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I've always wondered is some sharpie would figure out how to borrow their way out of debt while never paying a dime of his own back. It seems that some sharpie has figured it out after all.
"Today there is a horrific derivatives bubble that threatens to destroy not only the U.S. economy but the entire world financial system as well, but unfortunately the vast majority of people do not understand it. When you say the word "derivatives" to most Americans, they have no idea what you are talking about. In fact, even most members of the U.S. Congress don't really seem to understand them. But you don't have to get into all the technicalities to understand the bigger picture. Basically, derivatives are financial instruments whose value depends upon or is derived from the price of something else. A derivative has no underlying value of its own. It is essentially a side bet. Originally, derivatives were mostly used to hedge risk and to offset the possibility of taking losses. But today it has gone way, way beyond that. Today the world financial system has become a gigantic casino where insanely large bets are made on anything and everything that you can possibly imagine. "
I've always wondered is some sharpie would figure out how to borrow their way out of debt while never paying a dime of his own back. It seems that some sharpie has figured it out after all.
"Today there is a horrific derivatives bubble that threatens to destroy not only the U.S. economy but the entire world financial system as well, but unfortunately the vast majority of people do not understand it. When you say the word "derivatives" to most Americans, they have no idea what you are talking about. In fact, even most members of the U.S. Congress don't really seem to understand them. But you don't have to get into all the technicalities to understand the bigger picture. Basically, derivatives are financial instruments whose value depends upon or is derived from the price of something else. A derivative has no underlying value of its own. It is essentially a side bet. Originally, derivatives were mostly used to hedge risk and to offset the possibility of taking losses. But today it has gone way, way beyond that. Today the world financial system has become a gigantic casino where insanely large bets are made on anything and everything that you can possibly imagine. "
Very scary stuff, especially in that it is highly unlikely to be "fixed" by anything than its own implosion. Its like paying one credit card with another credit card, eventually you'll get to where there isn't anything to pay the first one with.
The "Great Recession" will look like play time then.
Yes, not to go all political but this can be laid at the feet of a Republican President & Congress rewarding the rich while the public stood silent.
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