SingHash

Derivatives and Bank Collapse - The Scam That Went Largely Unreported

In a casino, at least, the odds are well known...

At the end of the day, it matters not one jot precisely how many times those idiots sold each other a dead donkey. Their paper debts to each other are easily written down, because they represent nothing of value. It's pretend money that has been completely dissociated from any tangible assets.

What we have, in the end, is a country that has industrial, natural, and human resources. Whether it can grow up and start behaving rationally is immaterial: if self-indulged citizens won't get to work, a new crop of willing workers will happily take their place.

I can only pray -- fervently -- that the inevitable corrections will not unduly penalize those who did NOT play the credit game. If I'm debt-free, lived within my means, and spent only the money I had, then I shouldn't be burdened with my neighbor's payments. Realistically, however, I expect to be severely punished for my lack of indiscretions.