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Derivatives: The Unregulated Global Casino for Banks

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opednews.com Headlined to H2 4/23/12

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A picture is worth a thousand words...or, in this case a trillion dollars. It's very hard to get a grasp of what the 278 trillion in the derivatives market looks like, but this series of graphics, with links to supporting articles, comes as close as anything.
But they missed something: the total derivatives market for the world is at least $700 Trillion - more than twice the amount shown in the last graphic.
No government in the world has even a fraction of the money needed to bail out the derivatives market. The only solution is to declare all derivatives contracts where EITHER party cannot pay, null and void. No financial firm practicing due diligence would ever go into these kinds of contracts. They need to lose the entire bet, both sides. Then, maybe be penalized for fraud.
Read the rest of the story HERE:

At demonocracy.info

 

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opednews.com

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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