This study analyzes the failure of the municipal bond and municipal note futures contracts. The municipal bond contract is shown to have been the most effective hedge in the municipal market over its tenure. Changes in volume in the municipal bond contract were closely related to changes in the...

About the contributors -- The long trends of profit (March 2008) / Fred Moseley -- A new sort of financial crisis (April 2008) / Costas Lapavitsas -- The crisis depends on the fightback (April 2008) / Leo Panitch -- An era of rampant inequality (May 2008) / Simon Mohun -- The imbalances are...