DERIVADOS - DERIVATIVES

Para entender mejor la crisis, se debe entender primero como funcionan los Derivados, y nada como esta fascinante descripción de John Lachester, Cityphilia publicada en el London Review of Books, sobre como funcionan los Swaps, las Opciones y los CDOs (Collateralised Debt Obligations) estructuradas en base a creditos hipotecarios subprime.


Como muy bien dijo Warren Buffet 5 años atras:

The derivatives genie is now well out of the bottle, and these instruments will almost certainly multiply in variety and number until some event makes their toxicity clear. Knowledge of how dangerous they are has already permeated the electricity and gas businesses, in which the eruption of major troubles caused the use of derivatives to diminish dramatically. Elsewhere, however, the derivatives business continues to expand unchecked. Central banks and governments have so far found no effective way to control, or even monitor, the risks posed by these contracts.