The highest amount of notional value OTC derivative ever announced by the BIS [Bank of International Settlements--the central bank of central banks] was one quadrillion, one hundred and forty four trillion. Since those figures were too shocking, the BIS changed their method of valuation to a computer cartoon called "Value to Maturity." Value to Maturity assumes all instruments will perform and there will be zero bankruptcies of obligations. That is a total computer cartoon, yet all in the media support it.
These worthless derivatives are in the “assets” column in today’s accounting.
How the US news media fails us
A good review of media ownership and consolidation, the consolidated cartels from where people get their "news," and a reminder of the once-was Fairness Doctrine that the U.S. lost in ’88 (Ronnie Reagan).
Unlike Glass-Steagall, I’m not aware of any moves by elected officials to reinstate the Fairness Doctrine.
A place to relax and socialize - to muse, think aloud and suggest