tag:blogger.com,1999:blog-2832448906499949997.post2094973808580749532..comments2023-08-11T12:28:34.947+01:00Comments on Aurea Mediocritas: Back To The Future?TonyDhttp://www.blogger.com/profile/01419247851163118883noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2832448906499949997.post-22587074338179514422011-12-08T12:07:17.591+00:002011-12-08T12:07:17.591+00:00"In comparison to subprime, the combined sove..."In comparison to subprime, the combined sovereign debt bill of Portugal, Ireland, Italy, Greece and Spain is in the region of $4.8 trillion, and financial institutions are placing bets on the yields from government bonds for the PIIGS just as they did on mortgage backed securities and their derivatives in the subprime mortgage sector."<br /><br />Overall a very interesting analysis, thanks Tony. Did you also see Joshua Holland's piece on AlterNet, which dovetails in very neatly with your point above?<br /><br />"What brought down the global economy was as much as $140 trillion worth of financial gimmickery built on top of the mortgage industry."<br /><br />Our present situation seems to me to have a lot to do with the commodification of risk itself. Those who are accumulating massive amounts of money power on the back of all this <b>need</b> risk, per se, and they are busy generating ever more vast, more all-encompassing and more dangerous risk. This is what they are feeding off, and to hell with the rest of us.<br /><br />http://www.alternet.org/teaparty/153217/the_absurd_zombie_lie_about_the_economy_right-wingers_desperately_cling_to_--_and_why_it%27s_totally_wrong?page=entire<br /><br />Btw, may I ask the source of your graphed information?Ohasardnoreply@blogger.com