Imagine a number between 1 and 700 trillion. Now mutiple by 0. What do we have left? Read on.
Fried in the financial sun
There is a new report from the US Comptroller of the Currency titled "OCC's Quarterly Report on Bank Trading and Derivative Activities, Fourth Quarter 2007", which shows that total bank holdings of derivatives is estimated to be "only" US$164.2 trillion, whereas I seem to remember that the global glut of derivatives is upward of $700 trillion, which are both numbers so big that I cannot even begin to comprehend the enormity of them.
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