Do you all remember in Michael Moore’s movie “Capitalism a Love Story” how he went to Wall Street to interview stock market traders? He asked them to answer some question about financial instruments – like derivatives. To the person, no one could explain them. One said they have astrophysicists working on them. The most important thing about financial speculation is that it produces no real wealth for society, yet it expects to profit. Still understanding some basics of financial speculation is helpful. Michael Roberts is about as clear as you can get.
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