Who ultimately owns the toxic debt bag?

I don't understand how toxic debt is an asset that can be traded, it seems perverse to me, but as there is so much of it about, I wondered who ultimately carries the debt bag and can they physically ever collect on it?

I heard the phrase we use to work to earn a standard of living and to make savings but today, if we can find work, often its so low paid so our standard of living is plunging so we can't save, we accumulate debt, so I don't see from where the bag holder has any future either.

You!

And if you do not have the money, they own your ass for the next decades to come, and the ass of your children, because the politicians, loaned all that money with your WORK as a collateral.

You have kind of summed it up for yourself. Who holds the bag? We do.. Every tax-paying poor sod. We are left holding the bag of toxic debt. It might not be legal, it might not be moral, but it is in our hands nonetheless. They took our reputation as go getters, and went and got whatever the hell they wanted. They used our money on sensless war-mongering f*@#ktardedness and we went with them every step of the way. We are hated by the world, and it is our own fault. We allowed it. Through complacency, but allowed nonetheless.


Opinion and conjecture. A few brews. Whatever. Deal with it.

I think we'll see a new toxic debt bag if (or when) Greece defaults... and I wonder if they will also attempt to pass that onto the tax paying public.. since we (the tax payers) seem to be the ones who consistently end up ultimately being dumped with the toxic rubbish.

Originally posted by thoughtsfull
I think we'll see a new toxic debt bag if (or when) Greece defaults... and I wonder if they will also attempt to pass that onto the tax paying public.. since we (the tax payers) seem to be the ones who consistently end up ultimately being dumped with the toxic rubbish.

OF COURSE it will be passed on to the paying public. That's what we exist for, to work and pay off their debt.

Have you ever wondered where the money actually goes? If their is a debt there has to be a credit.....so where has that money been credited? Look no further than the same old, same old stinking rich and getting richer by the minute private oligarchs.

The whole system is presented to the public in such a way that they don't realise that basically it's a funnel system. All the money from us goes into the funnel, goes through various processes along the way to fudge the issue, then ends up in the same bank accounts of the same tiny minority. They use that same money to control us, restrict our rights and freedoms, shape the world as they want it and avoid any accountability.

pension plans, insurance companies, local gov'ts, school boards, and well, many others have gotten stuck holding the toxic crap!! yes, the gov't (taxpayers) did end up with a bunch of the stuff, but that was the crap that those "too big to fail's" were holding. the smaller investors kind of got stuck holding the bag.
which is why there is such a push to eliminate the pensions now, the funds have been swindled and there is no way they can pay out what they are obligated to. probably wasn't any way to before it all went down, which is why they were great candidate to the peddlers of these securities!!!

if the laws were to be followed, all these assets would go back to their originators, and those companies would have to buy them back at the price that they were paid for them...
but, then they're "too big to fail!!" and have to be protected by the gov't......otherwise known as us little taxpayers.

I passed the paper stand on my way home and one of the headings was £100, billion wiped off of pensions. Something stinks when its the public who have to pick up these toxic debts.

Did Governments collude to make the public they are paid to represent victims or were they simply utterly inept and irresponsible?

The total dollar amount of Derivatives held in June of 2007 was 516 TRILLION in USD. This is according to the last survey by Bank of international settlements.

Since no more surveys have been accomplished, estimates are over 900 Trillion, with some estimates of 1,300 Trillion in USD held by various banking systems and central banks, of worthless Derivatives.

Gold has not actually gone up in value but Global Currencies have been collapsing as weight of derivatives and deficits have been rotting national treasuries from the inside out. When the tipping point is reached, the USD and other currencies will completely collapse and become worthless.

This is why nations like China are purchasing natural Resources in such vast amounts, currencies will collapse but a pound of Copper will always have value.

Gold ( hard Assets) , Guns ( Protection ) and Butter ( food stock)....these items will retain Value