From: glevy@PRATT.EDU
Date: Sat May 13 2006 - 08:12:11 EDT
via Antonio Pagliarone
Speculative Capital
Nasser Saber
Speculative Capital is the study of the formation
and rise of speculative capital, its dominance of financial markets
and its self-destructive tendency to bring about systemic collapse.
It is the most ambitious effort to explain the dynamics of "global
finance" through a unified and coherent theory.
Speculative Capital is a work in progress. Vols. 1
and 2, The Invisible Hand of Global Finance and The Nature of Risk in
Financial Markets, were published in 1999; Vol. 3, The Enigma of
Options, in 2006. Vol. 4, Dialectics of Finance and the final Volume,
Systemic Risk, will follow.
Vol. 3: The Enigma of Options
The Enigma of Options is the exposition of
Nasser Saber's groundbreaking theory of options that is the basis of
the SaberSystem. A must read for traders and academics.
$75.00 Available Now
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Other volumes also available:
Vol. 1: The Invisible Hand of Global Finance
Examines the formation and rise of
speculative capital and its impact on markets, law and politics.
$30.00
Vol. 2: The Nature of Risk in Capital Markets
Analyzes market, credit, operations and legal
risk in financial markets with emphaiss on derivatives.
$30.00
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The effects of speculative capital - the deregulation of
markets, the rise of derivativs, the increase in market volatility -
are all around us. But there is no mention of speculative capital in
finance textbooks.
There is, of course, the obligatory reference to speculation in
all of them, but speculation in these books is always defined as the
actions of speculators, those beneficent rascals of finance who bring
liquidity to markets the way Prometheus brought fire to humans. That
is their brief role o the economic stage. Then they are heard of no
more.
But the subject of finance is not people. It is capital in
circulation. When we shift our focus from the speculator as a person
to capital as a thing, it becomes readily apparent that speculative
capital - the sum total of capital in markets earmarked for
speculation - is quite different thing. In discovering speculative
capital, we discover the patent force of the invisible hand in the
markets and the momentous consequences of its operation.
Contents of Speculative Capital 1
1. A critique of the theory of finance
2. The theory of speculative capital
3. The rise of speculative capital
4. Speculative capital's impact on markets
5. Law and politics
6. Systemic risk
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