Swaps and Robbers

from The Automatic Earth. Ignore the old photo which this group of bloggers like to post on their site. The author, and linked authors, like to point to credit default swaps, as THE problem. Well, they did play a major part in bringing down the economies of the world. But the point I'd like to make is that the players in this system of capitalism will always come up with new "financial instruments" to prey on unsuspecting victims. The system rewards such creativity. So abolishing one instrument doesn't prevent others from being created. Also, setting up all kinds of regulatory systems under the control of capitalists is like having a fox guarding the hen house. To paraphrase that great US globalization President (Clinton), "it's the economic system, stupid!"