Credit Default Swaps: The Insane Problem and the Radical but Sane Solution

One excellent first step would be rejection of the $700 billion burden to be placed on the backs of taxpayers.

An excellent second step would be judicial declaration that the value of any and all credit default swaps is zero, as being against public policy that requires that activities than encourage mysterious fires or other forms of disaster are illegal as contrary to public policy.

Yes, you heard me right. Judicial determination that all $62 trillion worth of credit default swaps are null, void and totally worthless.

Only then can a just and humane financial system can be constructed upon the ashes of the old.

This process could and should be facilitated by all honest citizens withdrawing all their funds from all financial institutions, notably including bank checking and savings accounts and money market funds, but possibly excluding local credit unions that loan in and support the local community. I urge all American citizens to do this, as quickly as possible, to the maximum extent possible. If for no other reason, then for self-defense. All must realize no bank is safe and FDIC is one major collapse from insolvency.

The intended result: The quick death of the financial system that has sentenced all of us to a slow death.

All citizens should consider and choose: Will they be among those meekly walking to the cattle cars because of vague promises of a better life, or among those who stood up so bravely in Warsaw.

Chuck Simpson, aka azchuck

Please disseminate as widely as possible, including to all members of Congress. Preferably starting with Ron Paul.

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