The worst market crisis in 60 years

By: George Sooros,  in the Financial Times, Published: January 22, 2008.

Soros says that the current financial
crisis was precipitated by a bubble in the US housing market.

George Soros addresses the problems generated by a market that is as good as out of hand where everything that could go wrong, went wrong; Or, as Soros wrote:

"The super-boom got out of hand when the new products became so complicated
that the authorities could no longer calculate the risks and started relying on
the risk management methods of the banks themselves".

 In other words the Peter Principle would appear to apply in many political, financial and corpoorations  whereby very highly paid people are hired above and beyond their level of competence.

In this article the 'peoples currency' the 'renminbi' is mentioned. It is the currency of the Peoples Republic of China (PRC).

Click here for: The worst market crisis in 60 tears.

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The writer is chairman of Soros Fund Management