What do you make of this, via Rossa?
The International Swaps and Derivatives Association determines what a credit event or default is. So, by all accepted measures, if there is a default, an insolvency situation in our financial system, then surely the system collapses, no?
No, this organization called the International Swaps and Derivatives Association decides if something is a default or not. So logically, as everyone in the game is into credit default swaps, such as caused the MF situation, with OTCs etc and as anyone who’s using other people’s money to speculate is in this position – all these people are in a high risk situation at this point because they’re at the mercy of the ISDA.
This makes the ISDA more powerful than a government. In fact they are, at least on the financial side, a government. They can bring it down as and when they redefine what is happening. You and I are to be swept along by the speculators.
Cue Greece and five major US banks which by any normal measure, has gone into default since late January. So why haven’t you heard about it? Well, the MSM has a blackout. Why hasn’t the bust occurred? Because this body has declared there is no default. So, the banks who have defaulted declare there is no default and therefore trading goes on.