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Alasdair Macleod: Derivatives and mass financial destruction
11:05a ET Friday, December 19, 2014
Dear Friend of GATA and Gold:
The U.S. government's transferring to itself this month liabilities for defaulted derivatives resulting from bank failures is alarming for the haste with which it was enacted, GoldMoney research director Alasdair Macleod writes today.
"Instead of a normal consultative procedure allowing the legislators to draft the appropriate clause," Macleod writes, "the wording was lifted at short notice from a submission by Citibank, which has some $61 trillion worth of derivatives on its own books, with virtually no alterations. Either the insertion was correcting an oversight at the very last minute or, alternatively, it has suddenly become an urgent matter for the too-big-to-fail banks. The coincidence of current market volatility and this hurried legislation cannot be lightly dismissed and suggests it is the latter."
Macleod's commentary is headlined "Derivatives and Mass Financial Destruction" and it's posted at GoldMoney's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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