And the markets need to recognize that long-term creative arbitrage projects involving open or closed communities, tackling large economic challenges across the globe, are one of the few ways the surplus capital problem can be solved.

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The principal long-term baseload electric power fuel arbitrage is and has been coal-v-uranium.

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The universe of hedge fund asset classes is very deep and includes convertible arbitrage, distressed mortgage, long-short equity and global macro, among many other complex strategies.

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Some say the hedge funds are now practicing arbitrage, playing GOOG short and AAPL long.

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Equity arbitrage has cropped up before, for fairly long stretches, in single countries.

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It has long been against the rules for banks to engage in arbitrage by borrowing at the discount rate and lending in the Fed Funds market at a higher rate.

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