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According to the Bank for International Settlements,
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there are now fifty-two trillion
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dollars worth of credit default swaps outstanding;
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Fifty-two trillion dollars with
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the GDP of the United States is fourteen trillion.
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How can there be fifty-two trillion dollars of--
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These things only came in in the last ten years or so.
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I called an economist at the BIS and said,
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Can you please explain it to me?
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Where is this fifty-two trillion coming from?
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I got a note from him
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and I'm still trying to figure it all out.