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Originally Posted by Acting Like Godot  Guess what .... very few CDOs are actually originated in my country (or for that matter, the whole of Asia, excluding Japan).
The losses that institutions here did suffer from CDOs, mostly came from CDOs they bought from the banks in your country. |
Glad to hear that. The derivatives are a mess here. Just blatant theft. It's so frustrating to me that no one (thus far) is being held accountable..
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Originally Posted by Acting Like Godot I'm expecting your US credit-card-backed securities to blow up next, for essentially the same reason. |
Yep, exactly. We are now a nation of debtors, because of our banking system and government.
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Originally Posted by Acting Like Godot As you might see now, the US system functions quite differently from many other parts of the world. |
Perhaps.
At the end of the day, you are still maintaining, supporting and advocating for a usury based system though, correct?