Without Calling The Overall National Issue A

It Is Decidedly Not True That "nice Guys Finish Last," As That Highly Original American Baseball Philosopher, Leo Durocher, Was Alleged To Have Said.

By Far The Most Significant Event In Finance During The Past Decade Has Been The Extraordinary Development And Expansion Of Financial Derivatives.

We As Central Bankers Need Not Be Concerned If A Collapsing Financial Asset Bubble Does Not Threaten To Impair The Real Economy, Its Production, Jobs And Price Stability.

The Current Financial Crisis In The Us Is Likely To Be Judged In Retrospect As The Most Wrenching Since The End Of The Second World War.

The Use Of A Growing Array Of Derivatives And The Related Application Of More-sophisticated Approaches To Measuring And Managing Risk Are Key Factors Underpinning The Greater Resilience Of Our Largest Financial Institutions... Derivatives Have Permitted The Unbundling Of Financial Risks.