It isn’t reliable. It’s a notional value, which is good for nothing more than the press stirring up hysteria. Last week there was an article saying it was $75 trillion.
Greetings Moonman62 & BenKenobi:
The music is about to stop, fight for a chair. From Barnhardt.biz
Um, I think we should all stop paying taxes now.
Posted by Ann Barnhardt - October 18, AD 2011 7:10 PM MST
I think I’m going to withdraw my consent to be taxed by the Federal Government after this. Bank of America, as we have previously discussed, is exposed on Over-The-Counter forward contracts to the tune of $75 TRILLION, which is more than FIVE TIMES the total economic output of the United States in one year.
[Ann links Bloomberg story here.]
They are now moving contracts from a segregated trading division within the Bank Holding Company which operates under the venerable name “Merrill Lynch” to their retail banking division alongside their customer deposits in order to get these contracts under the umbrella of the FDIC.
It is known that Merrill Lynch had OTC exposure of $22 Trillion. So, in shifting these contracts from Merrill to Bank of America, they are making YOU, THE AMERICAN TAXPAYER the de facto guarantor of these contracts. YOU ARE NOW THE “EXCHANGE”. If the counterparties on these OTC contracts default, Bank of America will have recourse to turn to the FDIC to “bail them out”. Where does the FDIC get its money? From the United States Treasury.
Bank of America just illegally dumped tens of TRILLIONS of dollars of OTC contracts on YOU.
But that isn’t the greatest crime here. The crime is that your evil, corrupt and/or imbecilic and unqualified U.S. government regulators are not only letting this happen, but seem to be encouraging it.
A few years back my brokerage was audited by the regulatory bureaucrats, which is a standard bi-annual occurrence. These people just about had KITTENS over a six dollar interest credit which I had booked, but it was placed in a current account, and the regulators wanted it in a non-current account. Just to repeat, it was SIX DOLLARS. As in a fiver and a single. As in a modest lunch at a drive-thru fast food chain. SIX DOLLARS. This six dollars drug my audit out for WEEKS and cost me I-don’t-know-how-much in CPA billing hours. And these people acted like I was some sort of criminal.
You just got illegally prison raped for $22 TRILLION dollars, America, and the fed regulators are the ones watching the door to the gang showers and videoing the whole thing on their cellphone.
There needs to be a tax strike. And I’m not joking. This has to end.
—
Cheers,
OLA