The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
My foundations support people in the country who care about an open society. It's their work that I'm supporting. So it's not me doing it. But I can empower them. I can support them, and I can help them.
Interpretation
What this quote means
The quote emphasizes the importance of supporting and empowering those who strive for an open society rather than claiming personal credit for their work.
In this quote, George Soros expresses his belief that his contributions are not about his individual efforts but about the support and empowerment of others who work towards maintaining an open and democratic society. He conveys that true impact comes from lifting up those who share his vision, highlighting the collaborative nature of social change and the importance of collective action in fostering an inclusive community.
Themes
In practice
Example use cases
This quote can be used in a speech at a charity event to underline the importance of collective efforts.
More from George Soros
All quotes βThe collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.
We are the most powerful nation on earth. No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.
The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
Similar quotes
In this world of ours, a world of powerful centers and subjugated outposts, there is no wealth that must not be held in some suspicion.
Trees bear fruits only to be eaten by others; the fields grown grains, but they are consumed by the world. Cows give milk, but she doesn't drink it herself - that is left to others. Clouds send rain only to quench the parched earth. In such giving, there is little space for selfishness.
The ox suffers, the cart complains.
The problem was you had to keep choosing between one evil or another, and no matter what you chose, they sliced a little more off you, until there was nothing left. At the age of 25 most people were finished. A whole goddamned nation of assholes driving automobiles, eating, having babies, doing everything in the worst way possible, like voting for the presidential candidate who reminded them most of themselves.
Again, I shall be told that the law presumes the husband to be kind, affectionate, and ready to provide for and protect his wife. But what right, I ask, has the law to presume at all on the subject?
Different people have different duties assigned them by Nature; Nature has given one the power or the desire to do this, the other that. Each bird must sing with his own throat.