The U.S. Department of the Treasury Office of the Comptroller of the Currency Quarterly Report on Bank Trading and Derivatives Activities for the Fourth Quarter 2008 is out. And derivatives exposure is way up. U.S. commercial banks now have a massive $200 trillion in derivatives exposure, which is 14x U.S. GDP. (Source.)
Relax! It’s $200 Trillion–only about $2 Million for every household in the US. What could go wrong?
So get your eggs out of their baskets, change what you think you need so desperately to believe in, and keep your dear ones closer to you than you ever have. I know, it’s a nice and sunny day here as well, and everything just looks so bleeping normal. But a U6 unemployment number of 15.6% and rising fast doesn’t lie, and it’s not a mere statistic, no more than 4 million foreclosures a year. (Source.)