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The End
of the World Bob Moriarty
As Professor Partnoy does an excellent job of explaining in his testimony, Enron was a giant shell game in essentially an unregulated and uncontrolled marketplace. Enron collapsed because it was too big. There are another 50-100 Enrons out there. All unregulated, all a shell game. It's going to get real interesting before it's over. Those in government would like you to believe they are all powerful. They aren't. The government may have all the power and still not be all powerful. For example, the government could make a giant project of stopping the tide, a pail full at a time by lining the beaches with the unemployed each with an empty pail. It still can't stop the tide. Before the game ends, $100 trillion dollars worth of derivatives must be accounted for. That's more than all the money in the world. It doesn't matter in the slightest what the government does, there will be a lot of financial pain. We live in interesting times. The Partnoy Testimony - in response to the United States Senate Committee on Governmental Affairs' request that Frank Partnoy address potential problems associated with the unregulated status of derivatives used by Enron - may be the most important financial article you ever read. You needn't understand it... I won't be giving a quiz... ### Jan 30, 2002 321gold |
