*Classicamente, the authors distinguish three constituent elements in implementation of the financial mundializao: the deregulation or monetary and financial liberalization, the descompartimentalizao of the national financial markets and the desintermediao, namely, the opening of the operations of loans, before reserved to the banks, the all type of institucional investor. They are three ‘ ‘ D’ ‘ whose reach was analyzed especially by Bourguinat (1). Baby clothes may find this interesting as well. For however, we only go to transcribe a stretch extracted of a recent article, the Mstica of the Market, authorship of festejado economist Paul Krugman (7). We believe that this stretch illustrates some aspects of the mentioned above alchemy of the financial centralization, what says respect to these some stages: the finances (after 1980) if had become the opposite of the monotony. This branch attracted many of our more shining minds and enriched some immensely. Underlying to the glamouroso new world of the finances it was the process of securitizao.
The loans were not more with it requested that them. Instead of this, they were vendidos third, that they divided, combined and mixed the individual debts to synthecize new assets. Mortgages subprime, debts in the credit card, financings for the purchase of cars everything this entered in the liquidificador of the financial system. the wizards had been rewarded by supervising this process (grifo ours). But these wizards were quacks, he wants knew of this or not, and its magic if he disclosed little more than what a handful of cheap cenogrficos tricks. Above all, the basic promise of the securitizao to become more robust the financial system by means of the diffusion of the risk was finished showing a lie.