In the past, the thinking was that some of the risk could be ameliorated by hedging in forward markets (=by selling it to willing risk buyers). But a hedge is only as good as the counterparty that provides it and in a market besieged by knock-on insolvencies, the comfort is dubious. In most emerging markets, for instance, there are no natural sellers of foreign exchange (companies prefer to hoard the stuff). So forwards are considered to be a variety of gambling with a default in case of substantial losses a very plausible way out."No; there was nothing else to see. Why do you ask?Watch out, kid, you're not going to make the comer! Bill thought, alarmed, but the kid shot his hips to the left like a break-dancer, his toes revolved on the green Fiberglas board, and he zoomed effortlessly around the corner and onto Jackson Street, simply assuming no one would be there to get in his way. Kid, Bill thought, it won't always be that way.To pay five ducats, five, I would not farm it;.) Stop thief! Hurrah there,
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