15 Zombie Banks Downgraded Thanks to Toxic Derivatives

Last Saturday I was speaking to a group of ratepayers and Gray power members about the toxic derivatives and the $ 112 billion of them off the books  of our Government.  It turned out that a former CFO of Fonterra was in the audience. Of course Fonterra like any sensible agricultural business offset their risks with a sensible derivatives insurance during his tenure which was during the massive growth period of the Corporation.

I have never had a heckler before but I had to really put up a fight with the good man until the rest of my audience told him to shut up because they wanted to hear what I had to say.

What is so difficult for people such as this gentleman is that most people don’t understand how corrupted the derivatives trade has become. Here is Webster Tarpley’s take on it and as  always he’s right on the money (no Pun intended).

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