Twenty-nine days hath September (or at least that's how long we get to mini-rant this month.)

[JohnT]

Really don’t know where to put this, don’t want to start a thread, so here y’all go! Goddammit.

'Wow😳
'According to Paul Wilmott, who holds a doctorate in applied mathematics from Oxford University, the notional value of the world’s derivatives has reached $1.2 quadrillion (which is a humongous number, equal to $1,200 trillion). ’

‘This is approximately twenty times as large as the world economy, which is approximately $60 trillion. The derivatives market is now 20% larger than in 2008, the last time we had a financial crisis that involved derivatives. And what is US bank exposure to this derivative risk?’

‘Consider this: JP Morgan Chase has $2 trillion in total assets and total risk exposure to derivatives of more than $52.9 trillion; Citibank has total assets of $1.3 trillion and total risk exposure to derivatives of more than $52 trillion;’

Bank of America has total assets of $1.6 trillion and total risk exposure to derivatives of $26.6 trillion; Goldman Sachs has total assets of $143 billion (that’s billion) and total risk exposure to derivatives of $44.4 trillion (that’s trillion).’

Zackery Parker📌