George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)



Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 8: Securitization, Derivatives, and Leverage

George H. Blackford © 2009

Chapter 8: Securitization, Derivatives, and Leverage explains the way in which income streams are securitized, the nature of financial derivatives, and the way in which financial derivatives increase leverage and, hence, in the absence of an exchange or clearinghouse, increase instability in the financial system.

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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