Book Price Comparisons
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 Good for Some Light Reading This book was pretty short, so whether you end up liking it or not, it's not like you will have wasted much time in reading it. Basically, George Soros is just explaining his perception of the economy as a linear, historical process rather than a series of cycles. I think he is trying to say that history does not repeat itself. My explanation may not be the greatest, but that's what I got out of it... I think if you really want to know what is going to happen in the next year, don't expect too much from this particular book. On the other hand, if you are interested in gaining some perspective, understanding a different viewpoint, and maybe learning a few basics about the elements of finance and economics relevant to the credit crisis, it is a good book to read. It doesn't matter if you are a staunch Republican and can't stand George Soros' politics (I am most definitely not a Liberal, by the way). It will still provide some food for thought, and it would be a shame for political alignment to prevent any intelligent readers out there from reading a different point of view without getting upset. Conclusion: read it to learn and gain perspective, not for economic forecasting. I give 3 stars because it was pretty interesting, but not life-altering.  Do not Bother Soros has lost touch with the markets, is just about all I can add to "Read and Think"`s excellent review. Quick Read If you're looking for specifics on where to invest in 2008/2009, this isn't a book for you. Book is short. Reflexivity is a nice idea/theorie, but he never shows a mathematical example. He does mention that the market participants can reinforce a trend and so on, explaining that markets don't go to equilibrium. He fails to mention natural disasters, drought, or market manipulation as other real world reasons that economic models don't work. First half of the book gives you an idea of how he thinks, the past that has influenced his ideas, and good examples of the basis for the current credit crisis. There is a section on history of the markets, boom in 60s, stagflation 70s, reagan 80s, and so on... Second half of the book is the meat. (Take note of the charts, very timely, and more informative than anything you'll see on the news) Lots of info and a timeline on the spread of the crisis. The pearl in all this, is that the economy runs on credit, and with credit lending damaged, basically even if the crisis is averted, limited credit will hamstring the economy for the next 3-7 years. (he does not draw any comparissons to Japan, which was a combo corporate and consumer credit bubble with a similar but worse fate. Lack of credit and slow growth occured in Japan in the 10 years afterwards... read "The bubble economy" for more on that.) He busts on the current administration, lack of leadership etc. Well a real estate bubble and booming oil bubble while most other industries fall behind is nothing to be proud of... If he's right, and all we've done for the last eight years is create paper wealth and run a deficit, then we're going to pay for it over the next 8 years and it's gonna bite. One thing I don't buy in what he writes... He talks about a super bubble, and it being based on US finance, since Bretton woods agreement etc... Historically economies expand during periods where scientific discoveries can be applied to industry or our everyday lives. Booms created by autos, railroads, electricity, computing, plastics/chemicals... Then we hit a bust. The Feds job is to offset the busts and the govt basically spends on infrastructure during the busts to keep everything going. Now that inovation, with a huge economy, and a sound military, is what gives the dollar, our goods, dominance on the world stage, not some piece of paper signed 50 years ago. He is right in that the US is sucking in value right now, as wealth funds save the banks, and the Fed gives out credit to save the system. Basically anyone holding US Bonds overseas is taking a bath to keep our system going. I think it's this short term Dollar/Bank moves, that has him upset, but he's blaming Reagan for it... Eh... I think it's more a banking problem with the current administration turning a blind eye. Look at it this way. If it wasn't for the housing bubble... adding 4% to GDP or more each year... We'd still be stuck in recession since 2000... Bushes big problem is that it just popped on his watch. Now they're mailing checks worth 1% GDP just to keep us "Technically" out of a recession... Buying time until someone else comes into office and then it's "Their problem"... LOL No mention of the new financial markets in Dubai or oil trading there. Does mention the Gulf Arab states now reinvesting in their own countries and industries... Which is really happening. Say's he's bullish on China and India, that the china bubble is in there early stages... (I think it's late) and he looses money when their markets tank this year... At least he's honest and admits it. Definately worth buying (used) but skip the first half of the book. Flip to page 79 and start there. Read ALL of the rest of it.  Geo-Political Investment-Banking Student Just excellent!!! Soros puts into updated context his original concepts on International Reflecivity and a clear/understandable narrative on the impact of it. A must have book. | |||||||||||||