The Crash of 2008 and what it Means

Download or read book The Crash of 2008 and what it Means written by George Soros and published by Scribe Publications. This book was released on 2009 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the previous edition of this book, I put forward a conceptual framework for understanding the financial crisis then beginning to unfold. I recognized that the crisis was more severe than many were willing to accept, but even I never expected the financial system to actually break down and the global economy to collapse. In the past, whenever we came to the brink of a breakdown the financial authorities came to the rescue. That is what I expected for 2008, but that is not what happened. On September 15, 2008, Lehman Brothers was allowed to go into bankruptcy without proper preparation. Within days the entire financial system suffered what amounted to cardiac arrest and had to be put on artificial life support. The effect on the global economy was the equivalent of the collapse of the banking system during the Great Depression. The current breakdown is a relatively recent event whose full impact has not yet been felt ... 'Recognising this point is essential for understanding where we are and what policies we should follow ...' In a concise book that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its global implications.