No, sot so serious today. Re commodities, I realize that I am really proud of the way we have made these markets work. I lived through the evolution of many of them. I started when the financial futures were just launched, including currencies and bonds. They were new. Gold had had only a short history, having been allowed to float freely by Nixon, and I lived through the launch of every energy product (and helped to create several). And through the various Wall Street war stories, never once has an exchange ever dealt with a meltdown or a default. Once, in the early 80s there was a small firm that was a clearing member which went bust trading gold options but the other exchange members quickly picked up the slack for them. The exchange worked as it should have. Never a ripple in the markets.
So I have to say that I am really proud to be associated with my industry as an American invention, dedicated to the functioning of the global raw materials markets, not just as an investment vehicle but as an essential tool in the entire value chane from production, merchandizing, transportion and consumption. They facilitate the efficient transfer of risk and the price discovery. And during the nightmare of 2008, these markets functioned perfectly with no defaults, plenty of volatility but utterly functioning and efficient markets. Overall, they reduce volatility, promote global free markets (which spread the wealth to poorer nations which are producers), have led to the growth in wealth of the BRICS, creating affluence for them and all the good things that come with them, including political stability and world peace. And they prevent thugs and bullies from cornering supplies, from gouging. It is also the price discovery function of these markets which has facilitated the development of infrastructure here and globally, for example, the launch of natural gas futures in 1990 became the financial tool which facilitated the growth of the entire North American natural gas pipeline and storage network which was patchy and inadequate when they started, they wrested power from OPEC, they helped to rationalize the development of the US power generation, etc. etc. etc.
Man, nurse’s aide. Whew. Couldn’t do that. Worked as a maid and at the food court of the local mall (Uncle Sam’s Burgers and Korean Food) which has given me a life-long aversion to khakis and polo shirts. I instantly smell fry grease and industrial cleanser as soon as I put them on.
My biggest lesson from being a hotel maid (besides the fact that my friend’s grandmother could whup my ass, work-wise) was that if you’re inside your room, and holding the ‘do not disturb’ sign so that you can read it, and then crack open the door and hang it on the knob outside, the side that is facing out is the side that says ‘maid service please.’
And I’m going to walk right in on you and your ‘date.’
Dona, I always enjoy your posts. Really informative/interesting.
Dying? None of you are allowed to die on me.
PLUSA Rule 246.2
ABSOLUTELY NO DYING. PERIOD. FINITO.
—–
“It’s not that I’m afraid to die, I just don’t want to be there when it happens.â€
Woody Allen
“Dying is a very dull, dreary affair, and my advice to you is to have nothing to do with it.â€
Somerset Maugham
😀
wrote the above without my glasses which is no mean feat and which goes to show that I know the QWERTY keyboard and can type without looking.
Value chain…
Hi Legion,
No, sot so serious today. Re commodities, I realize that I am really proud of the way we have made these markets work. I lived through the evolution of many of them. I started when the financial futures were just launched, including currencies and bonds. They were new. Gold had had only a short history, having been allowed to float freely by Nixon, and I lived through the launch of every energy product (and helped to create several). And through the various Wall Street war stories, never once has an exchange ever dealt with a meltdown or a default. Once, in the early 80s there was a small firm that was a clearing member which went bust trading gold options but the other exchange members quickly picked up the slack for them. The exchange worked as it should have. Never a ripple in the markets.
So I have to say that I am really proud to be associated with my industry as an American invention, dedicated to the functioning of the global raw materials markets, not just as an investment vehicle but as an essential tool in the entire value chane from production, merchandizing, transportion and consumption. They facilitate the efficient transfer of risk and the price discovery. And during the nightmare of 2008, these markets functioned perfectly with no defaults, plenty of volatility but utterly functioning and efficient markets. Overall, they reduce volatility, promote global free markets (which spread the wealth to poorer nations which are producers), have led to the growth in wealth of the BRICS, creating affluence for them and all the good things that come with them, including political stability and world peace. And they prevent thugs and bullies from cornering supplies, from gouging. It is also the price discovery function of these markets which has facilitated the development of infrastructure here and globally, for example, the launch of natural gas futures in 1990 became the financial tool which facilitated the growth of the entire North American natural gas pipeline and storage network which was patchy and inadequate when they started, they wrested power from OPEC, they helped to rationalize the development of the US power generation, etc. etc. etc.
It is a wonderful story really.
Yes, bfarwell, while you’ve done good work today, tomorrow, please try to post a bit more. : P
Thanks, bxgrl, but I’m not going anywhere. Despite feeling 110 myself right now.
oh, damn. I guess that was 500. A nice counterpoint to yesterday.
Man, nurse’s aide. Whew. Couldn’t do that. Worked as a maid and at the food court of the local mall (Uncle Sam’s Burgers and Korean Food) which has given me a life-long aversion to khakis and polo shirts. I instantly smell fry grease and industrial cleanser as soon as I put them on.
My biggest lesson from being a hotel maid (besides the fact that my friend’s grandmother could whup my ass, work-wise) was that if you’re inside your room, and holding the ‘do not disturb’ sign so that you can read it, and then crack open the door and hang it on the knob outside, the side that is facing out is the side that says ‘maid service please.’
And I’m going to walk right in on you and your ‘date.’
yeah, cobble. What rf said. You die and I will kill you.
Yeah, bfarwell- working through college, a hotel maid and also a nurse’s aide. On a surgical ward- At 17 I was seeing things no teenager should see.