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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.

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Decade Development During Event Expansion Extraordinary Far Finance Most Significant

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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
History demonstrates that participants in financial markets are susceptible to waves of optimism.
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Demonstrate Excessive Financial History Optimism Particular Wave
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Detective Economy Fact Follow Love Piece Story Together
The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…
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Application Approach Derivative Grow More Relate Sophisticate Use
Then fear hits, and it comes down very sharply. When I started to look at that.
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Come Down Fear Hit Look Sharply Start That
If we are dealing with psychology, then the thermometers one uses to measure it have an effect.
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Deal Effect Measure Psychology Thermometer Use
I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Acknowledge Everyone Inconvenient Know Oil Political Saddened
Productivity is notoriously difficult to predict.
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Difficult Notorious Predict Productivity
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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Another Commodity Counterparty Derivative Gold Often Private Restrict Supply Trade
I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives.
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Appear Corner Cut Deny Manipulate Material Succeeded
Without the triggers, that tax cut is irreponsible fiscal policy. Eventually, I think that will be the consensus view.
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Consensus Cut Fiscal Irresponsible Policy Tax Trigger View
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Country Decade Escalate Irrational Past Subject
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Function Human Keep Minimum Nature Regrettably Successful
There are no easy choices. Easy choices are long gone.
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Choice Easy Gone Long No
There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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Arbitrary Death Guarantee Inspector Integrity Judgement Knowledge Nothing Superior

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