So the problem is derivatives that guys like him made up?
Oh I'm not saying the entire scenario plays out but if Greece and Spain default and blow up the European union it could get ugly. As intertwined as all the banks and governments are a lot of dominoes could tumble fast.
Read/watched about 5 or 6 of his/her presentations. Damn interesting.
Code:"Has all the explosiveness of a wet fire-cracker lit by the dim spark of low ambition."
I hope his Spanish beach house gets looted in the coming food wars.
I don't think the situations described will be as dramatic as bankers always find a way to dampen effect (by passing the buck to everyone else), but it represents a clear problem.
We had $24 Trillion dollars in bailouts from our federal reserve system from 2007-2010, more than the countries GDP. Not much talk about that, besides those occupy wall street hobos. People keep talking about the deficit and social programs, meanwhile Bankers are taking us for a ride with our currency.
As his slide point out, the G10 has 70 TRILLION in debt, but the kicker is that it is only collateral for over $700 trillion in derivatives, which is 1200% of global GDP.
We're going to imaginary money realm, with no real value connected to product or work. Somebody has to be responsible, and the public can't afford these types of debts.
The only thing keeping the dollar afloat is it's connection to oil and petrodollar recycling. That's it, nothing else. The Euro is highly tied to it for that very reason.
When Gaddaffi proposed to reintroduce gold dinars to Africa...and to SELL OIL pegged to them, he was ousted in less than 6 months. Our wealthy interests know what is at stake, there is a reason corporate media plastered Libya 24/7 ignoring other worthy stories.
That said, ASIA is where economic growth will occur this century in the world. China will be the largest economy this decade.
insurance companys are going to get fcked in the rear hard if these banks start defaulting and claiming insurance policies....shit
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