It’s the fact, instead, that it’s become one giant casino that is responsible for foreclosures, lay-offs, bankruptcies and the even graver consequences we have yet to witness. Our society has gambled itself away, literally, and that is so hard to understand I can't blame anyone for not catching on within the first five minutes. Perhaps once speculators force entire countries to their knees, it will become clearer.
Credit Default Swaps, as they are and stand, have the potential to bring down entire civilizations, and they will too, just to prove their point (and mine). It’s unbelievable to the innocent eye that after the collapse of AIG, the CDS market wasn't ostracized and burned at the stake. Unbelievable, that is, until you realize who's really in power in our societies. If you allow bets, wagers, in your society whose total monetary value adds up to many times the entire world’s GDP. you assure two certain outcomes: First, that these bets will bring down your society at some point and in some way, and: Second, that the people in charge of the best will take over power until the house comes crashing down. What power does Washington have, with annual US GDP at $14 trillion, while JPMorgan’s derivatives desk has 6 times as much outstanding? When the total derivatives market has numbers like $1 quadrillion attached to it? And then we, the people, hail the winning bets, and bail the losing ones? There’s no way we can win this one.
It’s like we’re all in the hands of the acid hippie who climbs up to the rooftop convinced she can fly. Feeling good, feeling great and then ..... well, not so much.
Yes, banks can bring down societies, simply because they can control them. And that’s what we’ve let them do. And we’ve let them make us think we were far richer than we are, which got them into making us spend much more than we ever had. All this has perverted our economies, and our lives, to a far greater extent than we presently realize. But the bill is coming due, and you're not going to like it.
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