Let Them Eat Derivative​s!.................from Rico

Greece 'exit?' Spain and/or Italy bankrupt?'
- Meh. BFD!

We should ALL be very worried about our TBTF Banskta Gangsta's and the huge problem they have created in pursuit of phoney wealth creation and bonuses!

Specifically, we should be thinking about a problem ~THREE TIMES the world economy...the unregulated 'Derivatives Exposure' of these banks.
- Sure, call them 'options' or call them 'insurance' but whatever you call them* they are legal BETS, and if/when they go bad you Happy Taxpayer are likely going to be 'expected' to pay off those bets by the Banks enforcers...their crony Government pals (the ones with the guns and muscle to make you pay up, or else).

In the context of the miniscule economies of Greece, et al, let's look at the 'Derivative Exposure' of some of the TBTF banks:
- JP Morgan Chase $70.51 trillion [for Keynesians: all numbers here are trillions]
- Citibank $52.102
- Bank of America $50.135
- Goldman Sachs $44.192
- HSBC $4,321
- Wells Fargo $3.332
- Morgan Stanley $1.722
- State Street Financial $1.390
- Bank of New York Mellon $1.375

None of the 'money honeys' or their pillow-biting counterparts on FTV are even 'hinting' at the magnitude of this potential problem, and in fairness neither are the Central Bankers or the professional Politicians, but be assured when the Derivatives/Credit Default Swaps are triggered by losses on these massive bets the problems of Countries like Greece...or of any Sovereign debt default, will seem like pimples on the elephant's butt.
- This is why truly smart men like Jim Rogers can honestly say "let Greece and Spain go bankrupt."

I say, it worked a treat for Iceland and it will work for these countries too...the ones who will be in the proverbial 'hurt locker' will be our Bankers. The 'smart' guys that made all these bad bets with OPM (Other People's Money).
- If I were to 'worry' it would be about 'saving' the people of Greece, Spain, etc from the financial slavery being imposed upon them by the Bankers, and NOT about saving the Bankers who created the problem while focused on their fat salaries and fatter bonuses.

"Let Them Eat Derivatives"

*Another definition for Derivatives is "an abusive tool of financial and economic tyranny."