The $25 trillion US Treasury market, the basis of the global financial system, where US government debt is bought and sold, is increasingly coming to resemble a giant gambling casino.
Traditional mechanisms, generally models of financial conservatism, through which the market has functioned for decades, are being dispensed with. It is becoming more and more dominated by hedge funds and their highly speculative and risky operations.
Sound common sense would suggest that regulatory authorities should take action to control and limit the role of the hedge funds. Already their activities have led to…
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