by George Soros
Round Two of the Financial Crisis: Eurozone Meltdown and Its Super Bubble Roots
This series of essays published mainly in the Financial Times and the New York Review of Books constitutes a continuation of my previous books on the financial crisis—The New Paradigm for Financial Markets (2008) and The Crash of 2008 and What it Means (2009). It brings the story of the super bubble, which I contend started in 1980, up to date.
In 1980, when Ronald Reagan was elected president of the United States and Margaret Thatcher was prime minister of the United Kingdom, market fundamentalism became the dominant creed in the world. Market fundamentalists believe that financial markets would assure the optimum allocation of ...