Glenwood Springs, CO Colorado
The words “weapons of mass destruction” frequently conjure up images of nuclear bombs, toxic chemicals in our food chain, and biological attacks. Then we visualize the people who might use such weapons as radical extremists, huddled in caves somewhere, plotting the downfall of Western nations.
However, I submit that Wall Street moguls, corporate leaders, and others in the power structure of moneyed interests have giant WMDs at their disposal, and those instruments have a very real potential for bringing the world to its knees.
The derivatives market now has an estimated notional value (not market value) of $700 trillion, a 60 percent increase from its $414.8 trillion in 2006. Note that the world’s gross domestic product in 2009 was only $69.8 trillion. Considering the mind-boggling size of those numbers, the 10 to 1 ratio between derivatives and GDP, and the 60 percent increase of the notional value of derivatives over just four years, we have a bubble of gargantuan size. When that bubble bursts, the consequences will dwarf those of our recent global financial crisis.
Using a simplistic analogy, derivatives are essentially bets for or against the house – red or black at the roulette wheel. Unfortunately, moneyed interests have been influencing the house rules. With all the talk since the sub-prime credit meltdown, one might think that folks have gotten their arms around associated bubble dangers, but they have not.
It is true that regulations are being discussed, but moneyed interests are spending millions of dollars via their lobbyists, attempting to shape those rules. And, that influence was given a giant boost by the recent Supreme Court decision to allow corporations to spend as freely as they like to support or oppose candidates for President and Congress.
If you think all that money is being spent in the best interests of the general public, and you are convinced that our representatives are willing to place public interests ahead of their obsession with re-election, why not invest in some derivative chips – then decide whether you would you like to place them on WMD red or WMD black?
I agree with Commissioner John Martin that we, the people of Garfield County nor our Commissioners, do not need to be in the finance business. I say the people of Garfield County because we will pay for it no matter how you look at it. The funding to administer the District will have to come from somewhere, guess where.
This is just another government bureaucracy that will not change a thing but create more government control and more expense that we do not need. We have way too much government control of our lives now. We need less government not more. Our State and Federal Government are both in deep debt so why add more on the local level for taxpayers. The money to administer this district will come from us the taxpayers one way or another in taxes.
Oh, come on Brad. I thought I was the only one who thought the motels were ugly but R. I. Rose was correct. Those things look like straight-up ghetto slums from back East. I have never seen colors like that on the hillsides and hope I never do. They do not blend in, they stick out like a sore thumb. Ugly, ugly!
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