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Written by Jamin
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Monday, 06 October 2008 |
Apart from banks simply making up new markets and money from seemingly nowhere .... who is to blame for all these financial problems?
Well amongst others you can blame 'Blythe Masters' who pioneered and developed the area of Credit Default Swaps. This is one of the most fictional markets you will ever encounter, reportedly worth $58 Trillion. But what are Credit Default Swaps i hear you cry.... you will be crying when i tell you they are bets on financial bonds (lets just say institutions to make it easy) defaulting. Perhaps this is why governments are so scared :/
58 Trillion Dollars, lets just put that into perspective US GDP is approximately $17 Trillion and the GDP of the entire world is $53 Trillion.... you do the maths.
This individual best be careful when walking in the street... i reckon a few people wouldn't think twice :)
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