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blackbootz · 2842 days ago · link · · parent · post: Larry Summers: Interest rates are at inconceivable levels, and we must confront what that means
So we reached a worldwide doubling in fixed income securities (in 6 years) because wealth and fund managers went hog wild with derivatives and other financial instruments? I forget who said it, but they said the last good financial instrument invented was the ATM. I know that's cheeky and simplistic, but derivatives seem to me to invite speculation. edit: I think it was Paul Volcker.