open society, namely that we may be wrong and that there has to be free discussion. That it's possible to be opposed to the policies without being unpatriotic.
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I fancied myself as some kind of god or an economic reformer like Keynes
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If the bubbles contain a misconception, as they always do, then it can't be maintained forever.
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Merkel has realized that the euro is not working, but she cannot change the narrative she has created because that narrative has caught the imagination of the German public, and the German public has accepted it.
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Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.
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Just as the process of repealing national alcohol prohibition began with individual states repealing their own prohibition laws, so individual states must now take the initiative with respect to repealing marijuana prohibition laws.
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The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
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We [at Soros Fund Management] use options and more exotic derivatives sparingly. We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of making money.
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Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.
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I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
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Discount the obvious, bet on the unexpected
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The bureaucratic method of building an integrated Europe has exhausted its potential.
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There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place.
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If truth be known, I carried some rather potent messianic fantasies with me from childhood which I felt I had to control, otherwise I might end up in the loony bin. But when I made my way in the world I wanted to indulge myself in my fantasies to the extent that I could afford.
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