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Most of us know there is not enough money in the world to clean up the Gulf. The same is true with the $700 trillion derivatives market. If just 1% of the $700 trillion derivatives market goes bust, that is a $7 trillion disaster. The entire U.S. economy is only $14 trillion annually. A 10% failure, equating to $70 trillion, would probably bring down the world economy. As with the BP Gulf disaster, there is not enough money in the world to clean up the next BP disaster.
Could such a financial disaster happen? The answer is "Yes." In fact, just as President Obama pressured BP into doing the "right thing," he is also pressuring the financial markets to do the right thing. The president and our congressional leaders are pushing through financial reform legislation. My concern is that, if not handled delicately, it is this financial reform that will set off the derivative time bomb... the next BP.
Currently, derivatives are traded over-the-counter, also known as off-exchange trading. This means derivatives are uncontrolled, unregulated, and unsupervised. The proposed financial reform legislation is pushing to have derivatives traded through an exchange. This will bring greater transparency and control. My concern is, when this happens, the reform will reveal fraud and failures we do not yet know about today. It will be like turning on the light and watching the cockroaches (bankers) run for cover.
While it is commendable that President Obama holds the rich and powerful accountable, I wonder what the price will be.
How many BPs can we afford?
More Here..
They did not clean up this one..
ReplyDeleteLets hope it all goes bust. That is the only way it can be cleaned up. Sometimes you can't fix a thing. You have to tear it down and rebuild it. ...and I'm ready. This crooked machine from the tip of its toes to the top of its head is stacked against the people. The United States Federal Corporation is sold to you as a "government". It is not. It is simply a corporation that has been administrating in place of the government.
ReplyDeleteWe are ruled by a for profit corporation that has labeled its CEO "president", department managers as "senator", supervisors as "congressman", foremen as "mayor" or "governor".
If the population in general realized that they had signed away, under coercion, their Common Law, Constitutional rights, there would be blood running in the streets. This is why we have what we have. They have very carefully perpetrated a silent con and made you believe it. The con is falling apart and they are peeing their pants because of it. They are frantically trying to hold it together. Hehehe. I'm ready. Supplies, land (which I don't REALLY own but claim that I do) and such. How will you weather the fall of the United States Federal Corporation and the return of The Republic?
See how it happened:
http://americandreampreservation.com/node/5
http://gotfr.com/confessions.html
You own it if you can hold it.
ReplyDeleteI own 785 acres and I cannot wait for the day when some sonofabitch tells me I don't.
If you really believe that more regulation will "fix" our problems and/or that Obama is trying to fix our problems then you cannot be helped. The problem was Fannie Mae & Freddie Mac AND congress mandating sub-prime loans. It was a time bomb and it predictably exploded. Everything the administration has done since was not intended to fix anything but merely using the crisis to further their agenda. It will destroy our economy but in fact that is their agenda.
ReplyDeleterob dew was thrown in prison in pittsburgh for filming police, he saw people being taken off trucks with bags over their heads, the govt is getting you acclimated to martial law. The police are being trained to go door to door to confiscate gns, food, and impose martial law and you are paying for it.
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