Recently a major US hedge fund, Amaranth Advisors, lost more than half its assets in a week, speculating on natural gas prices. The company proved correct the chief worry of such major financial institutions as the World Bank and the International Monetary Fund: that financial reality is now but of control. And it is due to financial deregulation. Gabriel Kolko, author of most recently 'The Age of War', provides in-depth analysis of the current international economy.