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April 4, 2008

Soros: The false belief at the heart of the financial turmoil

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For the past 25 years or so the financial authorities and institutions they regulate have been guided by market fundamentalism: the belief that markets tend towards equilibrium and that deviations from it occur in a random manner. All the innovations - risk management, trading techniques, the alphabet soup of derivatives and synthetic financial instruments - were based on that belief. Regulators ought to have known better.

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For the past 25 years or so the financial authorities and institutions they regulate have been guided by market fundamentalism: the belief that markets tend towards equilibrium and that deviations from it occur in a random manner. All the innovations - risk management, trading techniques, the alphabet soup of derivatives and synthetic financial instruments - were based on that belief. Regulators ought to have known better.

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