muses of the moment

July 15, 2011

Lira

Filed under: Odds 'n ends, US Government Debt — totallygroovygirlfriday @ 2:21 pm

Click here for a very important post from Gonzalo Lira. Once again, Lira nails it. So, what exactly are we going into debt for?

Click here for the only recent (since July 1) information of any kind that gg can find from NE plant areas (plants affected by flood). This is just a guy with a camera, so no confirmation of the facts he states in the video, but this is the only thing available right now. Lack of information scares gg. There is more, not less, water on the way, so some kind of info should be coming out about this situation. If you live in this area or downstream, take the film’s advice, be prepared, don’t panic, and stay away from the water. If there is a leak, it will probably contaminate the water first and worst.

Cooper Plant is no longer at emergency status, but more flooding is predicted in coming months and days.

Credit Swaps

Filed under: Credit Derivatives — totallygroovygirlfriday @ 9:05 am

Here is an article from Bloomberg on the rule changes in Europe and the US in the credit swap market. Click here.

Combined interest-rate and credit-default swap notional values totaled $394.3 trillion as of December, according to Bank for International Settlements data. The $601 trillion private derivatives market also includes foreign exchange, equity and commodity derivatives.

If the rules are not written to make all swaps public, the private swap market will take down the global debt system. If all past swaps are not included in the new rules, the old swaps will take down the global debt system. This is too little too late. There is no practical solution to the credit swap implosion, even if the rules were written well and actually enforced.

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