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What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.

George Soros

If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
GEORGE SOROS

Concept Forever Maintain
In politics, manipulating reality can take presidence over finding reality.
GEORGE SOROS

Finding Manipulation Politics Reality
The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
GEORGE SOROS

Believe Enemy Myself Open Society Threat
Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
GEORGE SOROS

Assumption Poor Start Wrong Yourself
I don’t panic. The same thing applies to me as to everybody else, so I’m given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
GEORGE SOROS

Basic Despair Fear Mistake Myself Panic Recognition Survive
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.
GEORGE SOROS

Democracy Government International Mindset People Solution State
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
GEORGE SOROS

Mistake Myself Pride Recognition Shame Wrong
Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
GEORGE SOROS

Business Health Law Politics Society
My main concern is with the world order.
GEORGE SOROS

One Liner Order World
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
GEORGE SOROS

Instability Management Money Regulation Risk Transaction Way
When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.
GEORGE SOROS

Crowd Follow Lose Momentum Rise Time
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.
GEORGE SOROS

Difference Ideas Interest Kind Money Myself People Personal
There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.
GEORGE SOROS

Difference Future Investment Profit Success Yourself
The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
GEORGE SOROS

Follow Institution Performance Relation Trend Trouble
It is credit that matters, not money (in other words, monetarism is a false ideology).
GEORGE SOROS

Fake Ideology Money Word
American supremacy is the greatest threat to the world today.
GEORGE SOROS

Competition Greatness Rival Threat World

What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.

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What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.

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