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 →The 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
Faith means wanting God and wanting to want nothing else.
No man can attain to the knowledge of God but by humility. The way to mount high is to descend.
When you give up vengeance, make sure you are not giving up on justice. The line between the two is faint, unsteady, and fine...Vengeance is our own pleasure of seeing someone who hurt us getting it back and then some. Justice, on the other hand, is secure when someone pays a fair penalty for wronging another even if the injured person takes no pleasure in the transaction. Vengeance is personal satisfaction. Justice is moral accounting...Human forgiveness does not do away with human justice.
Almost as swiftly as he had imagined it, she had torn her clothes off, and when she flung them aside it was with that same magnificent gesture by which a whole civilization seemed to be annihilated.
Beyond ideas, there's a field. Will you meet me there?
One must never set up a murder. They must happen unexpectedly, as in life.