A thoughtful, detailed analysis Said- thank you. As the young investment banker who wrote the world's first manual on currency and interest rate swaps in 1983 while at Citicorp, I became aware of the greed of the "red braced" Gordon gecko types and left that bank to become head of electronic banking at TrustBank in 1984- precisely because I could see where this innovation might lead- what was $10bn market in 1983 became a multi-trillion casino within two decades, and hedge-funds only compounded the problem.

Derivatives created liquidity and lower costs of funding through arbitrage, but they also increased the fragility of the system until fraudulently rated CDO's sunk the global economy in 2008, with the 1998 crash caused by LTCM offering us a preview.

Just like JIT supply chains, derivatives reduce the resilience of the overall system as regulators, insurers and rating agencies et al, who definitively do not understand or choose to ignore the black swan risks, find new ways to make a killing every time the system crashes- disaster capitalism, as Naomi calls it.

So, seventh level regulators, hmm. They are emerging, along with MMT, to see that the aim of the game is to ensure the wellbeing of the whole system measured in multi-capital ways, but it seems to be taking forever as we've experienced with Thriveability. How to accelerate? We start the global change agent program tomorrow, the goal being to ensure greater transformational literacy, including an understanding of the Game A system that precipitates regular orange swans. www.themomentousleap.com