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.
George SorosI think it is natural that every country has to take care of its interests, but there are some interests that are common to all countries. There are some human interests, or we need also international cooperation. We've sometimes confused it with dictation.
George SorosThe securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
George SorosAny central bank should only be in charge of liquidity. Solvency is a matter for the treasury.
George Soros