_Howard
Admin
Posts : 8734
Join date : 2013-01-16
Age : 79
Location : California
 | | Subject: Some Scary Stuff Fri Oct 04, 2013 10:40 am | |
| If you have any money in a bank, read this, then go change your skivvies. |
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NoCoPilot
Posts : 20363
Join date : 2013-01-16
Age : 70
Location : Seattle
| | Subject: Re: Some Scary Stuff Fri Oct 04, 2013 11:22 am | |
| - Quote :
- The big risk behind all this is the massive $230 trillion derivatives boondoggle managed by US banks. Derivatives are sold as a kind of insurance for managing profits and risk; but as Satyajit Das points out in Extreme Money, they actually increase risk to the system as a whole.
Yes, massively. I've read several books on the markets, it's scary as hell. That's why I won't deal with a commercial bank if I don't have to. All of my banking is through small, locally-owned credit unions and my father's investments are all in a Canadian holding company. The air recirculator is gearing up for another big detrius separation. Of course if the economy tanks it won't matter where my money is. |
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