Jim Rickards: CDS Derivatives Financial WMD, Greek Default Armageddon Scenario, Gold Backed Currency ….
- This is an excellent interview on KingWorldNews.com of Jim Rickards. For those of you who want to understand what the derivatives market is all about, Jim Rickards does a marvellous job. CDS, Credit Default Swap, is essentially an insurance policy against default by countries. Jim explains how derivatives like CDS are being abused in an unregulated financial casino market. It is an opaque market which could cause the world financial market to go into meltdown. Derivatives are the financial weapons of mass destruction which could destroy the entire world economy.
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