when lehman brothers fell down and blew out the whole system, no one accused of the employees of lehman brothers. they accused the system, the directors. this is a political problem. with what kind of growth, with what kind of economic system, some of them were traded after wars. we have yugoslavia, now we have three, four, five different states. we have different economies, we have different interests, and we cannot have a europe that uses the euro as a weapon to penalize more poor countries. the problem now for greece is that it is not only surviving, this is designing the future. we cannot expect anyone to have its day with no future. >> the internet has democratized knowledge. you can find out almost anything. that is not true. supposing we are getting told what some believe that we want to hear or even worse, and algorithm has decided what to feed us. we talked to the author of "the ble."r bobbub >> have you looked in the mirror lately? you will know what the future of the internet looks like. this is that we are entering the era of personalization is. this serves up a few of the w

lehman brothers actually had a long period to adjust its problems. and after bear stear defaulted in march of 2008, there was a very considerable perception that if you are's going to be bailed out as bear stearns was, that all investment banks are all financial institutions which were larger than bear stearns would be essentially bailed out. so when lehman brothers was not bailed out, the shock to the market was overwhelming. i n't think that this particular issue at this stage can be a shock. most everybody know around indeed the markets themselves, there are a lot of technical indicators like credit default swaps and the like--t's notike toe-- likely to have consequences. >> rose: we conclude this evening with a look at some of the new movies for the summer through the eyes of "new york times", david denby "the new yorker" magazine and dana stevens of "slate" magazine. >> to me tree of life is one of those movies that is an event, a movie comes as long once every-- they have been as long 250s year gaps betwn terence movies and this movie seems lik

exposed to greece and the banks in europe are very highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely for now german banks actually hold a lot of greek debt and there are leveraged thirty two to one at this point so greece goes down is going to ripple effects across the entire world and there are experts all throughout the financial industry that are warning that this could set off another two thousand and eight style crisis. you can find more views and personal experiences of events in greece that's on our website find it at here's what else is online at the moment. the european commission puts an end to washington's move to axles personal data on passengers flying between europe and the u.s. saying the proposed terror plan is illegal. and a legendary russian a line team or a roll or is his way to a world record for a new trick that was two years in the making find out how he landed in the guinness book of records. police in belarus have reportedly detained up to

we already have a historical event similar to this one we had lehman brothers lehman brothers failed that course if flight from the capital markets and a general loss of wealth as a loss of wealth occur consumption while prices fell in two thousand and eight from one hundred forty to forty books and what happened from ben ali is china has suffered asia has grown more south america and africa so the man and global contract who have the kind of lehman brothers and now you saw it was so if something serious were to happen in greece big man we can contract even more than he was but they would still continue to make growth even asia and elsewhere so the result. of the pursuit was there but we still have a major problem i don't think we're going to loose sixty percent of the battle but imo ten percent or even twenty percent is likely if there is a major default europe russia still hopes to seal a disputed gas deal with china by the end of the year but china insists they're not prepared to pay european rates every german of gas from his management committee says a price agree with china has

why experts say the greek financial crisis could be another a lehman brothers moment plus. bellerose police crackdown on protesters taking part in an anti-government demonstration being called the silent revolution. russian aviation experts have begun to develop a picture of what may have caused the fatal air tragedy in the country's northwest they have confirmed a passenger jet hit trees broke up before crashing into a highway relatives of victims and locals were paying their last respects near the scene forty four people on board the tube left one hundred thirty four were killed eight were rushed to hospitals with severe injuries a ten year old boy later died raising the number of victims to forty five experts consider several versions of the accident quoting a human factor bad weather conditions and technical failures. the u.s. has vowed to change its mission in afghanistan from a roll of combat to one of support president obama has confirmed his decision to pull out a third of ground troops currently deployed in the country by next summer but his gun education reports t

lehman brothers fail that course a flight from the capital markets on a general loss of wealth as the current consumption prices fell in two thousand and eight from one hundred forty to forty dollars what happened from. trying to. southeast asia has grown more south america and africa so demand globally on the part of lehman brothers. so if something serious were to happen. demanded it be trucked into north of here. but there would be continued growth even on elsewhere so be resolved with the negative us it was that but we still have. i don't think we're going to lose sixty percent of the body but imo ten percent or even twenty percent is likely if there is a major default. russia still has hopes to steal a disputed gas deal with china by the end of the year by the chinese insist they are not prepared to pay european rights deputy chairman of gazprom as management committee says any price agreed with china has to reflect the profitability of western sales. each price has to be equal to the profitability of exports. we can't sell cheap from a more expensive. range of market mechanisms

lehman brothers fail and that costs a flight from the capital markets and i general loss of wealth as a loss of wealth a current consumption drop of oil prices fell in two thousand and eight from one hundred forty to forty dollars so what happened from ben to now is china has grown southeast asia has grown more south america and africa so demand globally on the part of lehman brothers and now growth so if something serious were to happen greece demand would again contract in the north in humans but they would this will continue to be growth in asia and elsewhere so the result will be the negative us who was there but would still have a negative i don't think we're going to lose sixty percent of the battle but imo ten percent or even twenty percent is likely if there is a major default in europe. russia still hopes to seal a disputed gas deal with china by the end of the year but china insists they're not prepared to pay european rates chairman of gas forms management committee says any price agreed with china has to reflect the profitability of western sales principles and beat the pr

we already have a historical event similar to this one we have lehman brothers lehman brothers failed that course the flight from a couple of markets and i general loss of wealth as the loss of wealth occur consumption drop prices fell in two thousand and eight from one hundred forty to forty dollars so what happened from ben to me is china has grown more so asia has grown more south america and africa so demand globally contrary to the kind of lehman brothers and now you so much growth so if something serious were to happen in greece that man with again crime in the north that he was what they would continue to be growth even asia and elsewhere the result would make of people who was there but we still have a major problem i don't think we're going to loose sixty percent of the value but imo ten percent or even twenty percent is likely if there is a major default you're. taking a look at the markets now prices reversed from earlier games as traders are on easy about greece's parliamentary confidence vote light sweet is trading at ninety three dollars a barrel and brant is around one

a lot of people are bringing up the lehman brothers example. we in danger of a lehman-like event, or is that overblown? >> my sense is it's overblown because lehman happened. and a lot of people have learned from that. while it does seem every year around this time everybody becomes concerned about greece, i think that ultimately the eu, and i think other monetary authorities will step in to prevent there being a default. you see right now that looks as if europe is stepping up. but they're pushing papandreou to put through the reforms. >> perhaps some of the jitters has to do with the fact that here at home our economy and the economic statistics that we've seen have been soft. and a lot of people wonder whether we're headed for the double-dip, or whether this is a temporary soft patch. what do you think? >> my sense is it's a temporary soft patch. my view, however i've been expecting much slower growth in the economy for several years because we're continuing to go through deleveraging on a consumer side and in government. and that should res

very much exposed to greece and now banks in europe are very highly leveraged for example when lehman brothersollapse they were leveraged thirty one to one which was absolutely horrible now german banks actually hold a lot of greek debt and there are leveraged thirty two to one at this point so greece goes down it's going to ripple effects across the entire world and there are experts also wrote the financial industry that are warning that this could set off another two thousand and eight style crisis. u.s. president obama has confirmed his decision to pull thirty three thousand troops out of afghanistan by the summer of next year it's part of his effort to restore public trust at home where the war running for nearly a decade now has become increasingly unpopular but as you can comments the american leader did not address many of the tensions on the ground let's start with numbers there are around one hundred thousand american troops deployed in afghanistan right now thirty thousand of them were added by president obama two years ago now he says by the end of next year the u.s. is going to pu

lehman brothers. course a flight from a couple markets and i general loss of wealth as the last current consumption growth point prices fell in two thousand and eight from one hundred forty to forty dollars and what happened from. is trying a has grown so it's grown more south america and africa. kind of lehman brothers and now he's on a growth saw if something serious were to happen greets and we can try to ignore that humans but they would still continue to be growth in asia and elsewhere the zork make of people who was there but would still have made it i don't think we're going to lose sixty percent of the body but imo ten percent or even twenty percent is likely if there is a major before you're. now looking at the markets starting with oil light sweet is up ninety four dollars a barrel and brant is just under one hundred twelve dollars a barrel also positive the u.s. markets have opened optimistically tuesday with the dow jones at half a percent up and the nasdaq more than a percent in the black

the greek crisis has been seems to be another lehman brothers moment because what you have in greece is a situation where they're just kicking the can down the road if greece defaults it's not going to just the thing reese is going to affect all of your. banks all over europe are very much exposed to greece and banks in europe are very highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible now german banks actually hold a lot of greek debt and there are leveraged thirty two to one at this point so greece goes down is going to ripple effects across the entire world and there are experts all throughout the financial industry that are warning that this could set off another two thousand and eight style crisis. and there you can find more views and personal experiences over events in greece of course on our website r.t. dot com but here's what else you'll find online right now the european commission puts an end to lushington this move to access personal data on passengers flying between europe and the u.s. saying t

pre-crisis terms will be another lehman brothers moment because what you have in greece is a situation where they are just on the route if greece defaults it's not going to look just like greece is going to thirty all of your. banks all over europe or very much exposed to greece. highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was actually we you know germany going to actually hold water greek debt and there are literally thirty one this. greece throws their own it's going to ripple effects across the entire world and there are experts all throughout the financial industry got a warning that this could set off another two bells in a crisis. and if i'm more of use and personal experiences of france and greece now on our website that's r.t. dot com and here's what else is on the line at the moment. the european commission puts an end to washington's move to access personal data on passengers flying between europe and the u.s. saying the proposed tariff land ease illegal. allies in the area of brush and a lion tamer roar is way to a

the fdic says it would have created a reach institution and kept the viable parts of lehman brothers afloat and available to sell. this sounds to me like they would have done with the treasury refused to do, bailout lehman brothers. now, since i just argued the bailouts may be better than meltdowns i guess for me this version of the fdic resolution process is a kind of disguise the bailout is preferable than one which causes the whole system to go down. but, i think there's some questions about whether the public and the congress our understanding if that's what it is and it also seems to me surprising to put the fdic in this role. they are the caretaker of insured deposits, not the curator of the financial markets, and i do not see how the fdic would have had the resources or authority to respond effectively to a future situation where multiple very large and may be small institutions were feeling on the global markets were in turmoil. media is a failure of my understanding that as a representative citizen i would like to feel more confident i would like to feel about this resolutio

completely disagree a big crisis has been seems to be another lehman brothers moment because what you have been greece is a situation where there are just kicking between and on the route if greece defaults it's not going to just affect rhesus going to search all your. bank's a little europe or very much exposed to greece banks from europe or very highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible now german banks are actually a whole lot of greek debt and there are liberties thirty two to one at this point so greece goes don't it's going to ripple effects across the entire world and there are experts all throughout the financial industry that are warning that this could settle the mildred supposedly crisis and michael or another is thinking that came out of this press conference of course he was not as a beat as he was the last time that he spoke but a brain he was talking in regard in revising the economic outlook he said that you know what the problems that are causing the current crisis they're temporary

i completely disagree a big request this has been seems to be another lehman brothers moment because what you have in greece is a situation where they're just kicking the can down the road if greece defaults it's not going to just play greece is going to have thirty all of your. banks all over europe or very much exposed to greece and now the banks from europe are barry highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible now german banks actually hold a lot of greek debt and there are leverage thirty two to one at this point so greece goes down it's going to ripple effects across the entire world and they're experts all throughout the financial industry that are warning that this could set off another two thousand and eight salt crisis and michael another interesting thing that came out of this sad press conference a question was not as a beat as he was the last time that he spoke but a brain he was talking in revising the economic outlook is that you know what the problems that are causing the current crisis

the fdic says it would have created a reach institution and kept the viable parts of lehman brothers afloat and available to sell. this sounds to me like they would have done with the treasury refused to do, bailout lehman brothers. now, since i just argued the bailouts may be better than meltdowns i guess for me this version of the fdic resolution process is a kind of disguise the bailout is preferable than one which causes the whole system to go down. but, i think there's some questions about whether the public and the congress our understanding if that's what it is and it also seems to me surprising to put the fdic in this role. they are the caretaker of insured deposits, not the curator of the financial markets, and i do not see how the fdic would have had the resources or authority to respond effectively to a future situation where multiple very large and may be small institutions were feeling on the global markets were in turmoil. media is a failure of my understanding that as a representative citizen i would like to feel more confident i would like to feel about this resolutio

this has been the european approach so far because they don't want another potential lehman brothers. >> i've been involved in many, many debt restructuring circumstances, but usually the countries end up in -- or not end up, they're already in a very, very deep mess and even after the restructuring it takes some time to get out of. so, i'm weary of it, for all the reasons you're saying. i can't guarantee there is a way out. i just wouldn't rush into it and even though austerity is painful, these are developed economies. these are not people living at the edge of extreme poverty. these are countries that can do better and should do better. all of it is very, very tough. there's no question about it. but the muddling through at this moment, i think, is actually still the best -- very imperfect but the best way forward. >> i have to ask you. i think i know what jeff feels on this to finally -- republicans and the debt ceiling, does it make sense to play -- to play with this? does it make sense to play a game of brinksmanship on the debt ceiling issue? >> i'm not very happy about it. i m

did in 2008 when lehman brothers collapsed. >> what happened at lehman brothers was that the financialto whom by how much. and that's essentially the same thing that would happen if you had a greek default of government bonds. >> reporter: that fear has rippled through u.s. markets. some economists say the u.s. has an indirect link because it's exposed to european banks which carry greek debt. >> if our banks have significant exposure to those countries and those countries start to reel, the negative transfer is potential slowing down in lending which actually hasn't accelerated over the recovery thus far. >> reporter: those what-ifs played a part in the six week losing streak that eased u.s. markets last friday. despite the uncertainty how it might affect european banks there is concern how it might affect the value of the euro. this isn't the first time greece has needed a bailout. then there are concerns about how it will affect businesses if europe's economy slows. even as european finance ministers work to keep greece solvent, some worry if greece were to default, would other euro

greece has the potential to be europe's lehman brothers.ho would have thought that lehman brothers, a single investment bank, could start the domino effect that started credit to dry up in the united states? if that went down in greece, there would be a lot of nervousness about state debt and u.s. debt in the united states. but our banks would be affected. they have a lot of cross relations with the european banks. >> i'm going to ask christine a question about peter's recent column that he wrote. peter wrote recently that americans should be prepared for a time to come when americans may turn to china for the type of aid that greece is turning to germany for. do you think that's reasonable, christine? >> i think that's really far down the road. i hope the people in washington would get their acts together before that happens. peter is more hawkish on that than some of the rest of us out there are. but we are in a position here where you've got us talking about the u.s. running out of time. moody's says it, s&p says it. the u.s. is running

and lehman brothers was the domino that hurt the u.s. in the financial system.ttle bit overly dramatic. there's not a run on a country like there's a run on a bank. but at a time in the global economy that it is still nervous, the financial system is still fragile. greece getting its act together is incredibly important for the contagion for portugal, italy, ireland and others. so greece matters, what's happening in europe matters. these pictures matter to your money and the u.s. stability as well. >> i'll see you in 25 minutes on "american morning." >>> we try to find the special nugget of business news every day. we call it our businessman's special. if you got paid on friday, congratulations you survived. why would i say that? a new study shows that people are more likely to die on payday or shortly thereafter than on other days. the direct deposit of death. why is it? researchers say you tend to do more risky things once you have money in your bank account. like road trips, drink or do drugs. it only looked at people on social security or with government job

lehman brothers was an investment bank. we did not have direct involvement in that. but i do think it surprised me when i saw the market reaction because the fate -- the place was so fed for so long and i thought everybody understood, and they did not. i wonder if that is because bear stearns had a government- assisted deal done for it. even though they took some lost, they were still kept alive and nobody else was protected. hindsight is 2020 -- 20/20, but one of the other problems with the bankruptcy in general was the way the derivatives contracts were traded. we can actually require derivatives counterparties to perform in a bankruptcy. -- to perform. in a bankruptcy, they have the right to pull their collateral out. perhaps the best lesson learned is trying to fix that going forward, which is what we tried to do. i have tried to work on getting continuity in the operations that you just do not get in bankruptcy. >> the gop has a been accused of having watered-down reforms. are you disappointed in them? >> i am disappointed with republicans, and democrats, too. r

>> in the worst-case scenario, economists say the greek debt crisis could become europe's lehman brothers, a catastrophic failure that freezes the credit markets and infects the u.s. economy. >> jon: the u.s. economy? but that's where we live. [laughter] someone, quick, get me some yogurt. for more we're joined by aasif mandvi live in athens. assif, how did europe... [cheering and applause] first of all, how does this affect europe? first of all, how did europe not know that greece was in this type of financial trouble? >> well, jon, it's fascinating. ten years ago when greece realized that to cover even at that time their big deficit, they were going to need an influx of cash, they were very smart. they called an american investment bank. >> jon: let me guess -- goldman sachs. >> very good. goldman sachs came up with a way to hide the extent of greece's debt so european banks would continue lending to greece, and greek people could continue retiring a few years after puberty. [laughter] the device they used to do it was called "a currency swap." >> jon: oh, okay, so the european banks wh

the idea that you can walk away from an investment bank and let it collapse, look at lehman brothers and see what happened. this a virtually brought the world banking systems to their knees. >> economic kopit's could be rebuilt by shelling the rock. -- economic confidence could be rebuilt by selling the rock. >> you are watching "newsday," on the bbc. >> are mad headlines. writers have taken to the streets of athens as the greek prime minister struggles to win support for new austerity measures. >> president obama has defended the american involvement in libya and rejected demands from congress that he needs their approval. the opposition party is hoping to avoid a return to compensation with china. they will have a campaign in next january. the party has infuriated beijing with their calls a formal independence for taiwan. the president says that the party would like to install -- resolve the disagreements through dialogue. carson we want china to understand that we do have opposition -- >> we want china to understand that we have opposition and differences and they have to learn to

defaults which could send markets into a tailspin causing similar problems after the collapse of lehman brothers. share prices managed to recover from most of the losses on the strength of mixed u.s. news from the economy. the labor market and the housing market are a bit better than expected. the good news from a travel company which is aiming to sell its container shipping unit and they now have a seriously interested party from the state of oman. they have given their interest in writing. >> of the dax is finishing just lower. the leading euros on blue chips is down to just buy a tad, 2730. the dow closed at the top of the hour and it managed to lock in some pretty good gains finishing a half of 1% higher. the euro has post gains against other major currencies this thursday. inflation in the eurozone fell slightly last month. the european union by statistics agency says that the annual rate of inflation eased by 2.7% which is well above the ecb target rate of 2% and inflation is likely to remain above target levels. >> one place where consumers in countries are using the euro are feeling the

the european press is calling this the continent's lehman brothers moment. government officials are worried that if greece fails to pay its debts, it could have a blow back here in the united states. and we felt those deep economic painful effects afterwards in ways that we didn't expect because the world economy is now so interconnected. financial experts here aren't convinced that will happen but they don't want to find out. what's happening right now is that the greek government is working desperately to try to pass a budget with deep budget cuts. but those cuts are so painful, that has led to rioting in the streets. they are in a race for time to pass those budget cuts in order to qualify for a loan from the imf. they need billions from the imf just to pay their bills through the summer. but why are they rioting in the streets here? because that government's new federal budget means deep, deep layoffs. more than 100,000 people could lose their jobs in the government. those that are left with jobs are going to lose 30% of their salaries and they're going

think this is a problem the and the fcc. >> one of the most dramatic defense was the failure of lehman brothers. in retrospect do you think more should have been done to see fit to the extent the government bailed out aig and to take the experience to leave it with a aig decision? >> no i don't think more should have been done to save it but i feel we need better tools, and i think -- you know, i don't come even looking back at that situation, i think the original problem as bear stearns but they predicted expectations. we were -- we were far from philemon bankruptcy investment bank it had a couple of banks that actually are still solvent and operating within the bankruptcy, and so we didn't have direct involvement in that but i do think it did surprise me when i saw the market reaction because the place was so sick for so long i thought everybody understood and they didn't come and i wonder if part of that is because of the expectation bear stearns had the assistance in the deal done for it and even the shareholders took losses they were kept alive and free but he was protected. so, you know,

citi settled a deal of its own involving citi's custody of assets of lehman brothers international. morgan stanley stock was up despite a "bloomberg" report the bank's bond-trading group lost millions in a wrong-way inflation trade. all of this spilled over into mortgage bond insurers too. analysts think m.b.i.a. may be in line for some money. it's stock jumped almost 11%. assured guaranty settled with bank of america this spring. its shares rose 7% and radian rallied more than 5.5%. another in line for the settlement money may be life insurer met-life. investment bank sterne agee thinks met-life could get $200 million. shares were up more than 3% on stronger volume. this is met-life's highest share price of the month. we saw a big late-day relief rally in shares of visa and mastercard. as we mentioned earlier, the federal reserve proposed allowing banks charge 21 cents to retailers to accept debit cards. that was higher than first proposed, helping spark this rally. both mastercard and visa are at 52-week highs. material stocks also helped push up the broad market. agribusiness gia

said that if the greek problem spreads to other countries it could top lehman brothers in terms of contagion for the world financial system. tell us what you see as the best scenario that investors can expect and the worst. >> the best scenario is that we get a greek population that is willing to sacrifice for a number of years. official creditors willing to put in money and private creditors willing to roll over, the op rat difficult approach. low probability but if that happens it will quiet down greece. the worst probability is we get a situation where not only greece defaults but suddenly portugal are pushed to the edge and people will ask questions about italy and spain. i think right now we're looking at a situation where most likely greece will restructure. that most likely the other two countries are going to come under pressure but the crisis can be contained from going to spain and italy. and spain and italy are important because they're very large in relative degrees. >> susie: let's move from greece to the united states. you heard our report about the white house holding those ta

beginning with the subprime crisis and moving on to lehman brothers.and again, which inherited you hold, and there's some truth to both, on where you are, if you're narrative of the first and your first as paul volcker, let's turn these things if the bank obligations, issued by banks, that, of course, involves extraordinary extension of the federal safety net, deposit protection system, to cover practically $3 trillion of assets in money market funds, and that would be a substantial change from the way money market funds are currently managed. the second, they're simply a liquidity crisis created by an economic short-term markets that occurs once every generation or so, suggest the issue is liquidity. we need a way to inject liquidity into the markets that would provide liquidity to money market fund. the ici's suggestion was formed a liquidity bank, that is a special-purpose bank that would exist in order to find liquidity for money market funds in times of stress only, the bank would operate and only if of course it had access to the federal reserve

if it goes down the way lehman brothers went down, we are in for a big mess. >> one final question -- would we be in the current mess if we did not have the euro? >> no, because greece never would have been able to borrow at such artificially low rates. would not have accumulated the amount of debt it did. we would still have a problem, but to agree degrees needed to become more competitive, it could have done so by depreciating the drop,, which does not even exist anymore. >> thank you very much indeed. in syria, thousands of people are reportedly fleeing in fear that the army is declaring a crackdown. the syrian government says things are getting back to normal after troops and tanks moved in on sunday. has called on people to return to their homes and carry on with their lives. will they take them up on that invitation? >> waiting to cross. over in syria, thousands more are pondering whether to abandon everything and opt for safety inside turkey, but how many can turkey accommodate? it has built camps in to a we will border towns and says it will make space for anyone else who want

over europe or very much exposed to greece in europe are very highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible no german banks actually hold a lot of greek debt and there are leverage thirty true but this one so greece goes down it's going to ripple effects across the entire world and there are experts all throughout the financial industry that are warning that this could set off a military well as in a crisis. when final argues and personal experience of finance in greece that's on our web site find it at our t.v. dot com and here is what else is online at the moment. there were a few commission puts an answer to washington's move to access personal data on passengers flying between new york and the u.s. saying a proposed anti terror plan is illegal. and a legendary russian a lion tamer roars his way to a world record for a new trick that was two years in the making find out it's how he landed in the guinness book of records. police in bellerose have reportedly detained up to four hundred fifty people during a serie

talk about that sales have jumped to a level last seen in september two thousand and eight when lehman brothers collapsed volatility and chaos always favors those who are perpetuating the volatility and the chaos. as we know there were many bets made on the nine eleven events and weeks before the nine eleven events taking advantage of the chaos we know that people in greece are making bets in the credit default swap market on the collapse of greece before the collapse of greece because they know that the chaos increases the value of the options in fact the options pricing volatility formula that is the bull work that generates much of the trading activity and the six hundred trillion dollars in derivatives around the world is based on this concept of pricing volatility and in my opinion this goes back to the one nine hundred seventy s. when listed oftens first began trading this is the beginning of the end for libertarianism as we see the result of allowing bankers with unlimited funds taking zero risk as a member to get bailed out every time it was money shaking in the globe to death for a few