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View Diary: The Euro Crisis by the numbers (165 comments)

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  •  I'm no expert, (2+ / 0-)
    Recommended by:
    gjohnsit, Dr Erich Bloodaxe RN

    but it seems like much of this money was fake to begin with.(I mean, it has to be, when the derivatives are valued at far larger an amount than the entire world economy).  We already know that the big bankers made enormous bets and credit default contracts on limited leverage, and now that the bets are coming due, no one wants to lose. Sort of like if I bet you a million dollars that LSU would not win the national championship, but when they do, oops, I never had that money to pay you to begin with. So I guess I'll use taxpayer dollars to bail myself out and demand austerity from teachers, retired public workers, etc..

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