The reason for this is counterparty risk - the risk to each party of a contract that the counterparty will not live up to its contractual obligations. Lots of people would buy these contracts if they thought that they would be honoured.

Do you seriously think that nothing dramatic is going to happen in the world of finance between now and 2020? The whole edifice is teetering at this very moment.

Personally, I would not advise option contracts as a way of protecting oneself anymore than I would encourage people to take out life assurance policies. We will have to learn again how to take one day at a time.

I hope people seeking safety will be interested in buying shares in railway projects in robust economies, new nuclear power, new wind power, companies manufacturing parts for plug-in hybrid cars, biogas projects, lending to energy saving home improvements, etc.

There are hundreds of reasonable business ideas that gives a low but fairly certain return on investment during a time of change driven by lowering greenhouse gas emissions and energy resource constraints.