In an ideal world, one populated by vegetarians and Esperanto speakers, derivatives would be used for one thing only: reducing levels of risk. The list of individual traders who have lost more than a billion dollars at a time betting on derivatives is not short.

Sometimes, the only way of doing something is to do it.

The seven Ps: Proper Planning and Preparation Prevent Piss-Poor Performance

But knowing that you had gone wrong, and knowing how you had gone wrong, were not the same thing as knowing how to put it right.

In other words, RBS had its origins in a failed speculation, a bail-out, and a financial crash so big it helped destroy Scotland's status as a separate nation.

The financial system in its current condition poses an existential threat to Western democracy far exceeding any terrorist threat.

The person doing the worrying experiences it as a form of love; the person being worried about experiences it as a form of control.