What could possibly go wrong?
From the article:
“The only question is when the next multi-trillion (or perhaps quadrillion now that all global central banks are all in?) bailout takes place.”
The elitists will blow up the entire financial system and you better have water, food, gold, silver, guns, a remote farm, friends and a getaway plan.
- Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For (ZeroHedge, Dec 12, 2014):
Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street’s blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts. Recall:
Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:
Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes (D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in financial services.
We say explicitly, of course, because taxpayers have always been on the hook implicitly for the next Wall Street meltdown.
Why? Continue reading »