Speculative Money Games Gone Wild
We may be in a deeper pile of shit than we realize.
"Behind the recent bad news lurks a much deeper concern: The world
economy is now being driven by a vast, secretive web of investments
that might be out of anyone's control."
The black box economy
The drumbeat of bad news over the past year, they say, is only a
symptom of something new and unsettling - a deeper change in the
financial system that may leave regulators, and even Congress,
powerless when they try to wield their usual tools.
That something is the immense shadow economy of novel and poorly
understood financial instruments created by hedge funds and
investment banks over the past decade - a web of extraordinarily
complex securities and wagers that has made the world's financial
system so opaque and entangled that even many experts confess that
they no longer understand how it works."