The Phaserl


Net Versus Gross

by Bill Holter, Miles Franklin:

Zero Hedge put out a piece yesterday entitled “The Elephant in the room: Deutsche Bank’s $75 trillion in derivatives is 20 times greater than German GDP.”

I would like to point out a few things that are obvious and a few that are not so obvious.  First off, this $75 trillion derivatives book is nearly equal to JP Morgan’s book so there are actually “2 elephants” in the room.  Both books are also virtually equal to the annual GDP of the entire planet including any unaccounted for basket weaving production in the Amazon.

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