Don't forget the table ignores CDO's etc. When a CDS is used "legitimately" as a temporary guarantee of a real world obligation then it is usually ultimately (implicitly) backed by land rental value.

The question is how much of the $150 trillion is pure punting?

Also we're only looking at dollars. Lots of other bubbles out there denominated in other currencies..

Another way of getting to the scale of the excess bubble money is to look at the value of the asset bubble. ie the area over time between the actual property price curve and a lower property price curve based on sane or at least, historic leverage levels.

Property prices should, all else being equal, keep track with wages, since that's what people pay mortgages and rents with.

As for fixing creditworthiness, that's why we should not be looking so much at taxing and redistributing earned income, but rather we should be looking at taxing and pre-distributing capital (and hence unearned income), though taxing the privileges of private property and limited liability that give rise to capital.

"The future is already here -- it's just not very evenly distributed" William Gibson