12 February 2012

the one after 909

Here's a bit of an article about how some/many/all/more than all(*) of the complex financial derivatives that were invented over the past couple of decades came about.

It's deeply scary because it all operates outside any notion of linear regulation and way, way, way outside any notion of democratic oversight of issues that affect us all as citizens.

I was complaining about this stuff way in the early days of VVB, well before any global financial crisis and I bet I wasn't the only poor average bloke on the street wondering the same thing: how does this all come about?

Well we know the answer to that but , fortunately, blog VVB no longer goes in for interminable rants about the violence inherent in the system but rather leans back, sips a robust red and goes wtf? A lot.

Anyway this is, I feel, a fitting subject for post number 999 - kind of a calm before the storm except it's not calm and remember Storm Financial (did I ever mention my theory about financial services companies with names that make you really wonder whether they are totally legit or rather the opposite?).

Anyway against all odds - mainly writer ennui and reader boredom - we are at 999 and I will withhold the magic 1000 for something suitable.
xkcd, of course, saw this milestone somewhat differently.

(*) More than all, of course, because that's what derivatives have bequeathed us. Houses, cards, etc.

10 comments:

Gerry said...

Waiting for the other shoe to drop.

phil said...

and someone to pick it up and throw it? it's all the rage doncha know...

lemmiwinks said...

The one after 909 is 910. HTH. HAND.

phil said...

err...yes. I am flummoxed by the acronym/s.

lemmiwinks said...

I used to be too (they used to appear like that in aus.motorcycles a lot).

Hope This Helps.

Have A Nice Day.

Gerry said...

I think he said "hope this helps" and "talk to the hand". But I could be wrong. I failed Acronyms 101.

phil said...

Thank you both. Whenever I feel that my understanding of the world is slipping away from me, something comes along to reinforce the fact that yes, actually it is...

Davoh said...

waiting fer the other shoe t drop ..

Nah get both shoes frum Vinnies .. heh.

Marshall Stacks said...

John Lennon maven and GraunReader checking in ...
' the international financial system was trading derivatives valued at one quadrillion dollars per year. This is 10 times the total worth, adjusted for inflation, of all products made by the world's manufacturing industries over the last century'

jeepers that Trading Places movie was funny.

In other news may I commend the Davy Jones RIPost at dlisted.com

worth the trip

phil said...

Thanks Ms Stacks. The post is fine. The rest of that site is beyond appalling. If I might hazard a suggestion, it would be to stick to the Grauniad. Mind you, I skim it every night and even I find it a bit too righteous if I linger too long.

I'm on the cusp of post 100 and there's mega bad stuff to chew over today...but is that what we want?

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