What is a "QUADRILLION"
Dollars?
Anyone know what a "QUADRILLION"
IS ?
"It was flagrant overspending during a time of war. At
no time in history has a nation gone into conflict without sacrifice, cutbacks,
tax increases, and economic conservation.
And there was a growing chance that, just like in 1929, investors would rush to
claim their money all at once.
To guarantee, therefore, these high risk mortgages, the same financial houses
that sold them then created 'insurance policies' against the sub-prime
investments they were selling, marketed as Credit Default Swaps (CDS). But the
government must regulate insurance policies, so by calling them CDS they
remained totally unregulated. Financial institutions were 'hedging their bets'
and selling premiums to protect the junk assets. In other words, the asset that
should go up in value could also have a side-bet, just in case, that it might go
down. By October 2008, CDS were trading at $62 trillion, more than the stock
markets of the whole world combined.
These bets had absolutely no value whatsoever and were not investments. They
were just financial instruments called derivatives - high stakes gambling,
'nothing from nothing' - or as Warren Buffet referred to them, 'Weapons of
Financial Mass Destruction'. The derivatives trade was 'worth' more than
one quadrillion dollars, or larger than the economy
of the entire world. (In September 2008 the global Gross Domestic Product was
$60 trillion)."
The WMD's weren't EVER in Iraq...they were at the TOP of the
Republican
dominated administration
