Is the Crystal Ball Clearing? | 148 comments (147 topical, 1 editorial, 0 hidden)

Re: Is the Crystal Ball Clearing? (none / 0)

Except that the notes are not typically recorded or filed.

by rifek on Tue Mar 13th, 2012 at 02:39:05 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 1)

In that case you do not, in practise, have a central registry of deeds and property.

Breaking such registries is one of the things right-wingers do, because they neither understand nor care to understand the institutional basis for prosperity.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Mar 13th, 2012 at 03:27:32 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 0)

Notes have no effect on title. Only mortgages and deeds of trust do, and those are recorded or there are consequences. But those are just collateral instruments and don't show evidence of the underlying debt. Notes, CDSes, and other securities don't have recording systems to readily determine who holds them.

by rifek on Wed Mar 14th, 2012 at 02:52:42 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 1)

The whole point of having exchanges rather than simply trading over-the-counter is to have a paper trail of who owns what. If the exchange does not keep track of who owns what securities, then it's not doing its job. And tools that do not do their jobs should be replaced or discarded.

Of course, alphabet soup derivatives are typically traded over the counter rather than on exchange. But that's a bug, not a feature.

In Denmark, notes are notarised and placed in a similar sort of central registry as deeds and titles. But then again, in Denmark, everything is noted and registered and recorded in a central registry somewhere.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Mar 16th, 2012 at 05:39:28 AM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 0)

If a CDS were actually treated like an insurance policy, it would not be tradeable. The CDS could only be held by the buyer of a named beneficiary, and the payment obligation could be transferred only under highly regulated conditions. But then no one would score an endless series of commissions.

by rifek on Fri Mar 16th, 2012 at 10:06:15 PM EST
[ Parent ]

Is the Crystal Ball Clearing? | 148 comments (147 topical, 1 editorial, 0 hidden)

Top Diaries

A Tale of two Budgets

Sweden falls to the Nazis

Hungary is no longer a democracy

Focus on Josep

Climate Preparedness Week, September 24 - 30

Crisis as Discipline, NPI Systems Design 2022

Dutch Treasury Collects Windfall €€ Billions

Recent Diaries

Nuclear Armageddon In A Blink of the Eye

Rutte Memory Loss and Deposed Digital Messages

Igor Danchenko source Christopher Steele dossier

A Tale of two Budgets

Energy (and Other) Events Monthly - October 2022

German Dissent Cause for Sabotage Pipelines?

Turkey and Iran Bombing Kurdistan

Climate change: Germany Remains Nuclear

Big Tech as Guardian of US Super Power

Focus on Josep

Climate Preparedness Week, September 24 - 30

New Liz Thatcher and Reagonomics Re-invented

MK Ultra and the Murder of Frank Olson

Dutch Treasury Collects Windfall €€ Billions

Crisis as Discipline, NPI Systems Design 2022

Insulate Britain Was a Bargain

The US as Nuclear Rogue State

EU Energy Crisis and Looking Back 20/20 Vision

Hungary is no longer a democracy

SCO Summit in Uzbekistan

Occasional Series