We are losing the values that have made America great. The destruction of the twin towers of the World Trade Center was such a horrendous event that it required a strong response. But the President committed a fundamental error in thinking: the fact that the terrorists are manifestly evil does not make whatever counter-actions we take automatically good. What we do to combat terrorism may also be wrong. Recognizing that we may be wrong is the foundation of an open society.

I grew up in Hungary, lived through fascism and the Holocaust, and then had a foretaste of communism. I learned at an early age how important it is what kind of government prevails. I chose America as my home because I value freedom and democracy, civil liberties and an open society. When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.

We face a vicious circle of escalating violence. President Bush ran on the platform of a "humble" foreign policy in 2000. If we re-elect him now, we endorse the Bush doctrine of preemptive action and the invasion of Iraq, and we will have to live with the consequences.

This is the most important election of my lifetime. I have never been heavily involved in partisan politics but these are not normal times. President Bush is endangering our safety, hurting our vital interests and undermining American values. That is why I am publishing this message. I have been demonized by the Bush campaign but I hope you will give me a hearing.

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on. We do need to intervene, to improve political and economic conditions inside countries that have bad governments, where people are suffering. One way of doing this, without violating sovereignty, is through constructive actions — reinforcements and incentives for countries that are moving in the right direction, toward an open society, a market economy, et cetera. That is what I'm advocating. I'm advocating preventive action of a constructive nature. And I would use military force only as the very last resort, when nothing else works.

My position is that America is great precisely because it is an open society, and an open society recognizes that nobody is the ultimate arbiter — and that we may be wrong at times, even if we are powerful. We must be open to criticism and respect divergent and different views and interests.

Now look at the ideology of American supremacy. It has a solid foundation in reality; namely, the United States is the dominant power in the world. The current government believes the United States ought to use this dominant position to impose its will on the world. That is the misconception. This approach is not what made America great. America did not arrive at its dominant position by imposing its will on the world.

Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.

If we re-elect Bush, we are endorsing the Bush doctrine. And then we are off to a vicious circle of escalating violence in the world. And I think, you know, terrorism, counter-terrorism, it's a very scary spectacle to me. If we reject him, then we are effectively rejecting the Bush doctrine. Because he was elected on a platform of a more humble foreign policy. Then we can go back to a more humble foreign policy. And treat this episode as an aberration. We have to pay a heavy price. You know, 100 billion dollars a year in Iraq. We can't get out of that. We mustn't get out of it. But still, we can then regain the confidence of the world, and our rightful place as leaders of the world, working to make the world a better place.

We are the dominant power. And that imposes on us a responsibility to be actually concerned with the well being of the world. Because we set the agenda. And there are a lot of problems, including terrorism and weapons of mass destruction, that can only be tackled by collective action. And we ought to be leading that collective action, instead of riding roughshod over other people's opinions and interests.