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Cobra Derivatives
62 Trillion Dollars in Credit Default Swaps, (one third of which are sub-prime mortgage insurance), accounting for just a tiny fraction of the 300 Trillion Dollars in doomed outstanding derivatives currently leveraged at an average of 300 to 1 and mostly heading for default, is the reason our cars will be worth millions of (worthless) dollars by mid-february.
If you think I am out to lunch remember the words of the Director of the IMF last week who said to the United States Congress that we are heading for a "Global Economic Meltdown". I have never heard words like that coming from a Banker let alone the top Banker on the planet. The Canadian dollar is now 30% lower than when I imported my Z last year so I won't be doing that again for some time. Assets rule! Paper will soon be worthless! Buy Gold, Drive your Cobra, and be happy |
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