TBG

that money isn't funny, it's terrifying.

Absolutely!  Seems to me the whole derivatives market is in serious need of winding down.  It has been suggested that the insurance industry concept of "insurable interest" be applied.  It is especially troubling to consider that those with great fortunes can buy derivative contracts involving defaults by mid sized countries or even large institutions and then use other of their assets to trigger such a default.  Rather like buying a life insurance policy on someone before you put out a "hit" contract on him, which is what "insurable interest" should preclude.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."