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George Soros, the financial philosopher, supporter of civic culture and crusher of the Bank of England, spoke on Tuesday morning in NYC, warning that Americans are denying the magnitude of their problems.
He said “You can’t expect market participants to resist bubbles which is why you need an outside force to prevent them from going too far. Unlimited innovation can be harmful.”
Soros also believes that we now live in beta—constant change that is unforseen. ” My theory is the future is unpredictable so I’m not going to predict it…it’s not the time to have firm conviction.” Hedge funds and Wall Street firms are not investing on fundamentals, he said, making markets more volatile.
So we shouldn’t feel so relieved that the bottom has not dropped out of the global economy.
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