Hi Valeri, thank you for your comments, I take your reply constructively. You make a number of valid points in your argument. I don't disagree. That said, the article is designed to highlight the systemic risk of derivatives in a catastrophic credit event - which is a nontrivial risk in the face of Global Excess Debt - which unfortunately is the state the world today. The important point is that a spike in obligations can lead to collapse of money supply and/or economic activity. I concede that using notional amounts can be misleading, but when trying to tackle the global derivatives market it is a useful standard by which to add up the many and varied derivative instruments. I would also call your attention to the piece of the article that says any constraints need to be offset by preserving the freedom and flexibility of investors so they can pursue their clients' interests. Derivatives themselves are a good thing. However, the risk of derivatives becoming too large relative to underlying assets is real. Perhaps more precise quantification of that risk can be explored in subsequent pieces. Thanks for your comments and your critique is welcome!