Tuesday, March 01, 2011

Was it financial terrorism in 2008?

A disturbing report from the Defense Department suggests that the financial debacle of 2008 was magnified by foreign traders, who used oil speculation (driving up prices), derivatives trading and bear raids to make our bad situation worse.  We may be entering a final phase, an attack on the dollar and the U.S. Treasury. 

1 comment:

JLM said...

Yes, and oil speculators are still at it. But foreigners didn't turn a normal correction into the Great Recession. We accomplished that ourselves, with derivatives of derivatives of derivatives and all those subprime mortgage loans. Maybe the Devil made us do it.

And the Devil may be still at it. An article the other day reported that credit default swaps for GM bonds are trading briskly – even though the new GM hasn't yet sold any bonds.