Saturday, October 18, 2008

Chronicles Of Depression 2.0: #350: NEMITW

Not Enough Money in the World: The Real Monster in the Meltdown Closet

I unleashed a torrent of ARGGGGHing into the Twitterstream today because for months I've been saying -- only to myself! -- "There's not enough money in the world to fix this mess!"

I wish I had put it in the blog! Now this guy has said the same thing, and it's one hell of a read.
Try to imagine that: a $55 trillion market now at risk of complete destruction. Even the derivative debt owed by individual institutions stands at nation-wrecking levels. For example, a single bank in Britain, Barclays again, holds more than $2.4 trillion in credit default swaps, the tradable "insurance" mechanism against securities default. This is more than the entire GDP of Great Britain. If all this paper goes bad, there are not enough assets in the entire country to pay it off. And that's just one bank, in one country.

If you didn't read the PDF I recommended yesterday, grab it before it goes Poof! -- just like all the money is doing!

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