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#1 Mar 12, 2009
Derivatives are Esoteric Gambling Chips,
they Are Bets On Bets On Debts On Debts.
The Bank of International Settlements,
which seems to be the only institution that tracks the derivatives market,
has recently reported that global outstanding derivatives have reached 1.14 quadrillion dollars:
$548 Trillion in listed credit derivatives plus
$596 trillion in notional/OTC derivatives.
"[I]tís the best game in town.
Take a huge amount of risk,
be paid exceedingly well for it and
if you screw up --
you have absolute proof that the government will come in and
bail you out at the expense of the rest of the population
(who did not share in your profits in the first place)."4
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