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Guiding global markets

Dear Paul,

Nothing demonstrates the virtues of free-wheeling, unfettered global financial markets better than the current crisis in Asia.

George Soros recently renounced the system which made him rich, arguing that “the untrammelled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society.” And in the light of market turbulence in Asia, many have been expressing similar sentiments.

But hedge funds (such as Soros’s Quantum Fund) which can move markets with their well placed bets, have in fact all done rather badly out of…

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