As for derivative traders, we simply don’t need them. Gambling isn’t smart.
So the transference of risk, from farmers, from commodity producers, from mortgage holders, to those better able to carry it, professional investors, is of no value?
All futures, options and swaps markets are unneeded?
And people listen to this guy, take him seriously, on matters economic?
Apart from anything else, if gambling didn't pay rewards, then people wouldn't do it. The vast fortunes made in derivatives show, quite clearly, that in this case gambling is smart. Sure, there are losses too but gambling very rarely consists of the pure 50:50 luck inherent in spinning a coin.
And, next up, Richard starts laying into the Swiss.
The Swiss aren’t all they seem
According to Transparency International’s Bribery Perceptions Index the Swiss are the least likely to bribe in the world.
According to their Corruption Perception Index the Swiss rate highly at 7th cleanest in the world.
Why then won’t the Swiss sign the 2003 UN Convention against Corruption?
Well, here's a few ideas. First, the Swiss—notorious for being a wilfully democratic and independent nation who have even had the temerity not to join the EU—might feel, just on principle, that they don't like being bossed around by a bunch of unelected, talking-shop bureaucrats.
Second, since they are perceived as being one of the cleanest country's in the world already, not signing the 2003 UN Convention against Corruption is not harming their business or is certainly not doing so enough to justify signing up.
Third, the Swiss might well feel—from both a business and moral point of view—that they are not going to be lectured in the evils of corruption by a bunch of people who indugle in kiddie-fiddling, child prostitution, pimping, blackmail and the oil-for-food scandal.
Nor do they want to be associated with an organisation that was so ineffective in the Balkans that one might almost conclude that the "blue helmets" were ordered to get themselves held hostage and which was so reluctant to act in Rwanda that one might have thought that the leaders owned shares in Hutu machete factories.
In short, they might not want to be associated with an organisation that was led by this grinning cunt.
And, should all this be the case, then I'm with the Swiss. And even if it is not the case, I'm still with the Swiss because Richard Murphy is one of those ignorant, statist cunts who believes that all money belongs to the state apart from what it graciously allows you to keep.
Which is why he does so much work for government Treasuries, of course.