HowardSaying Hello to NY Mafia
Real Crash- Looking at the Financial System and the War Drive:
Bronx Bodega Party
I am saying hello to a blog called NY Mafia. It has some cute stuff on it. Now if it can only figure out a way to wipe out all the NY, London and Cayman Island financial derivative contracts.
To tell you the truth, I find it hard to discuss a lot of things with other bloggers. We are at the end of an era. Will we go back to the Treaty of Westphalia of 1648, for the benefit of the other, for nations that can cooperate? Or are we descending into chaos and war?
I was freaked out reading an oped at the NY Times that somehow it doesn't matter that the financial system has been destroyed. Other NY Times opeds say it is allright to have a huge national debt based on nothing..
If within the next 6 months or so, if we have that long, the entire financial system will dry up. It will become impossible to do much of anything. We need to create a new financial system now, and the first step is to destroy, eliminate and cancel, $$ one quadrillion of derivatives. That includes Mortgage Backed Securities (MBS), (CDO) Credit Derivatives, Currency trading derivatives, and the whole alphabet soup out there. And the worse are not the little banks, but the rot at the top, JPMorganChase, Citibank, and Bank of America. They alone have admitted to hold at least $100 trillion in derivatives, with a capital base of only $5 trillion.
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