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CHAPTER 9INFORMATION: THE WORLD’S REAL CURRENCY ISN’T SCARCE

Innovations in information technology have created a $1 trillion daily exchange in the global financial casino. In 1993, the Bank for International Settlements recorded a rise to $14.9 trillion traded between parties in derivatives of stocks, bonds, commodities, and currencies (what traders call virtual securities, swaps, puts, calls, and so on) in an attempt to manage risks in the global economy. But derivatives bring uncertainties of their own: from “bear raids” on currencies to huge losses as headlined during 1995. In July 1995, Fortune magazine cited these 1993 figures as the last year for which data was available, but, with derivative trading “now no doubt higher,” added “the ...

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