A £516 trillion derivatives 'time-bomb'

interesting article but it has a lot of crap in it too. here is by far my favorite quote:

"But derivatives don't have anything – because they are not real money, but paper money."

hmmm. i knew the paulites would enjoy this one.

actually used by someone in the MSM. You rarely hear it spoken in the US media. They prefer misleading smokescreen terms like "illiquid mortgage assets". Of course, the Treasury Dept. has been authorized by Congress to puchase "illiquid mortgage assets" from "troubled" financial institutions. Another way they're putting these worthless derivative contracts on the US taxpayer's tab is by lumping them into the category of "commercial paper". Last week the Fed set up a "commercial paper" facility for "troubled" financial institutions to dump even more worthless paper on the US taxpayer's tab in order to "free up the flow of credit". The banksters have used the politicians to make it legal to dump a mountain of their worthless paper (gambling debts) on the US taxpayer's tab. I'll be interested to see the reaction of hard-working US taxpayers if and when they wake up to realize how horribly they have been sodomized by the criminal banksters and politricksters. As Lisa C. used to say, good luck to us all.