10-25-2008, 01:21 AM
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CC Member
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Join Date: May 2005
Cobra Make, Engine:
Posts: 136
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Not Ranked
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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