I considered summarizing the article in the post below but decided that since the article speaks so well for itself, my time would best be used in other directions. The Freeman generously gives permission to reprint articles accompanied by appropriate credit, and so I am taking advantage of their offer.
In "Too Big To Succeed", from the April 2009 issue of The Freeman, Less Antman provides fascinating context to the ballooning of credit default swaps (CDS) and their contribution to today's financial debacle. The background Antman provides is one more (detailed) illustration that it decidedly is NOT free market forces which brought us today's instability, but rather the effects of government regulation and the failure of central planning. Antman explains how laws and regulations denied public trading in CDS, forcing them into the "shadows," away from public scrutiny and corrective market forces.
The April issue is now posted on The Freeman website. I also recommend you check out a few other articles. "The trouble with Keynes" by Roger Garrison outlines how Keynesian economic theory provides the (false) justification for shifting trade decisions away from the market (and efficient use of scarce resources) to government (and politically-motivated control of scarce resources.) Grennady Stolyarov, in his article "Globalization: Extending the Market and Human Well-Being," discusses the benevolent effects of the free market and the division of labor on promoting improved international relations as well as raising the standard of living for everyone. He concludes his article with an argument for lifting of all trade restrictions--pointing out how even if done unilaterally, the freest country will benefit most.
Several other article are worth reading, but those were my favorites.