GeorgeSoroswantstobetheBonoofthefinancialworld.ThespeculatorwhoseassaultonsterlingejectedBritainfromtheEuropeanexchangeratemechanismthatSeptemberof10yearsagohasamission—tousehisestimated$5bnfortuneandhisfametohelptacklewhatheseesasthefailuresofglobalization.Theideathatamanwhomadebillionsbettingonthefinancialmarketssideswiththeanti-globalizationmovementmightstrikesomeasironic.Sorosisclearlygenuinelyappalledatthedamagewroughtonvulnerableeconomiesbythevastsumsofmoneywhichflowacrossnationalborderseveryday.
“TheUSgovernstheinternationalsystemtoprotectitsowneconomy.Itisnotinchargeofprotectingothereconomies，”hesays.“SowhenAmericagoesintorecession，youhaveanti-recessionarypolicies.Whenothercountriesareinrecession，theydon’thavetheabilitytoengageinanti-recessionarypoliciesbecausetheycan’thaveapermissivemonetarypolicy，becausemoneywouldflee.”Inperson，hehastheairofaphilosophyprofessorratherthanagimlet-eyedfinancier.InasoftvoicewhichbearsthetracesofhisnativeHungary，hearguesthatitistimetorewritetheso-calledWashingtonconsensus—thecocktailofliberalization，privatizationandfiscalrectitudewhichtheIMFhasbeenpreachingfor15years.Developingcountriesnolongerhavethefreedomtoruntheirowneconomies，heargues，evenwhentheyfollowperfectlysoundpolicies.HecitesBrazil，whichalthoughithasafloatingcurrencyandmanageablepublicdebtwaspayingtentimesovertheoddstoborrowfromcapitalmarkets.
Soros，whoatonestageafterthefalloftheBerlinWallwasprovidingmoreassistancetoRussiathantheUSgovernment，believesinpractisingwhathepreaches.HisOpenSocietyInstitutehasbeenpivotalinhelpingeasternEuropeancountriesdevelopdemocraticsocietiesandmarketeconomies.Soroshastheadvantageofaninsider’sknowledgeoftheworkingsofglobalcapitalism，sohiscriticismisparticularlypointed.Lastyear，theSorosfoundation’snetworkspentnearlyhalfabilliondollarsonprojectsineducation，publichealthandpromotingdemocracy，makingitoneoftheworld’slargestprivatedonors.