|
Comment on this article |
Email this Article
|
|
The Derivatives Bubble and the Threat of Hyper-Inflation |
|
by Brent Herbert
(No verified email address) |
30 Nov 2008
|
|
An ethical farce |
Currently it has taken about seven, going on eight trillion dollars to prop up the banking sector. I don't know how much in mortgages poorer black Americans might have held but I am certain it was not seven or eight trillion dollars worth of equity. It seems logical to conclude that what are seeing here is the collapse of the quadrillion dollar derivatives bubble. Some lucky gamblers have just pocketed close to seven or eight trillion dollars, not that it seems to be doing the planet much good, for we seem to need to be borrowing money to stimulate the economy. Therefore this money is being used to fluff up pillows and to feather nests and those who have it must be planning to ride out any possible future storms on a soft pillowy trillion dollar pillow of liquidity within a well feathered nest.<BR><BR>
This looks more and more like a theater of the absurd, an ethical farce. What we have here are bankers who fulfilling their ‘ethical responsibility' which seems to consist of somehow finding up to one quadrillion dollars in order to pay off some very lucky, and very ruinous and reckless gamblers. If there is an ethical failure here it is on the part of those who stubbornly insist that a deal is a deal and then demand that bankers do their duty and fulfill their ‘moral and ethical responsibilities.'<BR><BR>
It seems to me that the best thing to do would be to just cancel that whole derivatives bubble, and since it is required that we be ethical and fair, that would mean having our politicians claw back the seven or eight trillion some very lucky gamblers have already pocketed. If that turns out to be a problem, then some gamblers will find they did not score when the obvious solution of hyper-inflation reduces even seven trillion to a sum much, much less than seven trillion dollars. <BR><BR> |
See also:
http://www.indymedia.org/en/2008/11/917000.shtml
|
This work is in the public domain |
Please Don't Feed the Trolls
Wikipedia defines an Internet Troll as: "An Internet troll is either a person who sends messages on the Internet hoping to entice other users into angry or fruitless responses, or a message sent by such a person." Boston IMC strives to provide both a grassroots media resource as well as a forum for people to contribute to a meaningful discussion about local issues. Please, when posting comments, be respectful of others and ignore those trying to interrupt or discourage meaningful discourse. Thank you.
-- Boston Indymedia volunteers
Due to on going anti spam work quick comments are currently broken please use the full comment form. We do hope to have quick comments back on line soon.
