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Politics : Ask Michael Burke
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To: Mike M2 who wrote (64173)7/8/1999 10:19:00 AM
From: Knighty Tin  Read Replies (1) of 132070
 
Mike, One problem with that is that nearly all of the banks reported "earnings" come from derivatives. So, if you stiff the counter party, and assuming that doesn't take the counter party under, how do you find a sucker to trade with you so you make money in the next idiot round? And, since many banks are national institutions, not private, you could get a trade war out of defaults.
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