One Quadrillion Dollars: What 'Obama' still has wrong ...
If the securitization of debt had been real, there would’ve been no need
for MERS, or any private system that was used in reality to track
transactions that were a complete sham. The Wall Street banks made sure
that they used the money of third parties and created “paper closings”
in favor of entities, “originators”, and even banks who pretended to
underwrite the loans but who never had any risk of loss and in fact in
most cases never showed any bookkeeping or accounting entries reflecting
the creation of a loan receivable. The amount of “money” in the shadow
banking system of insurance, collateralized debt obligations, credit
default swaps and other exotic instruments is now said to exceed one
quadrillion dollars. It is universally accepted, and I agree, that this
amount is geometrically larger than any real money in the system, with
estimates of real value varying from $25 trillion-$70 trillion.
If the securitization of debt had been real, there would’ve been no need
for MERS, or any private system that was used in reality to track
transactions that were a complete sham. The Wall Street banks made sure
that they used the money of third parties and created “paper closings”
in favor of entities, “originators”, and even banks who pretended to
underwrite the loans but who never had any risk of loss and in fact in
most cases never showed any bookkeeping or accounting entries reflecting
the creation of a loan receivable. The amount of “money” in the shadow
banking system of insurance, collateralized debt obligations, credit
default swaps and other exotic instruments is now said to exceed one
quadrillion dollars. It is universally accepted, and I agree, that this
amount is geometrically larger than any real money in the system, with
estimates of real value varying from $25 trillion-$70 trillion.
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