1 Indiana Gaming Commission2000, 'Report to the Governor' (2001).
2.
2 Jim Davis, 'Rethinking globalisation', Race & Class (Vol. 40, nos 2/3, 1998/9), pp. 37-48.
3.
3 Speculation has certainly been abused, including attempts by speculators to 'corner' the market in commodities (historically in agricultural goods, but more recently by the Hunt brothers in the 1980s in the silver market), usually to the detriment of the producer. As finance capital matured in the United States in the late nineteenth century and speculation as market-making became more widespread, hard-pressed small farmers frequently pushed, through the populist platform, for an end to speculation. As with all capitalist activity, the reality of speculation is that it has frequently been accompanied by crime, graft, lying, cheating, and so on. Witness the revelation that Enron, as an energy trader, manipulated the California energy market to increase profits during the state's 2000-01 power crises (see, for example, 'Enron rigged power market in California, documents say', Wall Street Journal, 7 May 2002).
4.
4 Peter L. Bernstein, Against the Gods. the remarkable story of risk (New York, Wiley, 1998).
5.
5 Quoted in Susan Strange, Casino Capitalism (Oxford, Blackwell, 1986), p. 39-39
6.
6 Gregory Millman, The Vandal's Crown. how rebel currency traders overthrew the world's central banks (New York, Free Press, 1995).
10 Gregory Brown, 'Seeking security in a volatile world', Financial Times, 'Mastering risk' series (16 May 2000).
11.
11 N. Weinberg, 'Fear, greed and technology', Forbes (15 May 2000).
12.
12 'Nasdaq stocks' swings are unprecedented - but taken in stride', Wall Street Journal (19 April 2000).
13.
13 Ibid.
14.
14 Ibid.
15.
15 Ibid.
16.
16 Ibid.
17.
17 Business Week (3 April 2000).
18.
18 Saber, op. cit., p. 120; emphasis in original.
19.
19 'Agents of change on the factory floor', Business Week (7 August 2000).
20.
20 Weinberg, op. cit.
21.
21 Saber, op. cit., p. 221.
22.
22 'Long-Term Capital Management: regulators need to focus greater attention on systemic risk', GAO (October 1999, GAO/GGD-00-3).
23.
23 Saber, op. cit., p. 224, emphasis in original.
24.
24 'How LTCM came to the edge of the abyss', Wall Street Journal (11 September 2000).
25.
25 Roger Lowenstein, When Genius Failed. the rise and fall of Long-Term Capital Management, excerpted in Wall Street Journal (11 September 2000).
26.
26 Thomas A. Bass, 'The future of money', Wired (10 October 1996).
27.
27 Jerry Harris and William Robinson, 'Towards a global ruling class? Globalisation and the transnational capitalist class', Science and Society (Vol. 64, no. 1, Spring 2000).
28.
28 Here's Business Week's explanation of how weather futures work: 'I. A small clothing manufacturer asks Enron to create a derivative to protect against hot weather that might hurt sales of winter clothes. 2. For every degree above normal over some period, Enron must pay the retailer a certain amount; for every degree below, the retailer pays Enron. 3. Enron lays off its risk through a deal with a soft drink maker who benefits from hot weather.' So if the weather is warmer than usual, the coat maker sells fewer coats, but is protected because Enron pays them for the 'degrees above normal'. Meanwhile, Enron collects money from the soft drink manufacturer who presumably is selling more soft drinks because of the warmer weather. Also presumably, both the coat maker and the soft drink maker are paying a premium for the hedging protection that they receive(d) from Enron. ('The Enron way', Business Week (12 February 2001).)
29.
29 See 'Enron quietly ran a risky hedge fund that did well', Wall Street Journal (11 April 2002) and Michael Hiltzik, 'The fall of Enron', Los Angeles Times (31 January 2002).
30.
30 See 'Enron's power play', Business Week (12 February 2001).
31.
31 'Enron exposed!', American Media Specials (Boca Raton, Florida, 2002).
32.
32 Gregory Zuckerman, 'The rise and fall of intangible assets leads to shorter company life spans: why high-fliers like telecom Winstar, built on big ideas, tumble so quickly', Wall Street Journal (4 November 2002).
33.
33 Jim Davis and Michael Stack, 'Knowledge in production', Race & Class (Vol. 34, no. 3, 1993), pp. 1-14.
34.
34 'Jeffs theory was assets were bad, intellectual capital was good', Business Week (17 December 2001).
35.
35 'Economic background report', LRNA. (2001) at <http://www.lrna.org/doc.4/econ.html>.
36.
36 'High rollers: how life on the edge became mainstream in today's America', Wall Street Journal (8 March 1999).
