Its The Derivatives, Stupid! Why Fannie, Freddie, AIG Had To Be Bailed Out

Now this is a head spinner! I'll have to read this 4 or 5 times. I hope that'll help. 

By Ellen Brown
Why the extraordinary bailout measures for Fannie, Freddie and AIG? The answer may have less to do with saving the insurance business, the housing market, or the Chinese investors clamoring for a bailout than with the greatest Ponzi scheme in history, one that is holding up the entire private global banking system. What had to be saved at all costs was not housing or the dollar but the financial derivatives industry; and the precipice from which it had to be saved was an event of default that could have collapsed a quadrillion dollar derivatives bubble, a collapse that could take the entire global banking system down with it

Its The Derivatives, Stupid! Why Fannie, Freddie, AIG Had To Be Bailed Out
Sat, 20 Sep 2008 16:45:15 GMT