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Old 11-05-2008, 01:28 PM
 
Location: Great State of Texas
86,068 posts, read 76,905,739 times
Reputation: 27652

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The DTC has taken on tracking the CDS market (previously traded off the books). The bloomberg article says they can see about 90% of the trades so this figure of $33 Trillion may not be the total.

Just imagine..$33 Trillion akin to gambling bets floating around the world..many made by countries themselves through their soverign wealth funds.

George Washington's Blog: Over 1 Trillion Dollars Worth of Credit Default Swaps Against Governments
Bloomberg.com: Worldwide
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Old 11-06-2008, 11:38 AM
 
Location: Backwoods of Maine
7,319 posts, read 9,035,271 times
Reputation: 20113
Not only outstanding, but more are being created as we write this!

You would think they would have learned their lesson...NOT. I guess they're figuring on robbing the new ones to pay off the old. Or, something like that! Sounds a bit like fractional reserve banking to me. I think we're in trouble!
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Old 11-08-2008, 01:42 AM
 
Location: Seattle, WA
209 posts, read 556,545 times
Reputation: 87
Quote:
Originally Posted by HappyTexan View Post
The DTC has taken on tracking the CDS market (previously traded off the books). The bloomberg article says they can see about 90% of the trades so this figure of $33 Trillion may not be the total.

Just imagine..$33 Trillion akin to gambling bets floating around the world..many made by countries themselves through their soverign wealth funds.

George Washington's Blog: Over 1 Trillion Dollars Worth of Credit Default Swaps Against Governments
Bloomberg.com: Worldwide

More like $500+ trillion dollars according to the Bank of International Settlements (BIS)
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Old 11-08-2008, 01:52 AM
 
Location: southern california
61,305 posts, read 79,644,867 times
Reputation: 55458
ah yes and that is why i do win place show.
too many crooked jockeys
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Old 11-08-2008, 02:44 AM
 
1,640 posts, read 4,379,959 times
Reputation: 1023
It's very unlikely that they will all default...don't worry, the sky isn't falling...yet
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Old 11-09-2008, 01:40 AM
 
Location: Seattle, WA
209 posts, read 556,545 times
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Quote:
Originally Posted by truckingbronco View Post
It's very unlikely that they will all default...don't worry, the sky isn't falling...yet
It doesn't take all off them to default, just take 25-50% and you have a untenable collapse on your hands. Don't forget the 20-40:1 leverage on your hands. There is only so much real money that can go around but we have plenty of credit/debt to go around. There is two ways this goes down and both are not pretty.
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Old 11-09-2008, 01:44 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,535,923 times
Reputation: 6378
Quote:
Originally Posted by BankREO View Post
More like $500+ trillion dollars according to the Bank of International Settlements (BIS)
Holy ****.

Face ...meet....palm.

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