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

There is a horrendous amount of double counting going on in this, with the same debts being
passed on.

Also note that there is a dimension problem
World GDP is a flow per annum
The credit swap figure is an outstanding stock not a flow.

Paul Cockshott
Dept of Computing Science
University of Glasgow
+44 141 330 1629
www.dcs.gla.ac.uk/~wpc/reports/

-----Original Message-----
From: ope-bounces@lists.csuchico.edu on behalf of GERALD LEVY
Sent: Sat 10/25/2008 3:46 AM
To: ope@lists.csuchico.edu
Subject: [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.
 
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
 
 
"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.
 
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
 
 
-> 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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