[OPE] credit swap default market in relation to world GDP

Tonight I was part of a 'conversation' with OPE-Ler Tony Tinker, sponsored
by the Situations Collective [Situations: Project of the Radical Imagination: http://ojs.gc.cuny.edu//index.php/situations ].
 
Tony cited a couple of statistics that I think are worth passing on.
 
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"World GDP: $54,311,608 Million (World Bank),
Credit Swap Default market $60,000,000 Million
...
= 111%"
 
The estimate for the Credit Swap Default Market, cited elsewhere
in the handout, was 50-67 Trillion.
 
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-> I would like to hear what you think the *implications* are of this. <-
 
Tony said that it meant that increasingly there are entities that are
"really too big [for nations, JL] to save". If that is the case, what
*are* the implications for world capitalism???
 
Anyone want to take a bite?
 
In solidarity, Jerry
 
 

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Received on Fri Oct 24 22:54:41 2008