Thread: Soros: 'A Shocking Abdication of Responsibility'

Soros: 'A Shocking Abdication of Responsibility'

Thursday, Jan. 24, 2008 3:10 p.m. EST

Global financier George Soros says the abdication of responsibility by financial regulators over the past few years has a simple outcome – a global realignment of wealth toward the large emerging markets and away from the United States.
While the U.S housing bubble is easy to understand, the larger trend is far more profound. The current short-term bubble, in fact, is lot like all the others we’ve seen since the end of World War II, Soros writes in the Financial Times.

Yet, this time it really is different. The slowdown marks the end of credit expansion based on the U.S. dollar as the world’s major reserve currency, Soros writes.

"The current crisis is the culmination of a super-boom that has lasted for more than 60 years,â€

A former member of the Board of Directors of the Council on Foreign Relations who was convicted of insider trading in France.