Here I was commenting in another blog about how the moving target figure of total worldwide notional derivatives keeps getting misquoted between 400 trillion and 1.4 QUADRILLION and here comes Tyler Durden with the most incredible exposure of massive leveraging since Einstein discovered that E=MC2. This leveraging shows its face in the form of a literal Anti-Christ known as the Depository Trust & Clearing Corporation (DTCC).
”Last year (alone) DTCC settled $1.88 QUADRILLION in securities transactions across multiple asset classes.
We essentially turnover the equivalent of the U.S. Gross Domestic Product every three days.”
Now hold on for a moment while we both attempt to regain our senses here, and while you’re doing that I’ll pick my chair back up and sit back down.
WTF?
Here I was thinking that it took 12 years (since JP Morgan’s original concept of derivatives was industrialized) to gradually inflate the massive derivatives PONZI BUBBLE. But now we hear that this shadow trading system is turning over this amount ANNUALLY?
How is it that we never heard of an entity that’s settling more than the entire world’s derivative contract values every year, and how in the BLUE F&%K can this amount of paper shuffling be taking place over top of an entire YEARS WORTH of U.S. physical economic infrastructure output every three days (shit, I just hit the floor again).
Draw your own conclusions – here’s the link.
Thanks Tyler. I need to start making that pitcher of martinis NOW.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.