of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. This is the worst financial crisis since the 1930s, writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.