by Lorimer Wilson: "Warren Buffett once described derivatives as 'financial weapons of mass destruction' - and for a very good reason. While U.S. 'unfunded liabilities' are larger than the entire global economy, the derivatives market is 20 times larger than the entire global economy - at an astonishing $1 quadrillion. Yes, you heard me correctly - $1 quadrillion! And get this - this derivative market is totally unregulated. It is totally lacking in transparency, meaning that all we know about this $1 quadrillion mountain of banker-paper is what the bankers tell us."....read on
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