Tuesday, March 10, 2009

Euro Interest Rate Derivatives

...notional value higher than US Dollar derivatives (as of June of last year anyway).

(from the BIS)

most of the Europeans I've encountered (in casual conversation anyway) are of the opinion that this recent 'crisis' was totally 'Made in America' and they themselves are but innocent victims. Well, I'll tell ya, if the Euro goes down it'll make our little sub-prime et al problems look like a water balloon fight at Carnaval.

I've waded through this whole economic episode in good cheer so far. but a 100 odd trillion swap pyramid? in a currency regime with absolutely no historical track record? what the fuck were you people thinking? what a mess. if not now, then later.