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Derivatives Trade Soars To Record $681 Trillion

The Bank of International Settlements recently reported that the amount of outstanding derivatives has now reached the $1.14 quadrillion mark ($548 Trillion in listed credit derivatives plus $596 trillion in notional [or face value] OTC derivatives).
The derivative market has been unregulated since its inception. A crisis of this magnitude will require a global strategy. Do we really believe this bubble is a result of an unregulated free market or a calculated boom bust cycle in order for central banks to create a world economic government under the IMF?