December 01, 2003
The Next Bubble
How rich is George Soros? He was just fined $2.2 million by a French court for insider trading. For the average American citizen, who's median net worth was ~$71,000 in 1998, the equivalent fine would be about $22.
So, for a dude who came to the US as an immigrant, he clearly knows a thing or two.
In his latest book, The Bubble of American Supremacy (excerpted here in The Atlantic Monthly, he compares the current push for global American hegemony (otherwise known as The Bush Doctrine), as a geopolitical equivalent of the dot.com boom of the late '90's. In other words, it seems like a good thing on the surface, but it's totally unsustainable, with equally disastrous results.