Derivatives have been described as ‘financial weapons of mass destruction’ (http://news.bbc.co.uk/2/hi/2817995.stm) by Warren Buffet.
Here’s a great look at the context for this suicidal gambling addiction that has affected so many of the world’s banks…
In another article, the problem can be clearly seen – Global GDP approx $63 Trillion (USD) and Global Derivatives Market approx $639 Trillion (USD, as total outstanding notional of all derivatives, Q2, 2012 source: http://www.zerohedge.com/news/2012-11-13/q2-total-gross-notional-derivatives-outstanding-639-trillion) – i.e. for every dollar of gross domestic product globally, there exists 10x that in leverage in the form of these derivatives.
As mentioned in the article, there’s 3x the global economy in the 9 largest banks…
It’s a good thing most bankers including John Key are psychopaths. Psychopaths don’t feel anxiety like you and I do which mean they can still sleep soundly in the face of what is coming at us and is created by them.
In fact John Key advising himself in what is arguably to most stunning example of Psychopathic behaviour of a New Zealand Prime Minister is your typical number two of the Hare check-list of Psychopathy: A grandiose sense of self worth.
The fact that he denied being involved at first leading to a tacit admission of involvement until he declared himself to be the originator of the negotiations about Sky city, changing the law and allowing the gambling giant to expand with 500 one armed bandits in exchange for a convention hall are consecutively 3 Pathological lying 4 Cunning/manipulative and 5 Lack of remorse or guilt of the checklist.
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