Letters to the Editor
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Well the problem with derivatives is that no one really knows what they were ever worth
They didn't care for good long time, now someone wants to get paid. And no one really knows if they have any value at all. It could be zero. Which wouldn't crush the banking system but it would deliver a staggering blow. Salon readers might be licking their lips at that prospect but it would be a global phenomenon. Middle class people would certainly catch it in the neck. Whereas poor people in the US and elsewhere would literally get run over with a train. We would see hundreds of millions of people added to the rolls of the marginal poor world wide.