Because regulation thrives on fear.
DAVOS, Switzerland – Billionaire George Soros called Wednesday for a massive injection of regulation and oversight of financial markets whose excessive freedoms have caused “not a normal crisis but the end of an era.”
The Hungarian-born financier and philanthropist commanded center stage at the World Economic Forum with a dire analysis of recent days’ market turmoil and a call for the creation of a “new sheriff” for global finance – details to be worked out later.
It was a stark and jarring message coming from one of the richest businessmen in the world – albeit one who is no stranger to controversy and politics, and has seemed to pride himself on being a maverick.
“Authorities are working with the wrong paradigm,” Soros told journalists at the annual gathering of the world’s political, business and academic elite in the Swiss ski resort of Davos.
Good…grief. You can just picture the banners waving, hear the beat of the drum, rouse with the march of the “New Paradigm.” Or quake…if history is your guide.
What other causes does this guy support?
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