The Ultimate Asset Bubble Is Gold.

A Full And Fair Discussion Is Essential To Democracy.

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.

The Concept Of A General Equilibrium Has No Relevance To The Real World (in Other Words, Classical Economics Is An Exercise In Futility).

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.

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 Postwar Years. The Bank Of England Was A Very Successful Regulator By Cooperating With Market Participants. This Cooperative Spirit Was Broken By The Market Fundamentalists.