{"id":22785,"date":"2007-06-20T17:41:00","date_gmt":"2007-06-20T17:41:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=596"},"modified":"2007-06-20T17:41:00","modified_gmt":"2007-06-20T17:41:00","slug":"financos-e-inversopatas-un-coctel-explosivo","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/financos-e-inversopatas-un-coctel-explosivo\/","title":{"rendered":"\u00abFinancos and Invers\u00f3patas\u00bb. An explosive mix."},"content":{"rendered":"
Some people say that a new crack<\/span> An economic crisis is looming. It is far from clear whether we are beginning to see something similar to 29 October 1929 or simple<\/span>mind <\/span>a widespread economic crisis that could have a more or less global impact. It is clear that the interdependence of the world\u2019s economies and the house of cards that is the modern financial system do not help to lay solid foundations capable of withstanding global crises. In other words, some of us are beginning to recognise the dangers of the globalisation<\/span> macroeconomic and the overlapping financial products<\/span>, which serve no purpose other than speculation (which is no small matter). In recent years, financial engineers have created structures and products that would have been unimaginable a decade or two ago, and which are built on foundations that are themselves now far removed from the traditional real economy. Complex structures built upon complex structures.\"\"<\/a><\/div>\n
Buying or selling an oil contract is now child\u2019s play for any private individual, even if they\u2019ve never seen what a barrel looks like or what\u2019s inside it. These days, the brochure<\/span><\/span> Any structured product comes with a couple of pages explaining how that product will perform over time according to various possible scenarios. Relatively simple text, graphs and mathematical formulae which, together with the explanation provided by the relevant adviser or fund manager (sometimes even competently and objectively), aim to help the buyer understand how their new financial \u2018toy\u2019 works. But this brochure<\/span> o fact<\/span> sheet<\/span><\/span> It\u2019s just the manual for instructions<\/span>. The actual blueprints for the product never reach the end investor. They are so complex that only the product\u2019s creators and their colleagues can make sense of them. Financial engineers, whom I affectionately like to call financos<\/span><\/span> (since telecommunications engineers are known as telecoms<\/span><\/span>).

<\/a><\/p>\n
These financos<\/span><\/span> They constantly rack their brains and tap into their creativity, seeking just one product that it sells well<\/span>. It\u2019s their job, and they don\u2019t hesitate to use every tool at their disposal \u2013 that is to say, other financial products. The result is products highly structured<\/span> with so many interdependent components that they would be dangerously vulnerable to a global financial shock. This likely collapse of current financial engineering products would, in turn, exacerbate such a shock, triggering an unimaginable global financial crisis. Of course, it never crosses any of our minds what might trigger such an earthquake capable of bringing the modern economy crashing down. But the vast amount of money that is constantly being speculated on creatures created by our much-admired financos<\/span>, <\/span>It gives you food for thought. Foreign exchange (abusive carry trade), commodities<\/span>, metals, securities, debts, short positions of all kinds\u2026 everything is used as raw material to structure and to over-structure<\/span> to the point of exhaustion in order to satisfy the voracity of the inversopaths<\/span><\/span>. Because it\u2019s no longer enough to speculate as our parents or grandparents used to. These days, anyone who doesn\u2019t have a<\/p>\n

\u00ab9M 15,30% p.a. Cash-settled USD barrier reverse convertible on the worst-performing of the GOLDMAN SACHS CRUDE OIL ER INDEX, the GOLDMAN SACHS COMMODITY GOLD ER INDEX and the GOLDMAN SACHS COMMODITY NATURAL GAS ER INDEX (Kick-In GOAL on the worst-performing index)\u00bb<\/p><\/blockquote>\n

with its corresponding brochure<\/span> A 5-page explanatory document is not an authentic inversopata. <\/span>This is a real-life example of the gap between the money (or rather, electronic funds) invested in a particular speculative position, and the oil wells, gold mines or natural gas industries, where workers are carrying out their daily tasks.<\/p>\n

But don\u2019t panic \u2013 everything is under control and working perfectly. It\u2019s in perfect balance. The cocktail is delicious, but please: a Dry Martini, stirred, never shaken.\"\"<\/a><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Hay quien dice que un nuevo crack econ\u00f3mico est\u00e1 pr\u00f3ximo. No est\u00e1 nada claro si se empieza a hablar de algo parecido al 29 de octubre de 1929 o simplemente de una crisis econ\u00f3mica generalizada que puede afectar m\u00e1s o menos globalmente. Es evidente que la interrelaci\u00f3n de las econom\u00edas mundiales y el castillo de […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22785","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22785"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22785\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}