The problem arose when people found out that everybody lied about the money or the collateral that they were putting up as their halves of the bets! Hahaha!
And then they lied about those bets to use as collateral for other bets, around and around until everybody owned, and owes, lots and lots of these derivative bets until one day – surprise! – they are all found out to be a Big Load Of Lying Crap (BLOLC)! Like now! Hahahaha!
Financial Contracts and the Lying Liars Who Create Them
Posted by StingingNettle 355 days ago (http://www.dailyreckoning.com)
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