The Need For Values Is Inbred. Their

Regulation - Which Is Based On Force And Fear - Undermines The Moral Base Of Business Dealings. It Becomes Cheaper To Bribe A Building Inspector Than To Meet His Standards Of Construction. Protection Of The Consumer By Regulation Is Thus Illusory.

...our Market System Depends Critically On Trust-trust In The Word Of Our Colleagues And Trust In The Word Of Those With Whom We Do Business.

And Whatever Their Publicized Angst Over Saddam Hussein's 'weapons Of Mass Destruction,' American And British Authorities Were Also Concerned About Violence In An Area That Harbors A Resource Indispensable For The Functioning Of The Word Economy. I Am Saddened That It Is Politically Inconvenient To Acknowledge What Everyone Knows: The Iraq War Is Largely About Oil.

History Has Not Dealt Kindly With The Aftermath Of Protracted Periods Of Low Risk Premiums.

By Far The Most Significant Event In Finance During The Past Decade Has Been The Extraordinary Development And Expansion Of Financial Derivatives.