By Charles R. Morris
The writer may have tried this to be a sequel to his bestseller "The Trillion greenback Meltdown", that these sages did percentage a similar foresight and philosophy as his personal. Pardon me that as an individual who had learn many books of and approximately Soros and Buffet, i'm obliged to remark this compilation of biographies is sub par, particularly the part on Soros that is like a bad precis of Soros's "The Alchemy of Finance". If now not for the part on Volcker, i'd have rated it a one superstar. now not worthy on sprucing one's trading/investment area, nor gaining any perception of the present monetary turmoil. in brief, no longer suggested!
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Extra info for The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets
26 THE SAGES The 1992 episode involving the British pound is much more straightforward but is a splendid example of Soros’s consummate boldness. “THE MAN WHO BROKE THE BANK OF ENGLAND” Currency regimes, in Soros’s perspective, are rich mines of reﬂexivity, since they frequently evolve as contests of perception between traders and governments. * But once an exchange rate is ﬁxed, it is a natural target for speculators, who constantly probe a government’s resolve. At bottom, a proper exchange rate is determined by the home country economy.
Interest rates fell sharply in the United States starting in the mid-1990s, which should have choked off the inﬂow of foreign capital. But it was replaced by interest-insensitive capital from export-driven nations like China that bought American bonds to supply liquidity to American consumers. Starting in the mid-1990s, academics began to acknowledge the possibility of a new quasi-equilibrium under the general rubric of a “Bretton Woods II” regime. At least a decade earlier, Soros had perceived the system’s ramiﬁcations and was among the ﬁrst to worry about the concentration on ﬁnance.
If traders take dollars for the promise to deliver a ﬁxed amount of rubles a month from now, they will make large proﬁts if the dollar value of rubles falls in the meantime. * According to Chicago School free-market theorists, efﬁcient markets should ensure that exchange rates adjust smoothly in small increments. As the doctrine gained inﬂuence in the 1980s, most larger countries shifted to free-ﬂoating regimes. The theory was wrong. Instead of stabilizing adjustments, violent seesawing was much more common.