reveiw on George Soros's latest book

this review is by Paul Farrel from Marketwatch . . . . . . he begins by quoting Soros, . . . . "We are in the midst of the worst financial crisis since the 1930s," says Soros. "In some ways it resembles other crises that have occurred in the last 25 years, but 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 superboom that has lasted for more than 25 years."

The "new paradigm" can be found in his emphasis on the long-cycle "superboom" and "superbubble," that's the story of the "new paradigm." It started 25 years ago ... led to massive deregulation ... to blindly chasing free markets ... it unleashed excessive greed ... created the dot-com and credit meltdowns ... it is now driving the dangerous new "shadow banking system" fueled by $516 trillion in derivatives.

The system is broken, Soros warned Money magazine: "The days of rapid financial wealth creation are over. We're now in a period of wealth destruction. It is going to be very hard to preserve your wealth in these circumstances." Ouch! If you take no other lesson away for Soros' "New Paradigm," remember his warning: Protect your nest egg!

Still, he needs to write another book. The credit meltdown is not over, only pausing. What's the solution? He needs to help America and the world prepare better for the next "superbubble" meltdown, if not avoid it. Why? Because it's obvious Wall Street has not learned its lessons: The Fed bailed them out, set up a moral hazard condition. Now they're going back and to play in their new "shadow banking system."