Paul Volcker
Chairperson of the President's Economic Recovery Advisory Board
In office February 6, 2009 – February 23, 2011
President	Barack Obama
Preceded by	Position established
Succeeded by	Jeffrey Immelt (Council on Jobs and Competitiveness)
Chairman of the Federal Reserve
In office August 6, 1979 – August 11, 1987
President	Jimmy Carter Ronald Reagan
Preceded by	William Miller
Succeeded by	Alan Greenspan
President of the Federal Reserve Bank of New York
In office May 2, 1975 – August 5, 1979
Preceded by	Alfred Hayes
Succeeded by	Anthony Solomon
Personal details
Born	Paul Adolph Volcker, Jr. (1927-09-05) September 5, 1927 (age 84) Cape May, New Jersey, U.S.
Political party	Democratic Party
Alma mater	Princeton University Harvard University London School of Economics
Profession	Economist

Paul Adolph Volcker, Jr.^[1] (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and early 1980s. He was the Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009^[2] until January 2011.^[3]

Early life[link]

Volcker was born in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker.^[4][5] His grandparents were all German immigrants.^[4] Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School^[6] in 1945.

Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.

Volcker has received honorary degrees from several educational institutions including: Hamilton College (1980), University of Notre Dame, Princeton University, Dartmouth College, New York University, University of Delaware,^[7] Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Fairfield University (1994), Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), Georgetown University (2007), Syracuse University (2008), Queen's University at Kingston in Canada (2009), and Amherst College (2011).^[8]

Career[link]

In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962, Robert Roosa, who had been his mentor at the Federal Reserve, hired him at the Treasury Department as director of financial analysis.^[9] In 1963, he became deputy under-secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.

From 1969 to 1974, Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions leading to the U.S. suspension of gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to become the chairman of the Federal Reserve in August 1979.

In 1975, Mr. Volcker also became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University.

Chairman of the Federal Reserve[link]

Paul Volcker, a Democrat,^[10] was appointed Chairman of the Board of Governors for the Federal Reserve System in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.^[11]

Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983.^[12]

Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well.

Volcker's Fed elicited the strongest political attacks and most widespread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.^[13]

Nobel laureate Joseph Stiglitz said about him in an interview:

Paul Volcker, the previous Fed Chairman known for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate de-regulator.^[14]

Congressman Ron Paul, well known as a harsh critic of the Federal Reserve, has offered qualified praise of Volcker:

Being in Congress in the late 1970s and early 1980s and serving on the House Banking Committee, I met and got to question several Federal Reserve chairmen: Arthur Burns, G. William Miller and Paul Volcker. Of the three, I had the most interaction with Volcker. He was more personable and smarter than the others, including the more recent board chairmen Alan Greenspan and Ben Bernanke.^[15]

Congressman Ron Paul also said in a 2011 presidential debate that "If I had to name a Federal Reserve chairman that did a little bit of good, that would be Paul Volcker."

Post-Fed[link]

After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, Wolfensohn & Co., a corporate advisory and investment firm run by James D. Wolfensohn (who later became president of the World Bank).

In 1996, he took up the chair of the Independent Committee of Eminent Persons (Volcker Commission) to look into the dormant accounts of Jewish victims of the Holocaust lying in Swiss banks. This included a “massive accounting of Swiss bank records.” In the midst of a contentious process (the committee was formed by three Jewish representatives and three representatives of Swiss banks), he was able to bring about an agreement among the parties for a settlement of $1.25 billion.^[16]

In April, 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarizing its research, Volcker criticized Kojo Annan, son of then-UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. He concluded in his March, 2005, report that "there is no evidence that the selection of Cotecna, in 1998, was subject to improper influence of the Secretary General in the bidding or selection process." ^[17] However, while Volcker did not implicate the Secretary General in the selection process, he did cast serious doubt on Kofi Annan, whose "management performance . . . fell short of the standards that the United Nations Organization should strive to maintain."^[18] Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan.

As of October, 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc., which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller family. He currently serves as chairman of the Board of Trustees of the International House in Manhattan, New York City. He is a founding member of the Trilateral Commission and is a long-time member of the Bilderberg Group.

In January, 2008, he endorsed Democratic Presidential candidate Barack Obama.^[19]

On April 8, 2008, he was the featured speaker at The Economic Club of New York, and spoke about the issues and causes of the U.S. recession, and critiqued the U.S. financial system and Federal Reserve policies.^[20]

Paul Volcker appeared in the Charles Ferguson's movie Inside Job. He was interviewed about current Wall Street CEO pay, claiming it is "excessive." ^[21]

Volcker was an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board.^[22][23][24] During the financial crisis, Volcker has been extremely critical of banks, saying that their response to the financial crisis has been inadequate, and that more regulation of banks is called for.^[25][26][27] Specifically, Volcker has called for a break-up of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, private equity, and hedge fund investments.^[28][29] Volcker left the board when its charter expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.^[30]

On January 21, 2010, President Barack Obama proposed bank regulations which he dubbed "The Volcker Rule," in reference to Volcker's aggressive pursuit of these regulations.^[31] Volcker appeared with the president at the announcement. The proposed rules would prevent commercial banks from owning and investing in hedge funds and private equity, and limit the trading they do for their own accounts.^[32]

Volcker has been known to defy the stereotype of a Wall Street insider. A profile in The Week for February 5, 2010, claimed that Volcker doesn't even buy the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the ATM."^[33]

On April 6, 2010, at the New-York Historical Society's Global Economic Panel, Volcker commented that the United States should consider adding a national sales tax similar to the Value Added Tax (VAT) imposed in European countries, stating "If, at the end of the day, we need to raise taxes, we should raise taxes."^[34]

World Justice Project[link]

Paul Volcker serves as an honorary co-chairman for the World Justice Project. The World Justice Project works to lead a global, multi-disciplinary effort to strengthen the rule of law for the development of communities of opportunity and equity.

Personal life[link]

Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. They had two children, Janice, a nurse and a Georgetown University graduate,^[35] and James, a research assistant and a New York University graduate^[36] who was born with cerebral palsy, as well as four grandchildren.^[9][37][38] Over Thanksgiving, 2009, he became engaged to marry Anke Dening, a long-time assistant.^[39] They eloped in February 2010.^[40]

Volcker is an avid fly-fisherman,^[41] having recounted, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip."^[42][43] Volcker is also known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m),^[44][45] standing exactly a foot (30 cm) taller than his wife when they first met.^[9]

Works[link]

• Changing Fortunes, Paul Volcker and Toyoo Gyohten, Crown, May 26, 1992, ISBN 978-1586487522
• Forbes Great Minds Of Business, Fred Smith, Peter Lynch, Andrew Grove, Paul Volcker (Author), Pleasant Rowland, John Wiley and Paul A. Volcker, Simon and Schuster Audio, October 1, 1997, ISBN 978-0671577223
• Good Intentions Corrupted: The Oil for Food Scandal And the Threat to the U.N., Paul Volcker, Jeffrey A. Meyer and Mark G. Califano, Public Affairs Gorgias Press, August 28, 2006, ISBN 978-1586484729

See also[link]

• List of U.S. political appointments that crossed party lines
• Volcker Rule
• Distinguished German-American of the Year

References[link]

Further reading[link]

• Treaster, Joseph (2004). Paul Volcker: the making of a financial legend. Hoboken, N.J.: John Wiley Sons. ISBN 978-0-471-42812-1. 

• Morris, Charles W. (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. PublicAffairs. ISBN 978-1-58648-752-2. 

External links[link]

• Official biography from the Federal Reserve Bank of New York
• The Independent Inquiry Committee into The United Nations' Oil-for-Food Program official website
• Paul Volcker at WhoRunsGov at The Washington Post
• Appearances on C-SPAN
• Paul Volcker on Charlie Rose
• Paul Volcker at the Internet Movie Database
• Paul Volcker collected news and commentary at The New York Times
• Works by or about Paul Volcker in libraries (WorldCat catalog)
• Interview transcript from PBS Commanding Heights, September 26, 2000
• Time for Paul Volcker To Resign, Nile Gardiner, Ph.D., The Heritage Foundation, April 21, 2005
• Current Economic Recovery Fragile, Corporations Undergo "Healthy Changes," Former Fed Chair Paul Volcker Says in Ubben Lecture, Paul Volcker, DePauw University, October 8, 2003
• Rethinking the Bright New World of Global Finance, Paul Volcker, International Finance, Spring 2008
• How to Reform Our Financial System, Paul Volcker, The New York Times, January 30, 2010

v t e Chairmen of the Federal Reserve Hamlin Harding Crissinger Young Meyer Black Eccles McCabe Martin Burns Miller Volcker Greenspan Bernanke

Peter Schiff

Austrian School
Born	(1963-03-23) March 23, 1963 (age 49)
Nationality	United States
Field	Financial Economics
Alma mater	U.C. Berkeley (B.B.A.), 1987[1]
Opposed	John Maynard Keynes,[2] Alan Greenspan,[3][4][5] Ben Bernanke,[6][7][8] Paul Krugman,[9] Christopher Dodd,[10] Barack Obama,[11]
Influences	Irwin Schiff, Ludwig von Mises, F.A. Hayek, Murray Rothbard

Peter David Schiff (pronounced /ˈʃɪf/; born March 23, 1963) is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist^[1] of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut^[12] and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.^[13]

Schiff frequently appears as a guest on financial television and is often quoted in major financial publications. He is host of The Peter Schiff Show, a radio show broadcast on terrestrial and internet radio. He is a frequent guest on internet radio^[14][15][16] as well as the host of the former podcast Wall Street Unspun.^[14][17] In 2010 Schiff ran as a candidate in the Republican primary for the United States Senate seat from Connecticut.^[18]

Schiff is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets as well as foreign stocks and currencies.

Early life and education[link]

Peter Schiff was born and raised in New Haven, Connecticut. His father, Irwin Schiff, is a prominent figure in the U.S. tax protester movement, currently serving a 13-year sentence for tax evasion.^[19] Peter Schiff attended Beverly Hills High School in California,^[20] and graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting.^[1]

Financial career[link]

Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage.^[1] In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital.^[21][22] The company today has more than 15,000 clients^{[citation needed]} and six offices nationwide, with its headquarters in Westport, Connecticut.^[12][21][23]

According to a 2005 article in The Advocate of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers "who think like him". The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees.^[24] The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York City. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.^[25]

Economic forecasts[link]

Peter Schiff voices strong support for the Austrian School of economic thought, first introduced to him by his father.^{[26][27][28][29]}

2002–2008[link]

In his 2007 book Crash Proof, Schiff wrote that United States economic policies were fundamentally unsound, and predicted that the United States dollar would lose much of its value.^[3] Schiff believed that the imbalance between the amount of goods the U.S. consumed and what it produced would eventually lead to problems for the U.S. economy.^[30][31] As a remedy Schiff favored increased personal savings and production which he said would stimulate economic growth.^[32] Schiff cited the U.S.'s low personal savings rate as one of the causes of its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in the year 2000.^[33] Schiff attributed the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.^[34]

In a May 2002 interview with Southland Today, Schiff predicted that the economic downturn triggered by the bursting of the dot-com stock market bubble, an event that he had also forecast well in advance, would lead to a bear market likely to last "another 5 to 10 years."^[35][36] Later that year, following a 30% decline in the Dow Jones, Schiff reversed his call, and became bullish on U.S. stocks in nominal terms. However, he remained bearish in gold terms. In November 2002, as Schiff predicted, US stock indexes began a nominal bull market uptrend that held steady for five years,^[37] until reversing course in 2008, when they began a decline to less than half of their peak 2008 values,^[38] followed in 2009 by the Dow climbing 61% from its low point over the following year.^[39] However, priced in gold, U.S. stocks remained in a bear market the entire time. In May of 2002, the date of the Southland Today interview,^[40] the Dow Jones was worth over 34 ounces of gold. By 2011 the Dow fell below 6 ounces of gold, a nine-year decline of over 80%, in line with Schiff’s 2002 forecast.^[41]

In an August 2006 interview he said: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States."^[42] On December 31, 2006 in debate on Fox News, Schiff forecast that "what's going to happen in 2007" is that "real estate prices are going to come crashing back down to Earth".^[42]

As part of these exchanges on Fox News and his repeated appearances on financial news network CNBC, Schiff had mentioned factors such as speculators and "the absence of lending standards" which are now seen by many^[43][44] to indeed be contributing factors to the housing crisis which began in 2007. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.^[45] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."^[46]

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US.^[3] Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while "nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs".^[47][48] In his book Crash Proof, he described several aspects of the U.S. economy that would lead to a recession.^[3]

A YouTube video entitled "Peter Schiff was right" became popular in late 2008 and 2009.^[49][50] The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005 to 2007. In the video segments Schiff explains the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom."^[22][51][52]

2009–present[link]

Despite predictions regarding the housing bubble and automotive industry difficulties coming to fruition, as early as 2009 Schiff was receiving criticism due to the performance of some of his client's accounts in 2008, as well as controversies over the predictions themselves. In January 2009, economic blogger and investment adviser Michael Shedlock reported, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008."^[53] Later that week an article appeared in the Wall Street Journal reporting that Schiff's broker-dealer firm, Euro Pacific Capital Inc., "advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers" and that instead, the dollar advanced against most currencies, "magnifying the losses from foreign stocks Mr. Schiff steered his investors into."^[54]

The Director of Communications at Schiff's investment firm responded to the original Shedlock piece by saying, "While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, [Shedlock's] estimates for the size of our typical client losses are exaggerated and unfair."^[55][56] Schiff personally responded to Shedlock's criticism by saying, "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive" and called Shedlock's blog entry "nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career," adding that losses were felt mostly by recent clients and not by others.^[57]

Schiff responded similarly to criticisms made by Wade Slome of Sidoxia Capital Management, LLC. in a September 2009 blog entry entitled, "The Emperor Schiff Has No Clothes."^[36] Schiff stated not only were the losses suffered by his clients in 2008 highly exaggerated, but also that most of those losses have already been recouped, stating that many who were down then are now up, and most long-term clients were never down at all, but merely temporarily lost some of the profits they had earned over the years.^[36]

The January 2009 Wall Street Journal article discussed the value of Schiff's predictions, and stated how deficiencies "made mincemeat of investors who took his advice in 2008."^[54] In an interview the following week Schiff likened himself to billionaire investor Warren Buffett, saying they were both "buy and hold" long-term investors. Contrasting his negative press he compared claims about accounts managed under Schiff's firm to the stock market value of Buffett's company, saying: "His approach is you buy stocks and you never sell them—you hope to never sell them—and Berkshire Hathaway is down 40% in the last thirteen months; I don't see the Wall Street Journal saying 'Warren Buffett made mincemeat out of his clients.'"^[58] The Wall Street Journal also published a letter written by Schiff in response to his critics saying: "My central investing premise, a weakening dollar and safety in gold, commodities and foreign stocks, didn't materialize in 2008. But all the ingredients were (and remain) present for those movements to occur. Over the past year, market reactions that I didn't foresee—massive global deleveraging, a knee-jerk 'flight to quality' into U.S. Treasuries and a sharp counter trend rally in the U.S. dollar—have kept the scenario from playing out."^[59]

In a November 2009 videoblog, Schiff said that five stocks he picked for Fortune Magazine in January 2009 had gained a total of 360%.^[60][61]

In a March 2009 speech Schiff said that it would be impossible for the U.S. debt to China to be repaid unless the U.S. dollar's value is substantially diluted through inflation. In September 2009 Schiff said that "I would not be surprised to see [gold] at $5,000 over the next several years" and that the 2009 stock market rally was a "bear market rally".^[62]

According to economist Paul Krugman, Schiff's Austrian approach to economics led him to incorrectly predict hyperinflation in the United States.^[63]

Political career[link]

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, he said: "We need a plan that stimulates savings and production, not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change—for the better that is—Ron Paul is the only candidate capable of delivering it."^[64]

In 2008, Schiff also endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.^[65]

In an interview in February 2009, Schiff's position was summarized as a nonpartisan critique of American policymakers, comparing former presidents George W. Bush to Herbert Hoover and President Barack Obama to former president Franklin D. Roosevelt, with neither of the more recent incumbents comparing favorably to the earlier ones.^[66]

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation.^[67] Schiff says that the economic crisis of the late-2000s provides an opportunity to transition from borrowing and spending, to saving and producing. He is critical of the U.S. government's efforts to "ease the pain" with economic stimulus packages and bailouts. According to Schiff, the U.S. government's approach of replacing "legitimate savings with a printing press" could result in hyperinflation.^[68]

2010 U.S. Senate campaign[link]

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd.^[69][70] Approximately 5,000 people made campaign contributions using the web site.^[69] On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign.^[71] In a May 2009 video blog, Schiff said that he was seriously considering a run for the senate and when questioned by a Washington Post reporter, he said the chance of him entering politics was "better than 50-50".^[72] In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points.^[73] On July 9, 2009, Schiff launched an exploratory committee and an official campaign website.^[69] He began accepting donations in an attempt to see if "people who really believe in freedom, liberty, sound money and the constitution are prepared to support that with an actual political contribution or to volunteer their services and work on this campaign." He received over 10,000 donations and many e-mails from around the world.^[69]

After giving some hints on The Daily Show^[74] Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC Morning Joe show.^[18][75][76] By October 2009 Schiff had received more than 10,000 telephone calls and letters^[69] and raised over $1,960,000 (USD) in campaign contributions.

At the May 2010 Republican convention, Linda McMahon received the most delegate votes but not enough to prevent an August primary election. U.S. Rep. Rob Simmons received more than the required 15 percent of the total votes necessary to force the primary. Schiff then collected the signatures necessary to earn a position on the August 2010 GOP primary ballot, submitting at least 400 signatures over the state requirement.

In July 2010, Schiff's campaign received endorsements from Steve Forbes and Ron Paul.^[77][78]

In the Republican primary, held on August 10, 2010, Schiff lost the nomination to Linda McMahon.^[79] McMahon collected 49% of the vote, with Simmons on 28% and Schiff 23%.^[80]

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.^[81]

Broadcasting[link]

From 2005 to 2010 Schiff hosted a weekly podcast named Wall Street Unspun. In October 2010 Schiff began hosting a new radio show named The Peter Schiff Show. The show is broadcast weekdays from 10am-noon ET on internet and terrestrial radio. The show has featured guests such as Ron Paul, Rand Paul, Niall Ferguson, Dennis Kucinich, Rick Santelli, and others.^[82]

Books[link]

Peter Schiff is the author of six books published by John Wiley & Sons. His book, Crash Proof 2.0, appeared on both the New York Times and Wall Street Journal bestseller lists.

• Crash Proof: How to Profit From the Coming Economic Collapse, February 2007, ISBN 978-0-470-04360-8 1
• The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008, ISBN 978-0-470-38378-0 2
• Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, September 2009, ISBN 978-0-470-47453-2 3
• The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010, ISBN 0-470-64399-4 4
• How an Economy Grows and Why it Crashes, 2010, ISBN 978-0-470-52670-5 5
• The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country, 2012, ISBN 978-1-250-00447-5

References[link]

External links[link]

Wikimedia Commons has media related to: Peter Schiff

Wikiquote has a collection of quotations related to: Peter Schiff

• Euro Pacific Capital US Brokerage Firm Website
• Euro Pacific Precious Metals Coin Company Website
• Schiff for Senate Official Campaign Website
• Peter Schiff Online, Official book site for Peter Schiff
• Peter Schiff radio, Schiff's daily radio show
• Peter Schiff's Official YouTube channel

Charlie Rose
Rose in May 2010
Born	Charles Peete Rose, Jr. (1942-01-05) January 5, 1942 (age 70) Henderson, North Carolina, U.S.
Education	Duke University B.A. (1964) Duke University J.D. (1968)
Occupation	Talk show host Journalist
Years active	1972–present
Notable credit(s)	Charlie Rose, 60 Minutes II, 60 Minutes, CBS News Nightwatch, CBS This Morning
Website
http://www.charlierose.com/

Charles Peete "Charlie" Rose, Jr. (born January 5, 1942)^[1] is an American television talk show host and journalist. Since 1991 he has hosted Charlie Rose, an interview show distributed nationally by PBS since 1993. He has also co-anchored CBS This Morning since January 2012. Rose, along with Lara Logan, has hosted the revived CBS classic Person to Person, a news program during which celebrities are interviewed in their homes, originally hosted from 1953 to 1961 by Edward R. Murrow.^[2]

Early life[link]

Rose was born in Henderson, North Carolina, the only child^[3] of Margaret Frazier and Charles Peete Rose, Sr., tobacco farmers who owned a country store.^[4][5] As a child, Rose lived above his parents' store in Henderson and helped out with the family business from age seven.^[6] Rose admitted in a Fresh Dialogues interview that as a child his insatiable curiosity was constantly getting him in trouble.^[7] A high school basketball star, Rose entered Duke University intending to pursue a degree with a pre-med track, but an internship in the office of Democratic North Carolina Senator B. Everett Jordan got him interested in politics.^[8] Rose graduated in 1964 with a bachelor's degree in history. At Duke, he was a member of the Kappa Alpha Order fraternity. He earned a Juris Doctor from the Duke University School of Law in 1968.^[6] He met his wife, Mary (née King), while attending Duke.^[3][4]

Career[link]

After his wife was hired by the BBC (in New York), Rose handled some assignments for the BBC on a freelance basis. In 1972, while continuing to work at Bankers Trust, he landed a job as a weekend reporter for WPIX-TV. His break came in 1974, after Bill Moyers hired Rose as managing editor for the PBS series Bill Moyers' International Report. In 1975, Moyers named Rose executive producer of Bill Moyers Journal. Rose soon began appearing on camera. "A Conversation with Jimmy Carter," one installment of Moyers's series U.S.A.: People and Politics, won a 1976 Peabody Award. Rose worked at several networks honing his interview skills until KXAS-TV in Dallas-Fort Worth hired him as program manager and gave him the late-night time slot that would become the Charlie Rose show.

Rose worked for CBS News (1984–1990) as the anchor of CBS News Nightwatch, the network's first late-night news broadcast. The Nightwatch broadcast of Rose's interview with Charles Manson won an Emmy Award in 1987.^[4] In 1990, Rose left CBS to serve as anchor of Personalities, a syndicated program produced by Fox Broadcasting Company, but he got out of his contract after six weeks because of the tabloid-style content of the show. Charlie Rose premiered on PBS station Thirteen/WNET on September 30, 1991, and has been nationally syndicated since January 1993. In 1994, Rose moved the show to a studio owned by Bloomberg Television, which allowed for improved satellite interviewing.^[9]

Rose was a correspondent for 60 Minutes II^[10] from its inception in January 1999 until its cancellation in September 2005, and was later named a correspondent on 60 Minutes.^[11]

Rose was a member of the board of directors of Citadel Broadcasting Corporation from 2003 to 2009.^[3] In May 2010, Charlie Rose delivered the commencement address at North Carolina State University.

On November 15, 2011, it was announced that Rose would return to CBS to help anchor CBS This Morning, replacing The Early Show, commencing January 9, 2012, along with co-anchors Erica Hill and Gayle King.

Cameo appearances[link]

Rose has appeared as himself in the 1998 film Primary Colors,^[12] in a 2000 episode of The Simpsons^[13] and in the 2008 movie Elegy.^[14] He and his show were also used in the Wes Anderson film The Royal Tenenbaums. He also appears as himself in the 2011 George Clooney directed film, The Ides of March.

[edit] Accusations of conflict of interest

While hosting the 2002 Coca-Cola Company shareholders' meeting, Rose said "few companies are able to connect as completely with consumers in the way that Coca-Cola is. It is a privilege to be associated with [The Coca-Cola family] ... This is the business of Coca-Cola: being part of a family, being worldwide, doing well and doing good at the same time."^[15] Afterward, Coca-Cola agreed to become what Rose called "a leading underwriter" of The Charlie Rose Show, paying "six or possibly seven figures."^[16] Even the Charlie Rose mugs used on his PBS show feature a Coca-Cola logo on one side.^[17][18] Although CBS News policy bars correspondents from doing commercials and product endorsements, the Washington Post reported CBS was "comfortable" with Rose's actions. Rose insists he "would never do a story on 60 Minutes II about anybody who underwrites my PBS show."^[16]

[edit] Quiet influence

The New York Times reported that Rose encouraged a discussion between the leaders of NBC and Fox, that led eventually to a mutual reduction in ad hominem attacks between Keith Olbermann and Bill O'Reilly on their respective news programs.^[19]

Rose has attended several Bilderberg Group conference meetings, including meetings held in the United States in 2008;^[20] Spain in 2010;^[21] and Switzerland in 2011.^[22] These unofficial conferences hold guests from North America and Western Europe, most of whom are political leaders and businessmen. Details of meetings are closed off to the public and strictly invitation-only, and critics^[who?] speculate the controversial nature of these meetings of highly influential people. Accusations from conspiracy theorists against The Charlie Rose show claim that it has become the US media outlet for Bilderberg.^{[23][unreliable source?]}

Personal life[link]

Rose's twelve-year marriage to Mary Rose (née King) ended in divorce in 1980. Mary is the sister-in-law of Morgan Stanley Chairman John J. Mack. Since 1993, his companion has been socialite and chairman of the New York City Planning Commission and director of the city department of planning Amanda Burden, a stepdaughter of CBS founder William S. Paley.^[24]

On March 29, 2006, after experiencing shortness of breath in Syria, Rose was flown to Paris and underwent surgery for mitral valve repair in the Georges-Pompidou European Hospital. His surgery was performed under the supervision of Alain F. Carpentier, a pioneer of the procedure.^[25] Rose returned to the air on June 12, 2006, with Bill Moyers and Yvette Vega (the show's executive producer), to discuss his surgery and recuperation.

In a 2009 Fresh Dialogues interview, Rose described his life as "great and glorious."^[7] He added, '"I get up every morning with a new adventure. The adventure is fueled by interesting people. I get a chance to control my own destiny. I do something that is immediately either appreciated or not. I get feedback."

Rose owns a 575-acre (2.33 km²) farm in Oxford, North Carolina, an apartment overlooking Central Park in New York City, a beach house in Bellport, New York, an apartment in Washington D.C.^[3] and an apartment in Paris, France.

References[link]

External links[link]

This article's use of external links may not follow Wikipedia's policies or guidelines. Please improve this article by removing excessive or inappropriate external links, and converting useful links where appropriate into footnote references. (March 2012)

• Charlie Rose Official website of his eponymous show
• Charlie Rose official channel on YouTube
• Appearances on C-SPAN
• Charlie Rose at the Internet Movie Database
• Charlie Rose collected news and commentary at the Los Angeles Times
• Charlie Rose collected news and commentary at The New York Times
• Charlie Rose at the Notable Names Database
• Charlie Rose shows on Hulu
• celebritynetworth.com, Celebrity Net Worth, Charlie Rose
• Why Business Loves Charlie Rose David A. Kaplan, Fortune, September 28, 2009

George Soros
George Soros at the Munich Security Conference in 2011
Born	(1930-08-12) August 12, 1930 (age 81) Budapest, Hungary
Citizenship	United States[1]
Alma mater	London School of Economics
Occupation	Chairman of Soros Fund Management Chairman of the Open Society Institute Founder and adviser of the Quantum Fund
Employer	Soros Fund Management Open Society Institute
Net worth	US$20 billion (March 2012)[1]
Spouse	Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children	Robert, Andrea, Jonathan, Alexander, Gregory
Website
georgesoros.com

George Soros ( /ˈsɔroʊs/ or /ˈsɔrəs/;^[2] Hungarian: Soros György; Hungarian: [ˈʃoroʃ]; born August 12, 1930, as Schwartz György) is a Hungarian-American business magnate,^[3][4] investor, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes.^[5] He is known as "The Man Who Broke the Bank of England" because of his US$1 billion in investment profits during the 1992 Black Wednesday UK currency crisis.^[6][7][8]

Between 1979 and 2011, Soros gave away over $8 billion to human rights, public health, and education causes. He played a significant role in the peaceful transition from communism to capitalism in Hungary (1984–89),^[7] and provided Europe's largest higher education endowment to Central European University in Budapest.^[9] Soros is also the chairman of the Open Society Institute.

Early life[link]

Soros was born in Budapest, Hungary to a well-to-do, nonobservant Jewish family. His mother Elizabeth (also known as Erzebet), whom Tivadar married in 1924, came from a family that owned a thriving silk shop. His father Tivadar (also known as Teodoro) was a lawyer^[10] and had been a prisoner of war during and after World War I until he escaped from Russia and rejoined his family in Budapest.^[11][12] Tivadar was an Esperantist writer and taught George to speak Esperanto from birth.^[13] Soros later said that he grew up in a Jewish home and that his parents were cautious with their religious roots.^[14] Soros was thirteen years old in March 1944 when Nazi Germany occupied Hungary.^[15] Soros took a job with the Jewish Council, which had been established during the Nazi occupation of Hungary. Soros later described this time to writer Michael Lewis:

The Jewish Council asked the little kids to hand out the deportation notices. I was told to go to the Jewish Council. And there I was given these small slips of paper ... It said report to the rabbi seminary at 9 am ... And I was given this list of names. I took this piece of paper to my father. He instantly recognized it. This was a list of Hungarian Jewish lawyers. He said, "You deliver the slips of paper and tell the people that if they report they will be deported."^[16]

Later that year, at age 14, Soros lived with and posed as the godson of an employee of the Hungarian Ministry of Agriculture. The official was at one point ordered to inventory the remaining contents of the estate of a wealthy Jewish family that had fled the country; rather than leave the young Soros alone in the city, the official brought him along.^[17] The next year, 1945, Soros survived the Battle of Budapest, in which Soviet and German forces fought house-to-house through the city.

Soros emigrated to England in 1947 and, as an impoverished student, lived with his uncle, an Orthodox Jew. His uncle paid his living expenses while he attended the London School of Economics, where he received a Bachelor of Science in 1952.^[18] While a student of the philosopher Karl Popper, Soros worked as a railway porter and as a waiter. A university tutor requested aid for Soros, and he received GB£40 from a Religious Society of Friends (Quaker) charity.^[19] In a discussion at the Los Angeles World Affairs Council in 2006, Alvin Shuster, former foreign editor of the Los Angeles Times, asked Soros, "How does one go from an immigrant to a financier? ... When did you realize that you knew how to make money?" Soros replied, "Well, I had a variety of jobs and I ended up selling fancy goods on the sea side, souvenir shops, and I thought, that's really not what I was cut out to do. So, I wrote to every managing director in every merchant bank in London, got just one or two replies, and eventually that's how I got a job in a merchant bank."^[20] That job was an entry-level position in Singer & Friedlander.

Career[link]

In 1956 Soros moved to New York City working as an arbitrage trader for F. M. Mayer (1956–59) and as an analyst for Wertheim & Co. (1959–63). During this period, Soros developed the theory of reflexivity based on the ideas of Karl Popper. Reflexivity posited that the valuation of any market produces a procyclical "virtuous or vicious" circle that further affects the market.^[21]

Soros' experience from 1963 to 1973 as a vice-president at Arnhold and S. Bleichroderl resulted in little enthusiasm for the job and a desire to assert himself as an investor to make reflexivity profitable. In 1967, First Eagle Funds created an opportunity for Soros to run an offshore investment fund as well as the Double Eagle hedge fund in 1969.^[21] In 1973, due to regulatory restrictions limiting his ability to run the funds, Soros resigned from his First Eagle funds. He then established the Quantum Fund, a private investment firm, hoping to earn $500,000 after five years to support his ambitions as a writer and philosopher.^[21]

In 1970, Soros founded Soros Fund Management and became its chairman, with the firm's day-to-day operations being managed by Soros' two elder sons and the firm's chief investment officer, Keith Anderson.^[22][23][24] In August 2010, Soros bought a 4 per cent stake in the Bombay Stock Exchange (BSE) for about $35 million.^[25]

In July 2011, Soros announced that he had returned funds from outside investors' money (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune due to U.S. Securities and Exchange Commission disclosure rules.^[26]

Currency speculation[link]

On September 16, 1992, Black Wednesday, Soros' fund sold short more than $10 billion in pounds,^[22] profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.

Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound, earning Soros an estimated $1.1 billion. He was dubbed "the man who broke the Bank of England".^[27] In 1997, the UK Treasury estimated the cost of Black Wednesday at £3.4 billion.

On Monday, October 26, 1992, The Times quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."

Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position."^[28][29]

In 1997, during the Asian financial crisis, the Prime Minister of Malaysia Mahathir bin Mohamad accused Soros of using the wealth under his control to punish the Association of Southeast Asian Nations (ASEAN) for welcoming Myanmar as a member. Following on a history of antisemitic remarks, Mahathir made specific reference to Soros' Jewish background ("It is a Jew who triggered the currency plunge"^[30]) and implied Soros was orchestrating the crash as part of a larger Jewish conspiracy. Nine years later, in 2006, Mahathir met with Soros and afterwards stated that he accepted that Soros had not been responsible for the crisis.^[31] In 1998's The Crisis of Global Capitalism: Open Society Endangered Soros explained his role in the crisis as follows:

The financial crisis that originated in Thailand in 1997 was particularly unnerving because of its scope and severity.... By the beginning of 1997, it was clear to Soros Fund Management that the discrepancy between the trade account and the capital account was becoming untenable. We sold short the Thai baht and the Malaysian ringgit early in 1997 with maturities ranging from six months to a year. (That is, we entered into contracts to deliver at future dates Thai Baht and Malaysian ringgit that we did not currently hold.) Subsequently Prime Minister Mahathir of Malaysia accused me of causing the crisis, a wholly unfounded accusation. We were not sellers of the currency during or several months before the crisis; on the contrary, we were buyers when the currencies began to decline – we were purchasing ringgits to realize the profits on our earlier speculation. (Much too soon, as it turned out. We left most of the potential gain on the table because we were afraid that Mahathir would impose capital controls. He did so, but much later.)^[32]

The nominal U.S. dollar GDP of the ASEAN fell by $9.2 billion in 1997 and $218.2 billion (31.7%) in 1998.

Economist Paul Krugman is critical of Soros' effect on financial markets.

"[N]obody who has read a business magazine in the last few years can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit. These new actors on the scene do not yet have a standard name; my proposed term is 'Soroi'."^[33]

Public predictions[link]

Soros' book, The New Paradigm for Financial Markets (May 2008), described a "superbubble" that had built up over the past 25 years and was ready to collapse. This was the third in a series of books he has written that have predicted disaster. As he states:

I have a record of crying wolf... I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book. So it's three books predicting disaster. (After) the boy cried wolf three times... the wolf really came.^[34]

He ascribes his own success to being able to recognize when his predictions are wrong.

I'm only rich because I know when I'm wrong... I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.^[34]

In February 2009, Soros said the world financial system had effectively disintegrated, adding that there was no prospect of a near-term resolution to the crisis.^[35] "We witnessed the collapse of the financial system[...]It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."

Insider trading conviction[link]

In 1988 Soros was interested in purchasing shares in French companies. The Socialist party had lost its majority of seats in the Assembly, and the new government under Chirac had instituted an aggressive privatization program. Many people considered shares in the newly privatized companies undervalued. During this period, a French financier named Georges Pébereau contacted one of Soros' advisors in an effort to assemble a group of investors to purchase a large amount of shares in Société Générale, a leading French bank that was part of the program.

The advisor reported to Soros that Pébereau's plan was ambiguous and included an implausible takeover plan (it would indeed fail). On that advice, and without ever meeting the financier, Soros decided against participating.^[36] He did, however, move forward with his strategy of accumulating shares in four French companies: Société Générale, as well as Suez, Paribas and the Compagnie Générale d'Électricité.

In 1989, the Commission des Opérations de Bourse (the French stock exchange regulatory authority) conducted an investigation of whether Soros' transaction in Société Générale should be considered insider trading. Soros had received no information from the Société Générale, and had no insider knowledge of the business, but he did possess knowledge that a group of investors was planning a takeover attempt. The COB concluded that the statutes, regulations and case law relating to insider trading did not clearly establish that a crime had occurred, and that no charges should be brought against Soros.^[37]

Several years later, a Paris-based prosecutor reopened the case against Soros and two other French businessmen, disregarding the COB's findings. This resulted in Soros' 2005 conviction for insider trading by the Court of Appeals (he was the only one of the three to receive a conviction). The French Supreme Court confirmed the conviction on June 14, 2006, but reduced the penalty to the minimum.^[38]

Punitive damages were not sought because of the delay in bringing the case to trial. Soros denied any wrongdoing, saying news of the takeover was public knowledge^[39] and it was documented that his intent to acquire shares of the company predated his own awareness of the takeover.^[38]

His insider trading conviction was upheld by the highest court in France on June 14, 2006.^[38] In December 2006, he appealed to the European Court of Human Rights on various grounds including that the 14-year delay in bringing the case to trial precluded a fair hearing.^[40] On the basis of Article 7 of the European convention on human rights, stating that no person may be punished for an act that was not a criminal offense at the time that it was committed, the Court agreed to hear the appeal.^[41] In October 2011, the court rejected his appeal in a 4–3 decision, saying that Soros has been aware of the risk of breaking insider trading laws.^[42]

Sports[link]

In 2005, Soros was a minority partner in a group that tried to buy the Washington Nationals, a Major League baseball team. Some Republican lawmakers suggested that they might move to revoke baseball's antitrust exemption if Soros bought the team.^[43] In 2008, Soros' name was associated with AS Roma, an Italian association football team, but the club was not sold. Soros was also a financial backer of Washington Soccer L.P., the group that owned the operating rights to Major League Soccer club D.C. United when the league was founded in 1995, but the group lost these rights in 2000.^[44]

Philanthropy[link]

George Soros (left) and James H. Billington.

Soros has been active as a philanthropist since the 1970s, when he began providing funds to help black students attend the University of Cape Town in apartheid South Africa,^[45] and began funding dissident movements behind the iron curtain.

Soros' philanthropic funding includes efforts to promote non-violent democratization in the post-Soviet states. These efforts, mostly in Central and Eastern Europe, occur primarily through the Open Society Institute (OSI) and national Soros Foundations, which sometimes go under other names (such as the Stefan Batory Foundation in Poland). As of 2003, PBS estimated that he had given away a total of $4 billion.^[39] The OSI says it has spent about $500 million annually in recent years.

In 2003, former Federal Reserve Chairman Paul Volcker wrote in the foreword of Soros' book The Alchemy of Finance:

George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies", open not only in the sense of freedom of commerce but – more important – tolerant of new ideas and different modes of thinking and behavior.^[46]

Time magazine in 2007 cited two specific projects – $100 million toward Internet infrastructure for regional Russian universities, and $50 million for the Millennium Promise to eradicate extreme poverty in Africa – while noting that Soros had given $742 million to projects in the U.S., and given away a total of more than $7 billion.^[47]

Other notable projects have included aid to scientists and universities throughout Central and Eastern Europe, help to civilians during the siege of Sarajevo, and Transparency International. Soros also pledged an endowment of €420 million to the Central European University (CEU). The Nobel Peace Prize winner Muhammad Yunus and his microfinance bank Grameen Bank received support from the OSI.

According to National Review^[48] the Open Society Institute gave $20,000 in September 2002 to the Defense Committee of Lynne Stewart, the lawyer who has defended alleged terrorists in court and was sentenced to 2⅓ years in prison for "providing material support for a terrorist conspiracy" via a press conference for a client. An OSI spokeswoman said "it appeared to us at that time that there was a right-to-counsel issue worthy of our support."

In September 2006 Soros pledged $50 million to the Millennium Promise, led by economist Jeffrey Sachs to provide educational, agricultural, and medical aid to help villages in Africa enduring poverty. The New York Times termed this endeavor a "departure" for Soros whose philanthropic focus had been on fostering democracy and good government, but Soros noted that most poverty resulted from bad governance.^[49]

He received honorary doctoral degrees from the New School for Social Research (New York), the University of Oxford in 1980, the Corvinus University of Budapest, and Yale University in 1991. Soros also received the Yale International Center for Finance Award from the Yale School of Management in 2000 as well as the Laurea Honoris Causa, the highest honor of the University of Bologna in 1995.

Soros played a role in the peaceful transition from communism to capitalism in Hungary (1984–89)^[7] and provided Europe's largest-ever higher education endowment to Central European University in Budapest.^[50] Later, the Open Society Institute's programs in Georgia were considered by Russian and Western observers to have been crucial in the success of the Rose Revolution.

In the United States, he donated large sums of money in an effort to defeat President George W. Bush's bid for re-election in 2004. In 2010, he donated $1 million in support of Proposition 19, which would have legalized marijuana in the state of California. He was an initial donor to the Center for American Progress, and he continues to support the organization through the Open Society Foundations. The Open Society Institute has active programs in more than 60 countries around the world with total expenditures currently averaging approximately $600 million a year.^[51] Between 1979 and 2011, Soros gave away over $8 billion to human rights, public health, and education causes.^[1]

Political donations and activism[link]

United States[link]

In an interview with The Washington Post on November 11, 2003, Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death". He said he would sacrifice his entire fortune to defeat President Bush, "if someone guaranteed it".^[52] Soros gave $3 million to the Center for American Progress, $2.5 million to MoveOn.org, and $20 million^[53] to America Coming Together. These groups worked to support Democrats in the 2004 election. On September 28, 2004 he dedicated more money to the campaign and kicked off his own multi-state tour with a speech: Why We Must Not Re-elect President Bush^[54] delivered at the National Press Club in Washington, DC. The online transcript to this speech received many hits after Dick Cheney accidentally referred to FactCheck.org as "factcheck.com" in the Vice Presidential debate, causing the owner of that domain to redirect all traffic to Soros' site.^[55] Asked in 2006 about his statement in The Age of Fallibility that "the main obstacle to a stable and just world order is the United States", Soros responded that "it happens to coincide with the prevailing opinion in the world. And I think that's rather shocking for Americans to hear. The United States sets the agenda for the world. And the rest of the world has to respond to that agenda. By declaring a 'war on terror' after September 11, we set the wrong agenda for the world. [...] when you wage war, you inevitably create innocent victims."^[56]

Soros was not a large donor to US political causes until the 2004 presidential election, but according to the Center for Responsive Politics, during the 2003–2004 election cycle, Soros donated $23,581,000 to various 527 groups dedicated to defeating President Bush. A 527 group is a type of American tax-exempt organization named after a section of the United States tax code, 26 U.S.C. § 527.

After Bush's re-election, Soros and other donors backed a new political fundraising group called Democracy Alliance, which supports progressive causes and the formation of a stronger progressive infrastructure in America.^[57]

In August 2009, Soros donated $35 million to the state of New York to be ear-marked for under-privileged children and given to parents who had benefit cards at the rate of $200 per child aged 3 through 17, with no limit as to the number of children that qualified. An additional $140 million was put into the fund by the state of New York from money they had received from the 2009 federal recovery act.^[19]

On October 26, 2010, Soros donated $1 million, the largest donation in the campaign, to the Drug Policy Alliance to fund Proposition 19, that would have legalized marijuana in the state of California if it had passed in the November 2, 2010 elections.^[58]

In October 2011 a Reuters story titled "Soros: not a funder of Wall Street protests" was published after several commentators pointed out errors in an earlier Reuters story headlined "Who's behind the Wall St. protests?"with a lede stating that the Occupy Wall Street movement "may have benefited indirectly from the largesse of one of the world's richest men [Soros]". Reuters' follow-up article also reported a Soros spokesperson and Adbusters' co-founder Kalle Lasn both saying that Adbusters – which was the catalyst for the first Occupy Wall Street protests – had never received any contributions from Soros, contrary to Reuters' earlier story which reported that "indirect financial links" existed between the two as late as 2010.^[59][60]

Central and Eastern Europe[link]

According to Waldemar A. Nielsen, an authority on American philanthropy,^[61] "[Soros] has undertaken ... nothing less than to open up the once-closed Communist societies of Eastern Europe to a free flow of ideas and scientific knowledge from the ouside world".^[62] From 1979, as an advocate of 'open societies', Soros financially supported dissidents including Poland's Solidarity movement, Charter 77 in Czechoslovakia and Andrei Sakharov in the Soviet Union.^[45] In 1984, he founded his first Open Society Institute in Hungary with a budget of $3 million.^[63] Since the fall of the Soviet Union, Soros' funding has continued to play an important role in the former Soviet sphere. His funding of pro-democratic programs in Georgia was considered by Russian and Western observers to be crucial to the success of the Rose Revolution, although Soros has said that his role has been "greatly exaggerated".^[64] Alexander Lomaia, Secretary of the Georgian Security Council and former Minister of Education and Science, is a former Executive Director of the Open Society Georgia Foundation (Soros Foundation), overseeing a staff of 50 and a budget of $2,500,000.^[65]

Former Georgian Foreign Minister Salomé Zourabichvili wrote that institutions like the Soros Foundation were the cradle of democratisation and that all the NGOs which gravitated around the Soros Foundation undeniably carried the revolution. She opines that after the revolution the Soros Foundation and the NGOs were integrated into power.^[66]

Some Soros-backed pro-democracy initiatives have been banned in Kazakhstan and Turkmenistan.^[67] Ercis Kurtulus, head of the Social Transparency Movement Association (TSHD) in Turkey, said in an interview that "Soros carried out his will in Ukraine and Georgia by using these NGOs...Last year Russia passed a special law prohibiting NGOs from taking money from foreigners. I think this should be banned in Turkey as well."^[68] In 1997, Soros had to close his foundation in Belarus after it was fined $3 million by the government for "tax and currency violations". According to The New York Times, the Belarusian president Alexander Lukashenko has been widely criticized in the West and in Russia for his efforts to control the Belarus Soros Foundation and other independent NGOs and to suppress civil and human rights. Soros called the fines part of a campaign to "destroy independent society".^[69]

In June 2009, Soros donated $100m to Central Europe and Eastern Europe to counter the impact of the economic crisis on the poor, voluntary groups and non-government organisations.^[70]

Africa[link]

The Open Society Initiative for Southern Africa is a Soros-affiliated organization.^[71] Its director for Zimbabwe is Godfrey Kanyenze, who also directs the Zimbabwe Congress of Trade Unions (ZCTU), which was the main force behind the founding of the Movement for Democratic Change, the principal indigenous organization promoting regime change in Zimbabwe.

Drug policy reform[link]

Soros has funded worldwide efforts to promote drug policy reform. In 2008, Soros donated $400,000 to help fund a successful ballot measure in Massachusetts known as the Massachusetts Sensible Marijuana Policy Initiative which decriminalized possession of less than 1 oz (28g) of marijuana in the state. Soros has also funded similar measures in California, Alaska, Oregon, Washington, Colorado, Nevada and Maine.^[72] Among the drug decriminalization groups that have received funding from Soros are the Lindesmith Center and Drug Policy Foundation.^[73] Soros donated $1.4 million to publicity efforts to support California's Proposition 5 in 2008, a failed ballot measure that would have expanded drug rehabilitation programs as alternatives to prison for persons convicted of non-violent drug-related offenses.^[74]

In October 2010, Soros donated $1 million to support California's Proposition 19.^[75]

According to remarks in an interview in October 2009, it is Soros' opinion that marijuana is less addictive but not appropriate for use by children and students. He himself has not used marijuana for years.^[76]

Death and dying[link]

The Project on Death in America, active from 2001 to 2003, was one of the Open Society Institute's projects, which sought to "understand and transform the culture and experience of dying and bereavement".^[77] In 1994, Soros delivered a speech in which he reported that he had offered to help his mother, a member of the Hemlock Society, commit suicide.^[78] In the same speech, he also endorsed the Oregon Death with Dignity Act,^[79] the campaign which he helped fund.^[80]

Philosophy[link]

Education and beliefs[link]

His philosophical outlook is influenced by Karl Popper, under whom he studied at the London School of Economics (LSE). His Open Society Institute is named after Popper's two volume work, The Open Society and Its Enemies, and Soros' ongoing philosophical commitment to the principle of fallibilism (that anything he believes may in fact be wrong, and is therefore to be questioned and improved) stems from Popper's philosophy.

Reflexivity, financial markets, and economic theory[link]

Soros' writings focus heavily on the concept of reflexivity, where the biases of individuals enter into market transactions, potentially changing the perception of fundamentals of the economy. Soros argues that different principles apply in markets depending on whether they are in a "near to equilibrium" or a "far from equilibrium" state. He argues that, when markets are rising or falling rapidly, they are typically marked by disequilibrium rather than equilibrium, and that the conventional economic theory of the market (the 'efficient market hypothesis') does not apply in these situations. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions.^[21]

He has stated that his own financial success has been attributable to the edge accorded by his understanding of the action of the reflexive effect.

Reflexivity is based on three main ideas:^[21]

1. Reflexivity is best observed under special conditions where investor bias grows and spreads throughout the investment arena. Examples of factors that may give rise to this bias include (a) equity leveraging or (b) the trend-following habits of speculators.
2. Reflexivity appears intermittently since it is most likely to be revealed under certain conditions; i.e., the character of the equilibrium process is best considered in terms of probabilities.
3. Investors' observation of and participation in the capital markets may at times influence valuations and fundamental conditions or outcomes.

A current example of reflexivity in modern financial markets is that of the debt and equity of housing markets. Lenders began to make more money available to more people in the 1990s to buy houses. More people bought houses with this larger amount of money, thus increasing the prices of these houses. Lenders looked at their balance sheets which not only showed that they had made more loans, but that their equity backing the loans – the value of the houses, had gone up (because more money was chasing the same amount of housing, relatively). Thus they lent out more money because their balance sheets looked good, they were guaranteed by the Federal Government, and prices went up more.

This was further amplified by public policy. Many governments see home ownership as a positive outcome and so first home owners grant and other financial subsidies – or influences to buy a home such as the exemption of a primary residence from capital gains taxation – mean that house purchases were seen as a good thing. Prices increased rapidly, and lending standards were relaxed. The salient issue regarding reflexivity is that it explains why markets gyrate over time, and do not just stick to equilibrium – they tend to overshoot or undershoot.^[21]

View of potential problems in the free market system[link]

Despite working as an investor and currency trader, he argues that the current system of financial speculation undermines healthy economic development in many underdeveloped countries. Soros blames many of the world's problems on the failures inherent in what he characterizes as market fundamentalism. His opposition to many aspects of globalization has made him a controversial figure.

Victor Niederhoffer said of Soros: "Most of all, George believed even then in a mixed economy, one with a strong central international government to correct for the excesses of self-interest."

Soros claims to draw a distinction between being a participant in the market and working to change the rules that market participants must follow. According to Mahathir bin Mohamed, Prime Minister of Malaysia from July 1981 to October 2003, Soros – as the hedge fund chief of Quantum – may have been partially responsible for the economic crash in 1997 of East Asian markets when the Thai currency relinquished its peg to the US dollar. According to Mahathir, in the three years leading to the crash, Soros invested in short-term speculative investment in East Asian stock markets and real estate, then divested with "indecent haste" at the first signs of currency devaluation.^[81] Soros replied, saying that Mahathir was using him "as a scapegoat for his own mistakes", that Mahathir's promises to ban currency trading (which Malaysian finance officials hastily retracted) were "a recipe for disaster" and that Mahathir "is a menace to his own country".^[82]

In an interview regarding the late-2000s recession, Soros referred to it as the most serious crisis since the 1930s. According to Soros, market fundamentalism with its assumption that markets will correct themselves with no need for government intervention in financial affairs has been "some kind of an ideological excess". In Soros' view, the markets' moods – a "mood" of the markets being a prevailing bias or optimism/pessimism with which the markets look at reality – "actually can reinforce themselves so that there are these initially self-reinforcing but eventually unsustainable and self-defeating boom/bust sequences or bubbles".^[83]

In reaction to the late-2000s recession, he founded the Institute for New Economic Thinking in October 2009. This is a think tank composed of international economic, business and financial experts, mandated to investigate radical new approaches to organising the international economic and financial system.

Views on antisemitism[link]

At a Jewish forum in New York City, November 5, 2003, Soros partially attributed a recent resurgence of antisemitism to the policies of Israel and the United States, and the role of wealthy and influential individuals:

There is a resurgence of anti-Semitism in Europe. The policies of the Bush administration and the Sharon administration contribute to that. It's not specifically anti-Semitism, but it does manifest itself in anti-Semitism as well. I'm critical of those policies... If we change that direction, then anti-Semitism also will diminish. I can't see how one could confront it directly... I'm also very concerned about my own role because the new anti-Semitism holds that the Jews rule the world... As an unintended consequence of my actions... I also contribute to that image.^[84]

In a subsequent article for The New York Review of Books, Soros emphasized that

I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.^[85]

Views on Europe[link]

In October 2011, Soros drafted an open letter entitled "As concerned Europeans we urge Eurozone leaders to unite"^[86] whereby he calls for a stronger economic government for Europe using federal means (Common EU treasury, common fiscal supervision, ...) and warns against the danger of nationalistic solutions to the economic crisis. The letter was co-signed by prominent europeans such as Javier Solana, Daniel Cohn-Bendit, Andrew Duff, Emma Bonino, Massimo d'Alema, Vaira Vike-Freiberga.

Views on China[link]

Soros has expressed concern about the growth of Chinese economic and political power. "China has risen very rapidly by looking out for its own interests ... They have now got to accept responsibility for world order and the interests of other people as well." Regarding the political gridlock in America, he said, "Today China has not only a more vigorous economy, but actually a better functioning government than the United States".^[87]

Wealth[link]

As of March 12, 2012 Forbes listed Soros, at 81, as the 22nd richest person in the world, the world's richest hedge-fund manager, and number 7 on its list of the 400 wealthiest Americans, with a net worth estimated at $20 billion.^[88] Soros has given away $8 billion to various causes since 1979.^[89]

Relation to Hungarian politics[link]

In the 1980s Viktor Orbán, a future Chairman of Fidesz (1994–2000, 2000–) and Hungarian Prime Minister (1998–2002, 2010–), along with László Kövér, a future Chairman of Fidesz (2000), Secret Service Minister (1998–2002) and Speaker of the National Assembly of Hungary (2010–), were Soros scholarship recipients. Deputy Prime Minister István Stumpf – now a member of the Constitutional Court – was a member of Soros Foundation's Board of Trustees between 1994 and 2002.

Personal life[link]

Soros' family changed their name from Schwartz to Soros in 1936, in response to growing anti-semitism with the rise of fascism. Tivadar liked the new name because it is a palindrome and because of its meaning. Although the specific meaning is left unstated in Kaufman's biography, in Hungarian, soros means "next in line", or "designated successor"; and, in Esperanto, it means "will soar".^[90]

Soros has been married and divorced twice:

In 1960, Soros married Annaliese Witschak. Annaliese was a ethnic German immigrant from Germany who had been orphaned during the war. Although she was not Jewish, she was well liked by Soros' parents as she had also experienced the deprivations and dislocation brought about by World War II.^[91] They divorced in 1983. They had three children:

• Robert Daniel Soros (b. 1963) - He is the founder of the Central European University in Prague, as well as a network of foundations in Eastern Europe. In 1992, he married Marlene S. Schiff at the Temple Emanu-El in New York City. The Rabbi Dr. David Posner officiated the ceremony.^[92]
• Andrea Soros Colombel (b. 1965) - She is the founder and president of Trace Foundation, established in 1993 to promote the cultural continuity and sustainable development of Tibetan communities within China. She is also a founding partner and member of the board of directors of the Acumen Fund, a global venture fund that employs an entrepreneurial approach in addressing the problems of global poverty^[93] She is married to Eric Colombel.
• Jonathan Tivadar Soros (b. 1970) - In 1997, married Jennifer Ann Allan at the Siasconset Union Chapel in Nantucket, Massachusetts. The Rev. Edward B. Anderson, a Unitarian minister, officiated the ceremony.^[94]

In 1983 he married Susan Weber Soros, twenty five years his junior. They divorced in 2005. They have two children:

• Alexander Soros (b. 1985) - Alexander is also gaining prominence for his donations to social and political causes, focusing his philanthropic efforts on "progressive causes that might not have widespread support".^[95] Alexander serves on the boards of Jewish Funds for Justice and Global Witness, and led the list of student political donors in the 2010 election cycle.^[96]
• Gregory Soros (b. 1989)

Soros has one elder brother, Paul Soros, who is a private investor and philanthropist. He is also an an engineer who headed Soros Associates and established the Paul and Daisy Soros Fellowships for Young Americans.^[97][98] He is married to Daisy (nee Schlenger), who like her husband, was a Hungarian Jewish immigrant.^[99] They have two sons Peter and Jeffrey.^[100] Peter Soros was married to the former Flora Fraser – a daughter of Lady Antonia Fraser and the late Sir Hugh Fraser and a stepdaughter of the late 2005 Nobel Laureate Harold Pinter. Fraser and Soros separated in 2009.^[101]

See also[link]

• George Soros conspiracy theories

Books[link]

Authored or co-authored[link]

• Financial Turmoil in Europe and the United States: Essays (PublicAffairs,2012). ISBN 1-61039-161-0
• The Soros Lectures at the Central European University (PublicAffairs, 2010) ISBN 1-58648-885-7
• The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means (PublicAffairs, 2008). ISBN 1-58648-683-7
• The Age of Fallibility: Consequences of the War on Terror (PublicAffairs, 2006) ISBN 1-58648-359-5
• The Bubble of American Supremacy: Correcting the Misuse of American Power (PublicAffairs, 2003) ISBN 1-58648-217-3 (paperback; PublicAffairs, 2004; ISBN 1-58648-292-0)
• George Soros on Globalization (PublicAffairs, 2002) ISBN 1-58648-125-8 (paperback; PublicAffairs, 2005; ISBN 1-5264-8278-5)
• Open Society: Reforming Global Capitalism (PublicAffairs, 2001) ISBN 1-58648-039-7
• With Mark Amadeus Notturno, Science and the Open Society: The Future of Karl Popper's Philosophy (Central European University Press, 2000) ISBN 963-9116-69-6 (paperback: Central European University Press, 2000; ISBN 94-391-1670-X)
• The Crisis of Global Capitalism: Open Society Endangered (PublicAffairs, 1998) ISBN 1-891220-27-4
• Soros on Soros: Staying Ahead of the Curve (John Wiley, 1995) ISBN 0-471-12014-6 (paperback; Wiley, 1995; ISBN 0-371-11977-6)
• Underwriting Democracy: Encouraging Free Enterprise and Democratic Reform Among the Soviets and in Eastern Europe (Free Press, 1991) ISBN 0-02-930285-4 (paperback; PublicAffairs, 2004; ISBN 1-58948-227-0)
• Opening the Soviet System (Weidenfeld & Nicolson, 1990) ISBN 0-297-82155-9 (paperback: Perseus Books, 1996; ISBN 0-8133-1205-1)
• The Alchemy of Finance (Simon & Schuster, 1988) ISBN 0-671-66338-4 (paperback: Wiley, 2003; ISBN 0-471-44549-5)

Biographies[link]

• Soros: The Life and Times of a Messianic Billionaire by Michael T. Kaufman (Alfred A. Knopf, 2002) ISBN 0-375-40585-2
• Soros: The World's Most Influential Investor by Robert Slater (McGraw-Hill Professional, 2009) ISBN 978-0-07-160844-2

Journalism[link]

Authored[link]

• George Soros, "Why I support legal marijuana", The Wall Street Journal, October 26, 2010.
• George Soros, "The Crisis and the Euro", The New York Review of Books, August 19, 2010.
• George Soros, "On Israel, America and AIPAC", The New York Review of Books, April 12, 2007.
• George Soros, "The Bubble of American Supremacy", The Atlantic, December 2003.
• George Soros, The Bubble of American Supremacy, audio recording of The Atlantic article via Assistive Media, read by Grover Gardner, 18 minutes.
• George Soros, "Soros on Brazil", Financial Times, August 13, 2002.
• George Soros, "Bitter Thoughts with Faith in Russia", Moskovskiye Novosti (Moscow News), translated from the Russian by Olga Kryazheva, February 27, 2000.
• George Soros, "The Capitalist Threat", The Atlantic Monthly, February 1997.
• George Soros, "Paulson Cannot be Allowed a Blank Cheque", Financial Times, September 24, 2008

About[link]

• John Authors, "A successful prophet of the markets", Financial Times, May 19, 2008.
• Laura Blumenfeld, "Billionaire Soros Takes On Bush", The Washington Post, November 11, 2003
• Connie Bruck, Abstract of New Yorker profile of Soros "The World According to Soros", The New Yorker, January 23, 1995
• Malcolm Gladwell, gladwell.com "Blowing Up", The New Yorker, April 22 & 29, 2002.
• Matt Welch, Open Season on 'Open Society': Why an anti-communist "Holocaust survivor is being demonized as a Socialist, Self-hating Jew". Reason, December 8, 2003
• "Time's 25 Most Influential Americans", Time, April 21, 1997. Retrieved May 21, 2007.
• "The Time 100: The Power Givers: George Soros", Time, May 14, 2007, Retrieved May 21, 2007.

Scholarly perspectives[link]

• Bryant, C. G. A. (2002). "George Soros's theory of reflexivity: a comparison with the theories of Giddens and Beck and a consideration of its practical value". Economy and Society 31 (1): 112–131. DOI:10.1080/03085140120109277. 
• Cross, R.; Strachan, D. (1997). "On George Soros and economic analysis". Kyklos 50 (4): 561–574. DOI:10.1111/1467-6435.00030. 
• Kwong, C.P. (2008). "Mathematical analysis of Soros's theory of reflexivity". arXiv:0901.4447 [q-fin.GN]. 
• Nielsen, Waldemar A. (1996). Inside American Philanthropy: The Dramas of Donorship. Norman: University of Oklahoma Press. pp. 77–82. ISBN 978-0-8061-2802-3. 
• Pettis, Michael (2001). The Volatility Machine: Emerging Economies and the Threat of Financial Collapse. Oxford: Oxford University Press. ISBN 0-19-514330-2. 
• Stone, Diane (2007). "Market Principles, Philanthropic Ideals and Public Service Values: The Public Policy Program at the Central European University". PS: Political Science and Politics: 545–551. 
• Diane Stone, Transnational Philanthropy or Policy Transfer? The Transnational Norms of the Open Society Institute, Policy and Politics, 38(2), 2010: 269-87.

Speeches[link]

• Testimony of George Soros to a congressional sub-committee, Sept. 15, 1998
• The Theory of Reflexivity Delivered April 26, 1994 to the MIT Department of Economics World Economy
• "The Differences Between Natural and Social Science: Implications of Fallibility" at IISc Bangalore, January 5, 2007
• George Soros introduced by Lajos Bokros (November 11, 2008). George Soros Lecture on the Global Financial Crisis On November 11, 1 hour 16 minutes. Budapest, Hungary: CEU Business School. http://www.ceubusiness.org/index.php?page=news&l=1&newsid=25&from=0. 
• Testimony before the U.S. Senate Commerce Committee Oversight Hearing on FTC Advanced Rulemaking and Oil Market Manipulation^[102]

Interviews[link]

• Fareed Zakaria discussing economic crisis with George Soros on GPS, aired October 12, 2008
• The Leonard Lopate Show (WNYC) – Audio Archive: "George Soros on Freedom"
• "Frontline: The Crash: Interviews: George Soros", 1999
• Wall $treet Week with Fortune. PBS, September 20, 2002
• Challenge: The international financial crisis – International ...
• NOW with Bill Moyers. Transcript. David Brancaccio interviews ...
• Booknotes interview with Soros on The Bubble of American Supremacy: Correcting the Misuse of American Power, February 29, 2004.
• Rocketboom: The Age of Fallibility (Video, 2006)
• Google Video: Eric Schmidt, CEO of Google interviews George Soros (Video, 2006)
• Interview with George Soros, September 5, 2000

Notes[link]