At present, the developed countries condescend to the developing ones. - George Soros

We are accustomed to think of events as a sequence of facts: one set of facts follows another in a never-ending chain. When a situation has thinking participants, the chain does not lead directly from fact to fact. It links a fact to the participants' thinking and then connects the participants' thinking to the next set of facts.

Yes. I never claimed credit for it. I was involved in the process. As coach, I said to him that this is a once-in-a-lifetime opportunity, the risk-reward relationship is extremely favorable, and therefore we should play it on a larger scale than normal. And he took my advice.

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.