Leverage—槓桿真是個好的社會財富變速箱

首先我們必須承認金融創新與科技革命加速了社會資源的流速。舉個例子，在封建社會如果一個貧農想要變為地主如果通過合法的手段可以需要幾代的積累才能在一定的機率上成為現實，在現在的社會如果你足夠聰明在槓桿較低的期貨市場可以用20個交易日的時間使得自己從十萬戶，變為千萬戶。

     金融創新使得人類有更多可以利用的工具，科技創新尤其是IT技術使得這種創新可以讓更多人使用這個金融工具。從這個角度來講槓桿無疑是加速了社會運轉速度。

     對於金融衍生品造成的經濟危機與國內企業的損失來說，槓桿只是在其中扮演了變速箱的角色。社會或者金融中的風險不會消失只會轉移，當風險積累到一定程度就會爆發危機，這個是社會的規律在我看是無法避免的。人性的貪婪與恐懼是與生俱來的，外國的投行的銷售能力與”soft dollar“的了力量是不可忽視的，國內企業高管的“自信”更是不可估計的，俗話說“不懂就別玩，既然玩了就要服輸”。在不存在”soft dollar”的前提下，再簽契約的時候雙方都認為自己的判斷是對的，結果如何且不論，總不能在輸了後說對方欺騙了你！

”soft dollar”：

Soft dollars is a term used in finance to describe the commission generated from a trade or other financial transaction between a client and an investment manager.[1] A soft dollar arrangement is one in which the investment manager directs the commission generated by the transaction towards a third party or in-house party in exchange for services that are for the benefit of the client but are not client directed.[2] Soft dollars in to contrast hard dollars (actual cash), which have to be reported, are incorporated into brokerage fees and paid expenses, which may not be reported directly. Registered Investment Companies generally comply with the limitations detailed in Section 28(e) butHedge Funds, which are generally not registered, are not subject to the limitations of 28(e) and thus the client commissions are not necessarily used for the direct benefit of the client.