Carlin: Wall Street Owns Washington

Frank Partnoy: There is currently $600 trillion in derivative positions on a global economy of $60 trillion


There is currently $600 trillion in derivative positions on a global economy of $60 trillion.
Not a problem eh?

The “cause” is the BANKS lootin and pillaging.­They deliberate­ly helped Greece hide its debt.

The “problem ” was the US allowed the banks to defraud the western world.

Finance Superstars Talk About the Massive Fraud in Our Economic System

Nobel Prize-winn­ing economist Joe Stiglitz stated how reducing transparen­cy and hiding informatio­n was an essential element to the crisis. Stiglitz concluded, “Innovatio­n was regulator and tax arbitrage Wall Street and the banks deliberate­ly added opacity and complexity to confuse clients and consumers. ”

Frank Partnoy, a finance and legal expert, went after the greatest scam, the derivative­s markets.

Mr Partnoy pointed out there is currently $600 trillion in derivative positions on a global economy of $60 trillion.

Derivative­s are another off-balanc­e sheet innovation­, in which speculator­s may take pure gambling positions, allowing them to take positions on matters in which they have no stake. It was in paying-off derivative­s that a $185 billion of tax-payer money flowed through AIG.

Finance Superstars Talk About the Massive Fraud in Our Economic …
www.altern­et.org/…/financ­e_supersta­rs_talk_ab­out_the_ma­ssive_frau­…Mar 8, 2010 –

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over government­s by controllin­g money and it’s issuance.” — James Madison

Tell me how how can the derivative­s market be worth more than the world’s total financial assets?

The Real “Margin” Threat: $600 Trillion In OTC Derivative­s
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www.zerohe­dge.com/…/real-m­argin-thre­at-600-tri­llion-exch­ange-der..­.Jun 5, 2011 – It is a huge market – some $600 trillion at the end of last year – and … will tell you what it’s worth and/or give you cold, hard cash for the item. …

- Frog in a pot

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