Shared publicly  - 
 
«I was astonished when I found out the value of derivative bonds, in 2008. These are bonds that have a value in themselves that were once connected to a real thing, there might have been a bond made for the sale of a herd of sheep, but that can be sold on and they gain in value. The notional value of the world’s derivative bonds was in the region of sixty trillion. Exactly ten times the economic output of the entire planet, which is around six trillion. That means that the gap between what economists and what the world’s economic forces and the banks thought they had to play with and what actually existed was fifty-four trillion. That would seem to me the depth of the hole we are in.»
2
Add a comment...