George Soros

"Aside from very few exceptions like George Soros, I am not impressed by people with money... Becoming rich is not directly a moral achievement."

"The Bush administration is once again in the process of committing a major policy blunder in the Middle East ... Hamas won the elections in an upset victory. Then came the blunder I am talking about. Israel, with the strong backing of the United States, refused to recognize the democratically elected Hamas government."

"Companies earn their profits by exploiting their environment. Mining and oil companies exploit the physical environment; social media companies exploit the social environment. This is particularly nefarious because social media companies influence how people think and behave without them even being aware of it."

"[A]lthough Soros did not deliver anything meaningful in his writings, he knew how to handle randomness, by keeping a critical open mind open and changing his opinion with minimal shame ...calling himself fallible ...while others had loftier ideas about themselves. He understood Popper. Do not judge him by his writings. He lived a Popperian life."

"The financier George Soros has come to the reflection: 'There are collective interests that don't find expression in market values'.""

"The pro-Israel lobby has been remarkably successful in suppressing criticism. Politicians challenge it at their peril because of the lobby's ability to influence political contributions. ... Following his criticism of repressive Israeli policy on the West Bank, former president Jimmy Carter has suffered the loss of some of the financial backers of his center."

"We must recognize that as the dominant power in the world we have a special responsibility. In addition to protecting our national interests, we must take the leadership in protecting the common interests of humanity. I go into some detail as to what that entails. Mankind’s power over nature has increased cumulatively while its ability to govern itself has not kept pace. There is no other country that can take the place of the United States in the foreseeable future. If the United States fails to provide the right kind of leadership our civilization may destroy itself. That is the unpleasant reality that confronts us."

"So the euro is here to stay, and the arrangements that evolved in response to the crisis have become established as the new order governing the eurozone. This confirms my worst fears. It’s the nightmare I’ve been talking about. I’m hopeful that the Russian invasion of Crimea may serve as a wake-up call. Germany is the only country in a position to change the prevailing order."

"Druckenmiller could see that Soros was right: Indeed, this was the man’s genius. Druckenmiller had done the analysis, understood the politics, and seen the trigger for the trade; but Soros was the one who sensed that this was the moment to go nuclear. When you knew you were right, there was no such thing as betting too much. You piled on as hard as possible."

"I discovered Karl Popper via [a] trader, perhaps the only one I have ever truly respected. ...I disagreed with his statements when it came to economics and philosophy... [H]is first book, The Alchemy of Finance... does not show much grasp of the concepts. ...One cannot infer much from a single experiment in a random environment... [H]e writes that the category... "economists" believe that things converge to equilibrium... There are plenty of economic theories that believe that departure from a price level can cause further divergence and cause cascading feedback loops. ...say, game theory (...Harsanyi and Nash) or information economics (...Stiglitz, Akerhof, and Spence)."

"George Soros has a long and storied track record of being all villains to all people. Nobody that rich, and that meddlesome in international affairs — through his massive, market-influencing hedge-fund bets against national currencies, or via his multi-billion dollar "Open Society" philanthropy in 50-plus countries — could avoid being fitted for devil's horns on a daily basis. ... Until very recently, you could place most of Soros' fiercest critics in categories marked "paranoid" and "anti-democratic." In 1990s Central Europe, where he and his various organizations were ubiquitous presences (at least in the cosmopolitan capital cities), reaction to Soros was a useful if crude indicator of a politician's basic orientation. ... But now, Slavic autocrats have been joined in red-faced George-bashing by two new overlapping groups: American conservatives, and hawkish friends of Israel. ... Thus we now have the spectacle of one of the world's most active and influential anti-communists (not to mention one of its most successful capitalists) being tarred as a particularly dangerous friend of Marx and Lenin."

"All these countries [in East Asia] have spent 40 years trying to build up their economies and a moron like Soros comes along with a lot of money to speculate and ruin things."

"I consider Xi Jinping the most dangerous enemy of open societies in the world."

"One of the myths propagated by the enemies of Israel is that there is an all-powerful Zionist conspiracy. That is a false accusation. Nevertheless, that AIPAC has been so successful in suppressing criticism has lent some credence to such false beliefs. Demolishing the wall of silence that has protected AIPAC would help lay them to rest. A debate within the Jewish community, instead of fomenting anti-Semitism, would only help diminish it. Anticipating attacks, I should like to emphasize that I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views."

"The war on terror as defined by President Bush is a one-dimensional presentation of reality. We cannot fight terrorism by military means alone. We can use military force only when we have a known target; but it is the habit of terrorists to keep their whereabouts hidden. To track them down we need the support of the populations amongst whom they hide. Offense is not necessarily the best defense if it offends those whose allegiance we need."

"The main obstacle to a stable and just world order is the United States. This is a harsh — indeed, for me, painful — thing to say, but unfortunately I am convinced it is true. The United States continues to set the agenda for the world in spite of its loss of influence since 9/11, and the Bush administration is setting the wrong agenda . The Bush agenda is nationalistic: it emphasizes the use of force and ignores global problems whose solution requires international cooperation. The rest of the world dances to the tune the United States is playing, and if that continues too long we are in danger of destroying our civilization. Changing the attitude and policies of the United States remains my top priority."

"The Palestine problem does not have a purely military solution. Military superiority is necessary for Israel's national security, but it is not sufficient. The solution has to be political, as President Clinton recognized."

"Esperanto was a very useful language, because wherever you went, you found someone to speak with."

"Nationalism, far from being reversed, made further headway. The biggest and most frightening setback came in India, where a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir – a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship."

"I've learned many things from him, but perhaps the most significant is that it's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong."

"Four hundred seventy-three million to one. Those are the odds against George Soros compiling the investment record he did as manager of the Quantum Fund from 1968 through 1993. His investment record is the most unimpeachable refutation of the random walk hypothesis ever! ... History will probably remember Mr. Soros as the speculator who tilted against the Bank of England in 1992 (and freed the English people from recession). His billion dollar score is simply too compelling a story to overlook. Mr. Soros himself would probably like to be remembered as a great economist or even scientist. But I am going to remember him for something even more important, for which he does not receive the credit he deserves. He is someone who genuinely cares about the state of the human condition and tries to better it. His myriad and monumental philanthropical efforts will qualify him as one of history's great benefactors. ... He is a hands-on workaholic who materially impacts the quality of lives of people less fortunate than he. Now this, this is a sign of greatness."

"I’ve been plying the craft of politics for more than thirty years now, and with my own eyes I’ve seen George Soros attempt to plunder Hungary on three separate occasions. The first time was in the early nineties, when he wanted to buy up all the country’s state debt: all of Hungary’s state debt in the hands of one person, the fate of every Hungarian in the hands of George Soros. It’s spine-chilling even thinking about the situation we managed to avoid. Gratitude and recognition are due to József Antall for preventing this from happening. And I remember 1994, when Soros wanted to plunder us a second time. He tried to acquire OTP Bank, which was then the uniquely dominant Hungarian retail bank. No less spine-chilling is the vision of almost every Hungarian’s money in the hands of one person. Gratitude and recognition are due to Gyula Horn for not allowing that to happen. Today the soaring success of OTP is proof that he was right to do so. Even young people can remember the third attempt. In 2015, people-smuggling networks disguised as human rights organisations brought hundreds of thousands of migrants to the Hungarian border. And when Europe was already straining under the weight of migration, Soros announced that he was ready to offer credit to finance the settlement of one million migrants a year. Please bear in mind that the Soros Plan, the planned settlement of foreign population groups, is still on the agenda: the operation is in progress and we must man the defences, stoutly and unwaveringly."

"Half the day he engages in the most ruthless financial exploitations, ruining the lives of hundreds of thousands, even millions. The other half [of the day] he just gives part of it back."

"Alex told me that for many years, his father had not been eager to advertise his Judaism because “this was something he was almost killed for.” But he had always “identified firstly as a Jew,” and his philanthropy was ultimately an expression of his Jewish identity, in that he felt a solidarity with other minority groups and also because he recognized that a Jew could only truly be safe in a world in which all minorities were protected. Explaining his father’s motives, he said, “The reason you fight for an open society is because that’s the only society that you can live in, as a Jew — unless you become a nationalist and only fight for your own rights in your own state"."

"George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies," open not only in the sense of freedom of commerce but — more important — tolerant of new ideas and different modes of thinking and behavior."

"Hungary was led to bankruptcy by a government of former communists pursuing liberal policy. This example strengthens the conviction that in fact there is no such thing as a liberal: a liberal is nothing more than a communist with a university degree. If we had taken their advice, right now Hungary would be in the intensive care ward, with the tubes of IMF and Brussels credit attached to every limb. And the fingers on the valves regulating the flow of credit would belong to George Soros. This is no exaggeration."

"Historically, most highly paid executives voted Republican. No more. ... George Soros was on the leading edge of this trend. Long before he became famous as one of the biggest Democratic donors in history, Soros was best known for getting rich by betting against national currencies, notably the English pound. Soros was considered such a rapacious and unethical practitioner of vulture capitalism that liberal economist Paul Krugman once accused him of intentionally trying to provoke currency crises in order to profit from them. Krugman no longer criticizes Soros, who has gone on to spend billions on behalf of liberal candidates and policy positions around the world."

"We have a booming global economy but we don't have a global society. Markets reduce everything, including human beings and nature, to commodities. Societies need more than this to prosper — such goals as political freedom and social justice."

"China isn’t the only authoritarian regime in the world, but it’s undoubtedly the wealthiest, strongest and most developed in machine learning and artificial intelligence. This makes Xi Jinping the most dangerous opponent of those who believe in the concept of open society."

"‘The EU needs to transform itself into an association that countries like Britain would want to join, in order to strengthen the political case,’ Mr Soros said he was convinced it was the ideal time for the EU to reform itself and prepare the ground for the UK staying inside the bloc."

"Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties."

"Before the invasion of Iraq, we could project overwhelming power in any part of the world. We cannot do so any more because we are bogged down in Iraq. Iran and North Korea are moving ahead with their nuclear programs at full speed and our hand in dealing with them has been greatly weakened."

"George W. Bush revels in being a war president. His campaign is shamelessly exploiting the fears generated by 9/11. Vice President Cheney is conjuring mushroom clouds into our cities. But fear is a bad counselor; we must resist it wherever it comes from. President Roosevelt had the right idea when he said, "We have nothing to fear but Fear itself.""

"An open society is always in danger. It must constantly reaffirm its principles in order to survive. We are being sorely tested, first by 9/11 and then by President Bush's response. To pass the test we must face reality instead of finding solace in false certainties. This election transcends party loyalties. Our future as an open society depends on resisting the Siren's song."

"I am not a Zionist, nor am I am a practicing Jew, but I have a great deal of sympathy for my fellow Jews and a deep concern for the survival of Israel."

"Each state is guided by its interests, not by some nebulous concept of common interest. And not many states are even democratic. So, you have a problem with the concept between international institutions and sovereignty. To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states."

"I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs. Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs."

"The global crisis is caused by pathologies inherent in the global financial system itself."

"Not all bubbles involve the extension of credit; some are based on equity leveraging. The best examples are the conglomerate boom of the late 1960s and the Internet bubble of the late 1990s. When Alan Greenspan spoke about irrational exuberance in 1996 he misrepresented bubbles. When I see a bubble forming I rush in to buy, adding fuel to the fire. That is not irrational. And that is why we need regulators to counteract the market when a bubble is threatening to grow too big, because we cannot rely on market participants, however well informed and rational they are."

"I wish I could write a book that will be read for as long as our civilization lasts... I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant."

"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."

"Go for the jugular."

"The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don't have much personal use for money. But I hate to think what would have happened if I hadn't made money: My ideas would not have gotten much play."

"If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring."

"The development of a global economy has not been matched by the development of a global society. The basic unit for political and social life remains the nation-state. International law and international institutions, insofar as they exist, are not strong enough to prevent war or the large-scale abuse of human rights in individual countries. Ecological threats are not adequately dealt with. Global financial markets are largely beyond the control of national or international authorities."

"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."

"Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected."

"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."

"I think he's a man of good intentions. I don't doubt it. But I think he's leading us in the wrong direction."

"Americans, sadly, are now victims who have turned into perpetrators. Indeed, since September 2001, the war on terror has claimed more innocent victims than those terrorist attacks. This fact is unrecognized at home because the victims of the war on terror are not Americans. But the rest of the world does not draw the same distinction, and world opinion has turned against America."