Leverage—杠杆真是个好的社会财富变速箱

首先我们必须承认金融创新与科技革命加速了社会资源的流速。举个例子，在封建社会如果一个贫农想要变为地主如果通过合法的手段可以需要几代的积累才能在一定的概率上成为现实，在现在的社会如果你足够聪明在杠杆较低的期货市场可以用20个交易日的时间使得自己从十万户，变为千万户。

金融创新使得人类有更多可以利用的工具，科技创新尤其是IT技术使得这种创新可以让更多人使用这个金融工具。从这个角度来讲杠杆无疑是加速了社会运转速度。

对于金融衍生品造成的经济危机与国内企业的损失来说，杠杆只是在其中扮演了变速箱的角色。社会或者金融中的风险不会消失只会转移，当风险积累到一定程度就会爆发危机，这个是社会的规律在我看是无法避免的。人性的贪婪与恐惧是与生俱来的，外国的投行的销售能力与”soft dollar“的了力量是不可忽视的，国内企业高管的“自信”更是不可估计的，俗话说“不懂就别玩，既然玩了就要服输”。在不存在”soft dollar”的前提下，再签契约的时候双方都认为自己的判断是对的，结果如何且不论，总不能在输了后说对方欺骗了你！

”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.

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