Soros, worked as a porter to pay for his studies at the London School of Economics. He emigrated from Hungary.

George Soros

A gist of an article appeared in BBC news.

Soros Warns of Market Crash
Thursday, 15 Apr 2010 10:58 AM

George Soros once ‘broke’ the Bank of England.
He is still able to earn a cool $3.3 billion in a year.
He said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt the financial world towards another crisis unless tough lessons are learned.

Soros,  worked as a porter to pay for his studies at the London School of Economics.
He emigrated from Hungary.
He warned the financial world to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.

“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall.

“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.

“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”

One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis.

If the pattern is repeated, it should at least mean we have another eight years to go before the next crash.

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