The End Game
Once the current bubbles collapse, which is only a matter of time, I believe that we will see markets evolve to the next ‘adjacent possible’, which will be the widespread – and necessarily transparent – use of direct Peer to Peer relationships through a new generation of market instruments, of which Enron’s Prepay was the first.
This return to what is in fact an ancient form of financing and funding will complete a cycle which began some 300 years ago when modern money and capital markets began with the foundation of the first Central Banks and the wave of Joint Stock Companies which financed and funded the Industrial Revolution.Read it at Naked Capitalism
Chris Cook: Libor and Oil Market Manipulation – Rage Against the Dying of the Light
by Chris Cook, former compliance and market supervision director of the International Petroleum Exchange