I don’t have anything to add to what Gerard Jackson wrote about George Soros.
Soros revealed the source of his confusion and ignorance when he admitted that his experience of money markets led him to his present views. (I knew it couldn’t have been serious study). This apparent revelation leads him to merely parrot the old cry that financial markets are inherently unstable, leading to breakdowns and depressions. And that this instability led to the evolution of central banks. Yet, according to him, free market “ideologues” (how lefties love that word) argue that it was faulty regulations, not markets, that were really responsible.
Markets are basically stable. What is not stable is monetary policy. And it is faulty monetary policies that destabilise economies. When the gold standard reigned supreme financial markets never witnessed the kind of prolonged financial gyrations that we are now experiencing. These wild fluctuations are basically caused by constant changes, and anticipated changes, in money supplies, price levels and exchange rates.
Trackposted to Rosemary’s Thoughts, third world county, Faultline USA, A Newt One- help us catch a monster, Woman Honor Thyself, Adam’s Blog, Maggie’s Notebook, Right Truth, Shadowscope, Celebrity Smack, The Pink Flamingo, The Amboy Times, Right Voices, and The Yankee Sailor, thanks to Linkfest Haven Deluxe.