Derivates: A $516 Trillion Ticking Time Bomb
By Mike Adams, October 20, 2008 | Key concepts: Derivatives, Financial news and Financial crisis
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Think the global financial crisis is over? Think again: There are over $500 trillion worth of derivatives floating around out there, and when they come due, nobody knows exactly who will pay for them (or how). The entire U.S. economic output for one year, by the way, is less than $14 trillion. That means we have a global financial crisis that's 3600% larger than the entire U.S. economic output in a year. Crank up the printing presses!
From Marketwatch.com: "We try to be alert to any sort of mega-catastrophe risk, and that posture may make us unduly appreciative about the burgeoning quantities of long-term derivatives contracts and the massive amount of uncollateralized receivables that are growing alongside. In our view, however, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal." - Warren Buffett, 2002... more
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