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19 Ventôse, An 214
"Long ago, Mark Twain said: 'A man who tries to carry a cat home by its tail will learn a lesson that can be learned in no other way.'” If Twain were around now, he might try winding up a derivatives business. After a few days, he would opt for cats."
--Warren Buffett in Berkshire Hathaway Inc.'s 2005 Annual Report
Over-the-counter (OTC) derivatives* in the world total some $300 trillion, according to the Bank for International Settlements (see link). Another big fat nail in Homo Erectus's self-designed coffin!
*Derivatives are contracts, such as options and futures, that bet on the future prices of assets like currency, commodities, stocks, and bonds. Otherwise phrased: a crapshoot of humongous proportions that now ominously overhangs the entire financial structure of our poor planet.
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