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"The Fiscal Cliff is a Diversion from the Real Problem"

 
Anonymous Coward
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12/30/2012 10:55 PM
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Re: "The Fiscal Cliff is a Diversion from the Real Problem"
good vid of msm exposing the fraud

God is Love!
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12/31/2012 06:15 AM
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Re: "The Fiscal Cliff is a Diversion from the Real Problem"
APRIL 2, 2008
Credit Default Swaps: A $50 Trillion Problem

[link to moneymorning.com]

October 17, 2008
From Newsweek Magazine
Credit Default Swaps
600,000,000,000,000?

[link to www.thedailybeast.com]

November 23, 2009
A Thriving Market in CDS for Sovereign Debt

[link to blogs.ebusinessware.com]


October 11, 201
Derivatives: The $600 Trillion Time Bomb That's Set To Explode


Do you want to know the real reason banks aren't lending and the PIIGS have control of the barnyard in Europe?

It's because risk in the $600 trillion derivatives market isn't evening out. To the contrary, it's growing increasingly concentrated among a select few banks, especially here in the United States.

In 2009, five banks held 80% of derivatives in America. Now, just four banks hold a staggering 95.9% of U.S. derivatives, according to a recent report from the Office of the Currency Comptroller.

The four banks in question: JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC) and Goldman Sachs Group Inc. (NYSE: GS).

Derivatives played a crucial role in bringing down the global economy, so you would think that the world's top policymakers would have reined these things in by now - but they haven't.

Instead of attacking the problem, regulators have let it spiral out of control, and the result is a $600 trillion time bomb called the derivatives market.

Think I'm exaggerating?

The notional value of the world's derivatives actually is estimated at more than $600 trillion. Notional value, of course, is the total value of a leveraged position's assets. This distinction is necessary because when you're talking about leveraged assets like options and derivatives, a little bit of money can control a disproportionately large position that may be as much as 5, 10, 30, or, in extreme cases, 100 times greater than investments that could be funded only in cash instruments.

The world's gross domestic product (GDP) is only about $65 trillion, or roughly 10.83% of the worldwide value of the global derivatives market, according to The Economist. So there is literally not enough money on the planet to backstop the banks trading these things if they run into trouble.


Compounding the problem is the fact that nobody even knows if the $600 trillion figure is accurate, because specialized derivatives vehicles like the credit default swaps that are now roiling Europe remain largely unregulated and unaccounted for.

Tick...Tick...Tick

To be fair, the Bank for International Settlements (BIS) estimated the net notional value of uncollateralized derivatives risks is between $2 trillion and $8 trillion, which is still a staggering amount of money and well beyond the billions being talked about in Europe.

Imagine the fallout from a $600 trillion explosion if several banks went down at once. It would eclipse the collapse of Lehman Brothers in no uncertain terms.

Full article:
[link to moneymorning.com]

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James 5:1-20

James 5:1
¶Go to now, [ye] rich men, weep and howl for your miseries that shall come upon [you].


James 5:2
Your riches are corrupted, and your garments are motheaten.


James 5:3
Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.


James 5:4
Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth.


James 5:5
Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.


James 5:6
Ye have condemned [and] killed the just; [and] he doth not resist you.


James 5:7
¶Be patient therefore, brethren, unto the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth, and hath long patience for it, until he receive the early and latter rain.


James 5:8
Be ye also patient; stablish your hearts: for the coming of the Lord draweth nigh.


James 5:9
Grudge not one against another, brethren, lest ye be condemned: behold, the judge standeth before the door.


James 5:10
Take, my brethren, the prophets, who have spoken in the name of the Lord, for an example of suffering affliction, and of patience.


James 5:11
Behold, we count them happy which endure. Ye have heard of the patience of Job, and have seen the end of the Lord; that the Lord is very pitiful, and of tender mercy.


James 5:12
But above all things, my brethren, swear not, neither by heaven, neither by the earth, neither by any other oath: but let your yea be yea; and [your] nay, nay; lest ye fall into condemnation.


James 5:13
¶Is any among you afflicted? let him pray. Is any merry? let him sing psalms.


James 5:14
Is any sick among you? let him call for the elders of the church; and let them pray over him, anointing him with oil in the name of the Lord:


James 5:15
And the prayer of faith shall save the sick, and the Lord shall raise him up; and if he have committed sins, they shall be forgiven him.


James 5:16
Confess [your] faults one to another, and pray one for another, that ye may be healed. The effectual fervent prayer of a righteous man availeth much.


James 5:17
Elias was a man subject to like passions as we are, and he prayed earnestly that it might not rain: and it rained not on the earth by the space of three years and six months.


James 5:18
And he prayed again, and the heaven gave rain, and the earth brought forth her fruit.


James 5:19
¶Brethren, if any of you do err from the truth, and one convert him;


James 5:20
Let him know, that he which converteth the sinner from the error of his way shall save a soul from death, and shall hide a multitude of sins.
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