I Fancied Myself As Some Kind Of

It Is Credit That Matters, Not Money (in Other Words, Monetarism Is A False Ideology).

The Scope For Improvement Is Infinite, Precisely Because Perfection Is Unattainable.

I Put Forward A Pretty General Theory That Financial Markets Are Intrinsically Unstable. That We Really Have A False Picture When We Think About Markets Tending Towards Equilibrium.

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.

Although I Have Made A Fortune In The Financial Markets, I Now Fear That The Untrammeled 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.