20 Feb '12, 3pm

Nice article by Ellen Brown on what's really at stake with Greek debt (hint: derivatives).

"The money made by selling these derivatives is directly responsible for the huge profits and bonuses we now see on Wall Street. The money masters have reaped obscene profits from this scheme, but now they live in fear that it will all unravel and the gravy train will end. What these banks have done is to leverage the system to such an extreme, that the entire house of cards is threatened by a small country of only 11 million people. Greece could bring the entire world economy down. If a default was declared, the resulting payouts would start a chain reaction that would cause widespread worldwide bank failures, making the Lehman collapse look small by comparison."

Full article: http://www.energybulletin.net/stories/2012-02-20/how-gree...

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