... posing a "mega-catastrophic risk". This is not Hugo Chavez latest tall story, it's how Warren Buffet - the richest person on earth in 2008 according to Forbes magazine - defined the derivatives (complex financial instruments) at the microphones of BBC. Yes the same Media Company of Ed O'Brian of Radiohead from the post of yesterday... however this is not the point now that a financial crisis comparable only to that of 1929 is ongoing. Mr. Buffet - a very famous insider, perhaps "the insider" - used this expression not today or yesterday, after the notice of the failure for bankruptcy of Lheman brothers, America’s fourth-largest investment bank.
Mr. Buffet just said that five years ago. Yes five. That's probably why he came up with such a brilliant expression. Financial weapons of mass destruction. It was the time of the media preparation for the U.S. troops invasion of Iraq. In those days I remember I took part in Amsterdam - where I was doing the Erasmus - to a world-wide demonstration for peace (nothing spectacular though). Perhaps people had something else to be concerned with and didn't really take the words of the guru of finance seriously. But what about the people in the finance sector?? Sometimes I just have the feeling that many people know and knew everything - it can't be otherwise - but they were just sure that in any case they would have not paid directly in case of a crisis cause they had better information than others and would have made it on time to hand the hot potato off on someone else belonging to that rest of humanity who didn't share the same access to information.
For that matters, you can still read the BBC full article here or watch the Faithless video below. Mr. Burret and Maxi Jazz. Apparently different. They said one thing. Five years ago. Not yesterday.
The view from Zacheta
Włodzimierz Pawlak - Poles form the national flag
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Updates: WASHINGTON — "Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group" (New York Times, September 16, 2008).
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