•Shekhar Gupta: American dominanace.

George Soros: There was a super bubble under American domination which really lasted 25 years. And bubbles come and go.

•Shekhar Gupta: Was Alen Greenspan was blowing into that bubble?

George Soros: Well he certainly had a lot to do with it. Because he had a belief in market fundamentalism, markets are self correcting and therefore you should leave them alone. And there is no need for regulation and also that was the basis of globalization. Because if you allow financial capital to flow freely from one country to the other it is very difficult to regulate it and protect it, so it is very favourable to owners of financial capital.

•Shekhar Gupta: So they can just go from one place to the other and avoid regulation.

George Soros: That’s right.

•Shekhar Gupta: And that is not going to happen now?

George Soros: Well that is what ‘I would like to see. Gloabal economy being preserved or created. But it has to be a different one. It has to be very well regulated.

•Shekhar Gupta: So, are you talking of a globalised regulation? Something that G20 talks about?

George Soros: If you want have gloabalised markets, you have to have a globalised regulation.

•Shekhar Gupta: We know that you are not a big greespan fan.

George Soros: No I wasn’t. that’s true. But I had respect for him as a person. Because he recognises that he made a mistake. Which is to his credit.

... contd.