leaderless collective

First issue: uncontrolled financial markets

Argue that irrational speculators can wreck havoc on individuals and companies by investing wildly and then precipitously withdrawing their capital.

Argues that speculators, far from being irrational, act in an extraordinary rational manner. The speculator’s primary concern is to increase his profits in the most efficient manner. Thus, a firm’s shareholders are pleased when the firm cuts jobs, not because of they delight in unemployment but because of the ensuing reduced expenditures and greater productivity. Similarly, the American stock market often rises when the unemployment rate increases. This is because speculators believe that the Federal Reserve is likely to lower interest rates to stimulate growth.

Although I would agree that speculat

Removal of statutory restrictions on capital account transactions as a result of economic degulation in both industrial and developing countries, growth of derivative financial instruments which has permitted international investors to assume some risks while limiting their exposure to others, and advances in information and communication technologies has revolutionized the financial industry so that 1.5 trillion dollars cross national borders every day.

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