When it hits, it will dwarf the sub-prime mortgage fiasco by a factor
of 100 to 1. Its the difference between a stick of dynamite and a
nuclear weapon.
The sub-prime mortgage crap is at best a 1 trillion dollar write off.
By contrast, the derivative timebomb is a 500 plus trillion dollar
super weapon waiting to go off.
It will go off with a T minus 5 second warning so you won't even have
time to run.
The problem with modern capitalism is too many bankers, economists,
lawyers and assorted bullsh*tters have put in place one scam built
upon another scam. 1 dollar made the honest way is turned into a 1000
dollars not by producing any useful, saleable product but by creative
accounting.
The fake economy as I will call it is about 90% of the gdp. The real
economy may perhaps be anywhere from 10 to 30% of quoted GDP. The
more an economy becomes 'developed', the more the books are cooked.
Finally you to the point where you have the US producing little but
claiming a 15 trillion dollar GDP.
This fake accounting being promoted across the world must come to an
end. The only way it can is if currencies are backed by precious
metals and commodities and there are audits of these claims by the
UN.
