A Quote by Richard Dooling
As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines can make - 'derive' - and trade them, we have to wonder: Are we living in a bad sci-fi movie? Is the Matrix made of credit default swaps?
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I was able to use credit default swaps to protect not only my investments but the hundreds of jobs that exist because of my investment. I understand the dangers of credit default swaps and the benefits of credit default swaps.
Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
Now that we all live in a bad '70s sci-fi movie, I am made to understand the tyranny of the machines every minute of every day.
Of course most Americans don't know how A.I.G. brought the world's financial system to near-ruin or what credit-default swaps are. They may not even know what A.I.G. stands for. But Americans do make the connection between their fears about their own jobs and their broad understanding of the A.I.G. debacle.
I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.
I've always liked sci-fi/fantasy films. I've never really followed any sci-fi television shows though. I wouldn't consider myself a fan. When asked, I think I say the Matrix is my favorite movie.
Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the bankruptcy of people who owe you money.
Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social commitments and practical responsibilities.
Sci-fi uses the images that sf - starting with H.G. Wells - made familiar: space travel, aliens, galactic wars and federations, time machines, et cetera, taking them literally, not caring if they are possible or even plausible. It has no interest in or relation to real science or technology. It's fantasy in space suits. Spectacle. Wizards with lasers. Kids with ray guns. I've written both, but I have to say I respect science fiction enough that I wince when people call it sci-fi.
Main Street investors, who cannot trade credit default swaps, should not be tempted to trade an instrument with the same risk profile simply because it has been given a different name.
Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my downside was defined and certain, and the upside was many multiples of it.
I'm not from a particularly sci-fi background. I'm not anti sci-fi at all, but I've never been known as a sci-fi writer and, suddenly, I was creating a flagship BBC sci-fi show, which is terrifying sometimes.
I don't buy into the dystopian scenarios of self-aware robots enslaving mankind, but you don't have to be a sci-fi conspiracy theorist to acknowledge that plenty of good, well-paying jobs are being taken over by machines.
Once men turned their thinking over to machines in the hope that this would set them free. But that only permitted other men with machines to enslave them.
With bad sci-fi - sci-fi that I don't really like - you watch it and get the impression that you're just seeing exactly what they created because they needed it in the movie. You feel like there's nothing more beyond that.
I've actually found that most of my jobs have been in sci-fi. I realized it because sci-fi has the biggest fan following. Every time I do a play in London all these sci-fi fans come out. They ask me to sign things from all these little projects that I did. I hadn't even made the connection. It doesn't always have a spaceship and guns; sci-fi has been projected on in someway. I did Never Let Me Go, which is sort of Star Trek-y. It's about the future and training humans. It's sci-fi too. It's such a broad umbrella.
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