Tuesday, February 21, 2012

Ellen Brown: How Greece Could Take Down Wall Street @ Common Dreams

I wouldn't dream of this happening to 350 million Americans, but what do I know. 
In an article titled “Still No End to ‘Too Big to Fail,’” William Greider wrote in The Nation on February 15th:
Financial market cynics have assumed all along that Dodd-Frank did not end "too big to fail" but instead created a charmed circle of protected banks labeled "systemically important" that will not be allowed to fail, no matter how badly they behave.
That may be, but there is one bit of bad behavior that Uncle Sam himself does not have the funds to underwrite: the $32 trillion market in credit default swaps (CDS).  Thirty-two trillion dollars is more than twice the U.S. GDP and more than twice the national debt. 
CDS are a form of derivative taken out by investors as insurance against default. ... " 
Read more at Common Dreams.

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