Blog » Size of the derivatives market

17 Oct 2008

Size of the derivatives market

Filed under: Economics — paulcook @ 8:07 am

Fascinating analysis of the numbers involved in the murky, model-driven world of the derivatives markets:
The Size of Derivatives Bubble = $190K Per Person on Planet .

Thanks to @RubyGold for the link.

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  1. The Bank for International Settlements announced a total derivative market of $1.14 quadrillion last summer and I’m anxiously looking for an update. In the December 2008 issue of “The Atlantic” I found hope that this scheme would be exposed and remedied. Gao Xiqing, President of the China Investment Corporation, said, “If you look at every one of these [derivative] products, they make sense. But in aggregate, they are bullshit. They are crap. They serve to cheat people.” He added, “I think we should do an overhaul and say, ‘Let’s get rid of 90% of the derivatives.’ Of course, that’s going to be very unpopular, because many people will lose jobs.” He went on to say, “We can get all the relevant people together and think up what people are calling a second Bretton Woods system, like the first Bretton Woods system did.”

    Sad to say that some months after this interview it was announced that China was entering the derivative business.

    Comment by tompainejr — 16 Sep 2009 @ 9:05 pm

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