George Soros Quotes
George Soros Quotes
I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.
The secularization of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximizing fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.
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.
By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
I give away something up to $500 million a year throughout the world promoting Open Society. My foundations support people in the country who care about an open society. It’s their work that I’m supporting. So it’s not me doing it.
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.
Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe – but hated and resisted, because it will perceived as an oppressive power.
because they can always print money. Their currency may depreciate, but the risk of default is absent.
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.
Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.
By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.
Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit.
Markets are designed to allow individuals to look after their private needs and to pursue profit. It’s really a great invention, and I wouldn’t underestimate the value of that. But they’re not designed to take care of social needs.
Proposition 19 already is a winner no matter what happens on election day. The mere fact of its being on the ballot has elevated and legitimized public discourse about marijuana and marijuana policy in ways I could not have imagined a year ago.
I wish I could write a book that will be read for as long as our civilization lasts… I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant.
The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.
I think it is natural that every country has to take care of its interests, but there are some interests that are common to all countries. There are some human interests, or we need also international cooperation. We’ve sometimes confused it with dictation.
Financial markets … resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.
Financial markets … resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.
Unfortunately, the more complex the system, the greater the room for error.
The hardest thing to judge is what level of risk is safe.
When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.
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 forces across Europe points to an inescapable conclusion: the continent’s prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself.
President Bush is endangering our safety, hurting our vital interests, and undermining American values.
I wish I could write a book that will be read for as long as our civilization lasts… I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant.
I think that my foundation uses the money better than the government does. In any event, I do pay taxes.
I used to be opposed to the idea of social entrepreneurship. I said let business be business, and philanthropy be philanthropy. Keep the two separate, don’t mix it up, and this is what I did, and I did that rather successfully, but I now recognize that actually you do need to mix it up and I think there is room for social entrepreneurship.
When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.
Anticipating attacks, I should like to emphasize that I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel’s policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel’s policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby’s success in suppressing divergent views.
Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore what has happened as a result of the introduction of the euro is largely Germany’s its responsibility.
We in the United States are very often – since we are a democracy and we have national interests, we’ve often made the mistake that a democracy has to adopt America’s interests, and that is a contradiction because a democracy basically is people deciding what their interests are.
I’m only rich because I know when I’m wrong …I basically have survived by recognizing my mistakes.
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George Soros Quotes on Investing
If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
The hardest thing to judge is what level of risk is safe.
George Soros Quotes about Running
What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
Once a trend is established it tends to persist and to run it’s full course.
George Soros Quotes on Country
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.
The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
George Soros Quotes on Decision
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.
George Soros Quotes on Authority
In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.
However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities – as was the case in the early post-war years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.
George Soros Quotes The Main Obstacle
The main obstacle to a stable and just world order is the United States.
George Soros Quotes about Business
It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong
Well, you know, I was a human being before I became a businessman.
George Soros Quotes about Money
I’m only rich because I know when I’m wrong… I basically have survived by recognizing my mistakes.
The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money.
George Soros Quotes I am God
‘I Am a God, I Created Everything, I Control America’
George Soros Quotes on Real World
Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit.
Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.
George Soros Quotes on Risk
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
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.
George Soros Quotes I’ve Made it My Life’s Mission
I’ve made my life’s mission to destroy the United States. I hate this country and I hate all of the people in it.
George Soros Quotes about Reality
The assumption of perfect knowledge is very far from reality … a lot of the evil in the world is actually not intentional.
In politics, manipulating reality can take precedence over finding reality.
George Soros Quotes about Enemies
Although I have made a fortune in the financial markets, I now fear that the untrammelled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
One of the myths propagated by the enemies of Israel is that there is an all-powerful Zionist conspiracy. That is a false accusation. Nevertheless, that AIPAC has been so successful in suppressing criticism has lent some credence to such false beliefs.
George Soros Quotes about Giving
I give away something up to $500 million a year throughout the world promoting Open Society. My foundations support people in the country who care about an open society. It’s their work that I’m supporting. So it’s not me doing it.
I have made it a principle to give advice that does not serve my personal interest but rather the common interests.
George Soros Quotes about Making Money
I’m only rich because I know when I’m wrong.
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.
George Soros Quotes about Lying
Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.
Everything adds up to a major crisis. Humanity is faced with a global energy crisis … The core of the crisis lies in the increasing shortage of oil.
George Soros Quotes about Elections
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 forces across Europe points to an inescapable conclusion: the continent’s prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself.
I commissioned two political experts to advise me about what I could do to oppose the re-election of President Bush.
George Soros Quotes about Euro
The key problem is the debt restructuring in the euro zone. As long as the debt burden is not reduced, there is no chance of the weaker EU countries regaining competitiveness.
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.
George Soros Quotes about Understanding
Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
George Soros Quotes about Gold
When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever.
George Soros Quotes about Trade
I’ll tell you what I’d do if it were up to me: I would establish a strictly controlled distribution network through which I would make most drugs, excluding the most dangerous ones like crack, legally available. Initially I would keep the prices low enough to destroy the drug trade. Once that objective was attained I would keep raising the prices, very much like the excise duty on cigarettes, but I would make an exception for registered addicts in order to discourage crime. I would use a portion of the income for prevention and treatment. And I would foster social opprobrium of drug use.
Who most benefits from keeping marijuana illegal? The greatest beneficiaries are the major criminal organizations in Mexico and elsewhere that earn billions of dollars annually from this illicit trade – and who would rapidly lose their competitive advantage if marijuana were a legal commodity.
George Soros Quotes on Responsibility
We must recognize that as the dominant power in the world we have a special responsibility. In addition to protecting our national interests, we must take the leadership in protecting the common interests of humanity.
Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore, what has happened as a result of the introduction of the euro is largely Germany’s its responsibility.
George Soros Quotes on Economy
If the terrorists have the sympathy of people, it’s much harder to find them. So we need people on our side, and that leads us to be responsible leaders of the world, show some concern with the problems.
An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.
George Soros Quotes about Management
China could easily emerge as the great winner if the Chinese leaders handle the situation well. On the other hand, they could also turn out to be the biggest losers if they handle it poorly. If the management turns out be wrong, this could lead to a political crisis in China.
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.
George Soros Quotes about Take Care
Markets are designed to allow individuals to look after their private needs and to pursue profit. It’s really a great invention, and I wouldn’t underestimate the value of that. But they’re not designed to take care of social needs.
I think it is natural that every country has to take care of its interests, but there are some interests that are common to all countries. There are some human interests, or we need also international cooperation. We’ve sometimes confused it with dictation.
George Soros Quotes about Taxes
I don’t use my money to gain political influence for my private interests, which is what many rich people do, and what, in a sense, market fundamentalism does, because it is in the interests of people who have a lot of money to have as little taxes as possible.
If every rich person gave 50 percent of their wealth to charity, I would not say they should pay more taxes.
George Soros Quotes about Mistakes
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
I don’t panic. The same thing applies to me as to everybody else, so I’m given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
George Soros Quotes about Values
I chose America as my home because I value freedom and democracy, civil liberties and an open society.
Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values
George Soros Quotes on Economics
By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.
George Soros Quotes on Capitalism
Although I have made a fortune in the financial markets, I now fear that the untrammelled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.
George Soros Quotes about Philanthropy
I’m not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. I’m doing it because I can afford to do it, and I believe in it.
The world order needs a major overhaul.
George Soros Quotes about Today
We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.
America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today’s Germany doesn’t feel as prosperous and generous as America then. But actually, Germany still is very prosperous.
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