The FED, acting as bartender, gives out free booze to the bankers
The banks in turn have created many fake instruments like derivatives
One quadrillion dollars is the sum of outstanding fake derivatives (fake money pledged by the wealthy banks to buy real things) 1,000,000,000,000,000 on the market, (e.g. a bank with only one real dollar can legally say it owns several billions of real dollars) The total combined assets of the world is only actually a very small fraction of that sum!
I think the video isn't in synch with the audio.
maplespak 3 years ago
The FED, acting as bartender, gives out free booze to the bankers
The banks in turn have created many fake instruments like derivatives
One quadrillion dollars is the sum of outstanding fake derivatives (fake money pledged by the wealthy banks to buy real things) 1,000,000,000,000,000 on the market, (e.g. a bank with only one real dollar can legally say it owns several billions of real dollars) The total combined assets of the world is only actually a very small fraction of that sum!
sugarpuddin88 3 years ago 3