Per WND $600 Trillion The Next Bubble To Burst

WND does a pretty good job of getting the information out to the masses, but in this case, I'm not so sure if I believe what I'm reading, based on nothing more than my own common sense. According to the Swiss Bank mentioned in their article, the World is in hock 10 times their total income. To who? The bankers that created this shell game called derivatives? Even if this usurious swindle isn't uncovered who will pay these insane amounts.

Have you ever played backgammon and doubled and redoubled until all the money in outer space couldn't pay off your bet. No but you get my point.

Who ever is holding this ridiculus Receivable Account on this claimed debt totaling $600 Trillion, better be prepared to take a substantial write down against the likelihood of ever collecting such a monstrous amount of money. I wonder if they have made any tax prepayment provisions on this anticipated 100% income coming their way, over the next ten years from every citizen in the world. Laughable.

Think about it, $600 Trillion. I bet those damn Italians file bankruptcy before they will ever sign over St Micheal's Cathedral. Do you think the Pope is wondering how much the Vatican will bring? Please.

Screw these Swiss bankers, let'em try to collect, their bogus amount. WND should know better than to run such an outlandish story. Soros is going to have to try harder to create his newest really good crisis. That global warming thing wasn't bad, but this latest attempt real sucks from the bottom of the barrel in the believability factor.

I only pasted a portion of the article, I didn't think it worth wasting the internet electrons on.

Steve


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Next bubble: $600 trillion?
Cities, states, universities could sink from monster derivatives meltdown

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Posted: April 19, 2010
9:40 pm Eastern


By Jerome R. Corsi
© 2010 WorldNetDaily



Bank of International Settlements in Basel, Switzerland


As interest rates begin to rise worldwide, losses in derivatives may end up bankrupting a wide range of institutions, including municipalities, state governments, major insurance companies, top investment houses, commercial banks and universities.

Defaults now beginning to occur in a number of European cities prefigure what may end up being the largest financial bubble ever to burst – a bubble that today amounts to more than $600 trillion.

The Bank of International Settlements in Basel, Switzerland, now estimates derivatives – the complex bets financial institutions and sophisticated institutional investors make with one another on everything from commodities options to credit swaps – topped $604 trillion worldwide at the end of June 2009.

To comprehend the relative magnitude of derivative contracts globally, the CIA Factbook estimates the 2009 Gross Domestic Product, or GDP, of the world was just under $60 trillion.

Derivative contracts, therefore, have now reach a level 10 times world GDP, meaning even a 10 percent default in derivatives would equal world GDP.