why i am scared $hitless
$2 trillion of subprime loans made from 2002-2007 is ... a drop in the bucket compared to ...
$62 trillion (notional) of credit default swaps in the U.S. alone
$1.3 quadrillion (notional) of global derivatives contracts exposure
I think the $700 sub-prime mortgage "bailout" package is going to compare to a total estimated cost of $5 f*cking trillion when all is said and done.
I woke up this morning and literally puked meditating over this.
I wish I was joking, but I ain't.
If you have the means, I would urge you to start acquiring physical gold coins.
And take steps to open up a Swiss bank account denominated in Swiss Francs ... not increasingly worthless U.S. dollars.
Before the rush when everyone starts to panic.
If I'm wrong, and I hope I am, then the worst you will have done is to be prepared.
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