CDO to Pleasure

Interesting essay by John Lanchester in the LRB on the recent Northern Rock debacle and the largely unchallenged role of the City in the UK; if you've never really understood how derivatives work or why they matter, or what a Collateralised Debt Obligation actually is, this is a good overview. Lanchester is one of the most intelligent critics writing in English today (as well as author of the viciously clever Debt to Pleasure); his earlier pieces for the LRB are also available on their website for those new to his work.