Okay, let's remember a couple of things.
First, there was over a quadrillion dollars in derivatives in 2008, up from two hundred trillion in 2002 when Warren Buffet characterized them as "financial weapons of mass destruction", so the $350 trillion dollars referred to in the piece is low-balling the amount of derivatives affected, and considering that derivatives are completely unregulated who knows how much have been generated, maybe another quadrillion dollars in an effort to falsify economic activity in a global depression ... who knows?
Second, building off my first point, there isn't a quadrillion or two quadrillion in hard assets on the entirety of earth. Not even a fraction of that amount. Derivatives amount the the most massive pyramid scheme in the history of mankind. Again we are talking about quadrillions of "dollars" in fake financial instruments. We are talking about massive institutional fraud countenanced by governments and central banks worldwide because they simply have no other option ... but like any fraud, this massive derivatives Ponzi has a limited life expectancy.
Now consider why the giggles from traders on LIBOR manipulation ... what are they really telling you?
Read the Article at HuffingtonPost
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