HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trade

Maybe this is part of the plan to crash banking system and create their order out of chaos?

We need a single world bank to fix this problem, and have you seen these new chips they can put on your skin? RFID chips are neat-o.. we can abolish paper money all together and use the RFID chips under our skin as ATM cards. Though.. we would probably need a single world government to make sure the single world bank doesn't get out of hand.

Originally posted by Heyyo_yoyo
Well....

here's something to add to your mourning corn flakes (lol, no misprint):

Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure

that is utterly insane... you can't keep inventing money without consequences. This is nothing more that governmentally approved counterfeiting!

 

- ATS member flice

While we're at it, does the U.S. government have any exclusive logging contracts with Canada to secure timber? We're gonna need the paper!

Yes this is correct, and this is why if one of the major banks goes down they all go down, and well the entire economy - because these same banks derivatives are promised to each other. Of course they cannot cover these insane amounts of money if they go under, it's a domino effect. It's these banks version of mutually assured destruction. They literally are threatening to annihilate the worlds economy if they are allowed to fail.

What is clear to me is this was done on purpose to effectively give them the power to get away with anything as long as the derivatives are honored. They made the numbers so large that it meant instant extreme hyperinflation for any government that would try to handle their insolvency.

AIG was bailed out for one reason - they had to be or their derivative exposure would destroy everything. The reason those AIG executives were living high on the bailout money is they knew they were untouchable as long as the same system was going to continue.

What needs to happen is all the major banks need to be seized by the government and these derivative contracts they promise to each other need to be destroyed.

People that don't blame wall street for our problems are simply grossly IGNORANT of what they have and are continuing to do. Their actions are blatantly criminal to anyone with common sense.

The Fed London Connection's grasp is strong.

We must end it.

75 trillion? trillion?!!

The true enemy of humanity is the central banker.

Google 'Rothschild Mansions'

Wait a minute everyone. The original source of this information is allegedly Bloomberg. Yet I am unable to find this info anywhere on Bloomberg's site. When I google the amount, and Bloomberg, all I get is a bunch of bloggers with the same headline that the OP used-- All of these bloggers cite Bloomberg as a reference, and yet the actual article is not forthcoming.

EDIT: Never mind. Found the original article.

reply to post by MidnightTide


My first and only question is this: How many of those derivatives have something to do with Greece, Italy, or Spain?

Now the time has come for sure -

www.flickr.com...

I wouldn't even scrape them up!

reply to post by Pervius

The true number now is around 24 million illegals have walked away from their mortgages. They bought and sold homes between themselves and fled America with mega-Trillions.

Average mortgage $350,000....times 24 million illegals....you do the math.

I assume you are talking about wealthy Middle-Eastern professionals, right?

I worked among the Mexican and Central American immigrant population from 2001 to late 2008, as a social worker, and then as a supervisor. Those people rented, or lived in the urban core's most dangerous and run-down areas. Working miminum wage jobs and taking in roommates to help ends meet.

And they worked HARD, for the most part. Harder than their US Citizen colleagues would even DREAM of workng. Sure, there were a few who were unsavory, but in any group of people there will be, and the slackers and criminals were NOT living in mansions. Mostly they were homeless sofa-hoppers.

$350,000?????!!!!
On what planet??

In the areas where those people lived, the prices are more like $35,000. Yes, 10% of your "average."

Just sayin'....don't blame the wrong people. And they DID pay taxes, as long as they were on payrolls, the taxes were taken out of their checks, just like me, and they submitted returns, just like me.

Yes, they scrimped so they could send USD back home to their starving, wretched families. In that manner, lots of money crossed the border. But it was NOT in the stock market or mortgage defaults.

reply to post by wildtimes


Awww come on now wildtimes... here was a perfectly good opportunity to blame illegals for all of our problems and you went and ruined t with facts. Ugh. First they tried to blame it on 'greedy red necks who bought homes they knew they couldn't afford' and that worked for awhile until the truth about lending corruption surfaced. But this was perfect. Illegals! Blame everything on them. Psssst.... I heard they're responsible for Climate Change, too. A scientists from the University of Yourmomma determined it was the spicy food. No really. Google it.

reply to post by jtma508


LOL!! Thank you! I'm starting to feel a little less cranky and loud-mouthed now, since I've gotten some rest after working 80 hours in 9 days in a row at minimum wage.

Originally posted by AnIntellectualRedneck
reply to post by MidnightTide

 

My first and only question is this: How many of those derivatives have something to do with Greece, Italy, or Spain?

edit on 19-10-2011 by AnIntellectualRedneck because: (no reason given)

Its all interconnected my friend - that is why when it blows up the entire thing comes crashing down.

seems like a no brainer to me....BoA moves all those derivatives to their depository bank knowing that there is going to be a run on the banks on the 5th.... on the 5th the banks implode but BoA declares bankruptcy of its depository arm and writes off all those derivatives. poof debt gone... at least that is what it looks like to me.

banks are evil...

reply to post by MidnightTide


If the story came from Bloomberg, why not link them instead of some secondary source.

'Cuase I can't find anything on their site
(what the sh:t is 'The Daily Bail', anyway?!

Originally posted by AnIntellectualRedneck
reply to post by MidnightTide

 

My first and only question is this: How many of those derivatives have something to do with Greece, Italy, or Spain?

edit on 19-10-2011 by AnIntellectualRedneck because: (no reason given)

In terms of the reason those countries are collapsing, they don't have much to do with it. That was brought on by incredibly irresponsible socialist polices. However when it became obvious Greece was in serious trouble Goldman Sachs jumped in to make matters much worse.

Where they do figure in is if those countries default on their bonds, that could and likely would have a cascading effect of triggering derivatives all over Europe, which would then bleed through to everyone with exposure to the rest of Europe. Again it is the same domino effect that could potentially make a Greek default WAY more important than it actually should be, and the reason all of Europe so far has done anything it could to hold it off. Not because they want to but basically because they are being blackmailed into it.

Derivatives is like a time bomb that everyone knew it would explode when they built it. ( which is why they did )

Too bad the normal people can't create money out of thin air like that.
If we could just transfer the money we get in MMO's into real money, that would be similar.

I'll send my bill to the banks this time, instead of the poor.

Originally posted by ArrowsNV
The more I read stories like this one the more feel like destroying these big banks. Lucky for them I don't live anywhere near their major branches...

Their day will come one day, the people around the world will be sick of their # and destroy them.

Everyone should be going to credit unions now.. the big banks need to die off already..

This is awesome! Oh man, I thought we were screwed before, but something like this would seal the deal...

I also think something like this would be the final straw that broke the camels back (or w/e way that saying goes.)

I wonder what OWS has to say about this? they still think the feds awesome n cool still and that we still need to print more?

Ummm I'm a little confused by this article, can someone please put this into layman's terms for me? This sounds like a big story and I want to understand it, I just cant grasp it on my own.... Thanks!

Originally posted by SquirrelNutz
reply to post by MidnightTide

 

If the story came from Bloomberg, why not link them instead of some secondary source.

'Cuase I can't find anything on their site
(what the sh:t is 'The Daily Bail', anyway?!

edit on 10/19/2011 by SquirrelNutz because: (no reason given)

Here is the related Bloomberg article you were looking for.

reply to post by MidnightTide


That much money is so mind-boggling that the average person cannot even internalize it. They find that amount impossible to contemplate, therefore they do not contemplate it and simply let it continue.
They may or may not have been exposed to it, but it really doesn't matter since they are far to busy watching ball games, or some stupid game show on TV. People don't have time to go down the tubes. They are far to busy doing nothing to do something.
DH