In reply to R C Macaulay's message of Fri, 28 Nov 2008 21:58:07 -0600: Hi,
Am I mistaken in believing that Citi-bank is one of the stakeholders in the Fed? [snip] > The problem is the only nation able to do something ( the USA) is broke >along with all but 11 states in the nation. >Dealing with a debt problem in excess of 20 trillion wordwide far exceeds >our ability. ...but surely, not all of this debt is bad debt (i.e. can't/won't be repaid). >W already face unfunded mandates in health care, retirement >obligations etc in excess of 70 trillion in the USA alone. [snip] ...in that case, 1929 may pale in comparison to what's coming. >Stating the Fed has no idea whats going on also means they have no ides how >to solve the mess. [snip] If it were up to me, I would make it illegal to write out any new derivatives (of any sort), then stand back, do nothing for a while, and let the mess sort itself out. If it's really as big as you imply, then there is little that the government can do anyway. After all the current derivatives in the system have worked themselves out, the whole picture should be a lot clearer. Give greed a chance to be it's own "reward". Regards, Robin van Spaandonk <[EMAIL PROTECTED]>
