680 trillion!!! Wtf?

[Scott38]

This is the first time I've seen an actual number put on the financial mess. 680 Trillion Dollars!!!! How is that possible? Isn't the world's annual GDP only 10 Trillion? (I think that is close)

Anyway, here is the link http://www.cfr.org/about/newsletters/editorial_detail.html?id=1463

I know it is the CFR site (I downloaded the IPhone app to see what they are talking about, good to be aware of what they are selling).

Hopefully this is helpful for everyone who is engaged in financial discussions and connecting others with Ron Paul's views.

680 Trillion...is more then scary. Seriously WTF!!!!

Scott

[LibertyEagle]

Yeah, way back at the beginning, the IMF estimated the derivative problem to be in the hundreds of trillions; as opposed to the much lesser amount being told us by our own talking heads.

[CUnknown]

This is what happens when you move to fiat currency and give the banking cartel power to create money at will. They created an incredible amount of money that was backed by nothing. I may be simplifying things, but my impression is that the "losses" are simply assets that they created that we are now realizing have no backing.

It really is amazing how crazy they went with it. It's like a drug, those financial guys are so high they don't know what they're doing, even though they're all smart of course.

Many people here want to change away from fiat currency, and I would be in support of that, but the bigger problem, imo, is the fact that the bankers and finance geniuses have control over how much money is created. I think that power should be reserved for the government only. You may ask, "Well who regulates the government? They will go out of control with this power just like the banksters did." Supposedly the people and the Constitution are supposed to regulate the government. Create laws that constrain government and after that, the people will do the rest by voting free spenders out of power.

At least we have some control over Congress. We have no control over the Fed and the bankers. I would rather the Congress have the power to create money than the Fed. I think that system could work quite well without a return to the gold standard.

[Anti Federalist]

Yeah, way back at the beginning, the IMF estimated the derivative problem to be in the hundreds of trillions; as opposed to the much lesser amount being told us by our own talking heads.

I have heard Celente, Chapman and Schiff all mention the figure of 4.2 QUADRILLION in bad derivatives out there.

[Original_Intent]

I have heard Celente, Chapman and Schiff all mention the figure of 4.2 QUADRILLION in bad derivatives out there.

I had heard 1 quadrillion, which is still many times the GDP of the world. 4.2 Quadrillion - just leaves the mind numb - that is over half a million dollars for every person on earth!!!

[Anti Federalist]

I had heard 1 quadrillion, which is still many times the GDP of the world. 4.2 Quadrillion - just leaves the mind numb - that is over half a million dollars for every person on earth!!!

It is staggering, it's "astronomical units" for economics.

I'm not sure where they got that number from, but from 680 trillion to 1 quadrillion to 4.2 quadrillion, you will reach a point where it doesn't even matter any more, it's a value of crushing debt or bad "investments" that is just incomprehensible and not payable, ever.

[RonPaulVolunteer]

Derivatives

[hotbrownsauce]

Isn't the world's annual GDP only 10 Trillion?


I think the annual GDP of the world is around 80 trillion. (According to something I saw at CIA.gov a few months back.)

[Johnnybags]

like debt babies. The old college tuition, marriage, first house, income tax and death is supposed to grease the wheel for a few to live like kings on earth, whence you change the equation it blows up.

[StilesBC]

These numbers are notional. BIS has the 680 number on their website. But I don't believe they can keep track of them all.

[CUnknown]

like debt babies. The old college tuition, marriage, first house, income tax and death is supposed to grease the wheel for a few to live like kings on earth, whence you change the equation it blows up.

It's a shame more people don't realize this. Everything is geared to extract as much money as possible from us. Or I think people realize it, but for some reason aren't angry about it, I'm not sure why.

College puts you in debt at first, getting married (in a traditional way) is rediculously expensive, you are encouraged to take an extravagant honeymoon, then of course you need a house... and if you haven't racked up credit card bills in this time, you're way ahead of most people. The American Dream is like the Matrix. Most people get in debt early and stay in debt their whole lives.

[acptulsa]

Oh, what's a few hundred trillion compared to all the great entertainment Congress has provided us over the years?

[Catatonic]

So how exactly is Herr Obama going to regulate the derivatives market?

[idiom]

Its down to just $680 Trillion already! That's great news!

[dannno]

$680 trillion?

Oh, that explains why the market went down 50 points today

[jyakulis]

Hmm this is where the hyperinflation scenario comes into play. There was a hell of an article on infowars today. It really put the hyperinflation vs. high inflation rate into perspective more than anything else I've read has. Check it (for alex jones haters it is just reference from another site):

http://www.infowars.com/the-weimar-hyperinflation-could-it-happen-again/

[FindLiberty]

This subject is the one that gives me the most dread...
You can do the math on a cocktail napkin and see it!
I've had this on my mind for over a decade now, and conclude, it's un-fixable.

Laugh ah while you can, monkey boy.

http://neatorama.cachefly.net/images/2009-03/idea-cocktail-napkin.jpg

[ThisCharmingAzn]

"There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers." - Richard Feynman