Omens of a Derivatives Meltdown (Part 1)
Posted 10 July 2014
Part 1 of this series explains the colossal size of the derivatives market and the heads-Wall Street-wins / tails-Main Street-loses nature of this painstakingly rigged casino.
Do you think derivatives are unregulated? They are–until a series of bets goes bad and starts toppling a bank, at which point rules materialize out of nowhere and meticulously provide for the looting of your checking and savings accounts to pay off the bad bets made by your bank.
When (not if) the derivatives chain of dominoes starts to teeter, it’s going to be Open Season on your bank accounts. Say, what interest rate is your bank paying you to take on such a huge risk, anyhow?
Dave Kranzler explains with the help of co-producer John Titus.