Derivaten die ons zoveel ellende hebben veroorzaakt, zijn in de VS weer op het niveau van voor de grote banken-, of kredietcrisis van 2008, een crisis die mede werd veroorzaakt door de handel in derivaten…… Overigens was de handel in 2014 zelfs nog groter dan voor de bankencrisis van 2008……
In Nederland kregen derivaten pas een slechte naam, na het misdadig handelen van Vestia bestuurder Staal, echter Vestia was allesbehalve alleen als woningcorporatie, die dit wanproduct gebruikte om te gokken op de financiële markten…… Ook bestuurders van gemeenten vonden het wel kies om met gemeenschapsgeld een gok te wagen……. Aan deze zaken werd geen eind gemaakt door CDA leeghoofd Spies in Balkenende 4, wel bepaalde ze dat men dit niet met te grote bedragen mocht doen……. ha! ha! ha! ha! ha! ha! ha! ha!
Door de crisis van 2008 zijn over de wereld meer dan 100 miljoen mensen in de ellende gestort, de verantwoordelijken, waaronder bankiers, zijn amper of helemaal niet aangepakt en men is intussen nog steeds bezig met deze smerige derivaten, alsof er niets is gebeurd………… De meeste slachtoffers zitten nog steeds in de drek……..
Gisteren bracht Anti-Media het bericht dat zoals gezegd de derivatenhandel weer op grote hoogten wankelt……………….
Wall
Street Derivatives That Helped Crash the Economy in 2008 Are Back —
in a Big Way
November
1, 2017 at 4:47 pm
Written
by Shaun
Bradley
(ANTIMEDIA) —
The
U.K.’s Financial Conduct Agency recently fined Merrill Lynch $45
million,
once again sparking concerns over the massive derivatives
market.
The
wealth management division of Bank of America failed to report more
than 68 million derivatives transactions dating all the way back to
2014. It had already been forced to pay $20
million in
2015 for an earlier offense. Despite major players throughout the
financial industry paying a total of over $350 billion in fines since
the 2008 crisis, those same institutions are still thriving and have
amassed more than a $1
trillion in profits.
The
current penalties amount to little more than a slap on the wrist for
these megabanks and have become a normal part of doing business. It’s
no surprise that the same reckless behavior that helped lead
to the Great Recession is still rampant. The global derivatives
market was reportedly as large as $1.5
quadrillion in
2016, and things haven’t improved much since
then. Collusion between
large financial institutions, central banks, and governments around
the world has fostered an environment with almost zero
accountability. Hopefully, as more people become educated about the
possible dangers associated with complex financial derivatives, it
will be easier to prevent wild speculation like what is seen today.
Derivatives are
one of the most complex and least understood financial instruments.
Instead of establishing their value through a share of a company’s
profits or a future dividend, derivatives are essentially side bets
made between third parties. Commodity futures
contracts are
an example of a simple derivative. Farmers have used them to protect
themselves against price changes that could significantly impact
their businesses from season to season.
However,
these financial tools aren’t just limited to hard assets and can be
used to speculate on every industry, asset, and currency in the world
financial system. The growing attention from regulators on the
derivatives market may uncover what many investors and economists
previously warned about. In 2003, Warren Buffett infamously
classified derivatives as ‘weapons of mass destruction’ and
‘time-bombs.’
He
doubled down on the assertion during a more recent interview, saying:
“At
some point they are likely to cause big trouble…Derivatives lend
themselves to huge amounts of speculation…The problem arises when
there is a discontinuity in the market for some reason or
another…When the markets closed like it was for a few days after
9/11 or in World War I the market was closed for four or five months
– anything that disrupts the continuity of the market when you have
trillions of dollars of nominal amounts outstanding and no ability to
settle up and who knows what happens when the market reopens.”
Merrill
Lynch and Bank of America haven’t been the only ones prosecuted
over their derivatives exposure and practices. Deutsche Bank
is poised
to lose $60
billion for using currency derivatives to speculate on U.S. inflation
rates, the ‘London Whale’ scandal ended up costing JPMorgan $920
million, and just a month ago, Citi was ordered to
close $2 billion worth of derivatives taken over during the collapse
of Lehman Brothers. These potentials for volatile swings in market
valuations can quickly undermine the solvency of institutions that
hold a majority of the pensions, savings accounts, and retirement
funds for the public.
The
first overview
report on
the E.U. derivatives market was just published by the Europe Security
and Markets Authority. It found that the nominal value of derivative
holdings within the European Union was valued at $536 trillion.
London alone handles nearly
40% of
all interest-rate derivative trades for the European Union, and
uncertainty continues to grow about the impact Brexit will have on
the strength of major European banks.
Confidence
in the current system seems to be eroding with each failed promise
and debt crisis. If faith in central planning is shaken
again like
in 2008, the result could impact the daily lives of almost everyone.
The once responsible stewards of the public’s wealth have been
corrupted by power, greed, and self-preservation. The that have been
perpetually fined trivial amounts by inept regulators will continue
to make trillions while the savers and retirees suffer as a result.
Creative
Commons / Anti-Media / Report
a typo
==========================================
Zie ook: ‘Liesbeth Spies, Spies pakt ‘t derivaten probleem ‘goed’ aan‘
en: ‘Derivaten deel 85: lokale overheden investeerden ook in derivaten‘
