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Authored by: jjs on Sunday, January 06 2013 @ 07:07 AM EST |
At one point, there were over 600 TRILLION dollars in Credit
Default Swaps out there. That's of note because GWP (Gross
World Product) is about $60 trillion. Yep, the financial
institutions had bets amounting to over 10 times the world's
worth out there. Amazing how playing in a massive poker
game on IOUs will burn you when the bets are called. In
this case it was all the players betting with IOUs.
http://www.thedailybeast.com/newsweek/2008/10/17/600-000-
000-000-000.html
http://www.dailymarkets.com/stock/2009/08/12/major-scandals-
in-600-trillion-cds-market-harry-markopolos-madoff-
whistleblower-pulls-the-fire-alarm/
Oh, and as of last year the game was still going on.
http://moneymorning.com/2011/10/12/derivatives-the-600-
trillion-time-bomb-thats-set-to-explode/
http://www.deakin.edu.au/research/stories/2011/08/09/the-
600-trillion-question
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(Note IANAL, I don't play one on TV, etc, consult a practicing attorney, etc,
etc)
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Authored by: rsteinmetz70112 on Saturday, January 12 2013 @ 12:12 AM EST |
I'm not sure what you are responding to.
The UK and US systems are not only very different but are different from US
State s State to state.he UK?
Exactly what do you allege happened in the US that would have been illegal in
the US?
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Rsteinmetz - IANAL therefore my opinions are illegal.
"I could be wrong now, but I don't think so."
Randy Newman - The Title Theme from Monk
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