By George Soros
 

The current financial crisis was precipitated by a bubble in the US housing market. In some ways it resembles other crises that have occurred since the end of the second world war at intervals ranging from four to 10 years.
 

However, there is a profound difference: the current crisis marks the end of an era of credit expansion based on the dollar as the international reserve currency. The periodic crises were part of a larger boom-bust process. The current crisis is the culmination of a super-boom that has lasted for more than 60 years.
 

Boom-bust processes usually revolve around credit and always involve a bias or misconception. This is usually a failure to recognise a reflexive, circular connection between the willingness to lend and the value of the collateral. Ease of credit generates demand that pushes ... Read more »

 

TV show, which is going to be aired on 16 November, was devoted to the topic of European week of local democracy.

 

CPS representative Sergiy Shtukarin spoke on the issue of building a cooperative society (vs. the society of redistribution). He briefly described the activities CPS performs to educate youth to value the values of open society.