One thought on “‘Global collapse imminent’”

  1. “This would be a crisis that would be in my view more serious than the crisis in 2008…. What we don’t know [missing word? shld be ‘is’?] the >b>state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems.”

    Credit default swaps and their dangerous progeny: Of the banks, for the banks, by the banks. The destruction of the modern economy will be laid, if it happens, to these bad financial “instruments” which should have been outlawed and weren’t after the The Big Sh*t Pile melted down.

    The CDS’s should have been declared illegal ex post facto to protect the Main Street economy from the continued poison leeching into the economic system and to prevent future use of these abominable “instruments.”

    The banksters who unleashed them into the world should have had to eat the losses they created.

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