Martin Wolf - whom finance ministers and leading economists read in order to find out what to think - had a nice turn of phrase. Derivatives, he said, did not - as advertised - transfer the risk to those people most able to manage it. "They transferred the risk to those least able to understand it."Bill Bonner at the Daily Reckoning.
But when Wall Street's vaults were open, what did they find? They hadn't transferred it at all! So much risk was left in the hands of the people who created it that - when it blew up - it flattened the entire investment banking industry.
Rampant Militarism
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The UK Prime Minister, Rishi Sunak, said recently,
Defending against Russia’s brutal ambitions is vital for our security and
for all of Europe. If Putin...
4 days ago
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