RE: [OPE] credit swap default market in relation to world GDP

From: Paul Cockshott <>
Date: Sat Oct 25 2008 - 17:00:07 EDT

There is a horrendous amount of double counting going on in this, with the same debts being
passed on.

Also note that there is a dimension problem
World GDP is a flow per annum
The credit swap figure is an outstanding stock not a flow.

Paul Cockshott
Dept of Computing Science
University of Glasgow
+44 141 330 1629

-----Original Message-----
From: on behalf of GERALD LEVY
Sent: Sat 10/25/2008 3:46 AM
Subject: [OPE] credit swap default market in relation to world GDP

Tonight I was part of a 'conversation' with OPE-Ler Tony Tinker, sponsored
by the Situations Collective [Situations: Project of the Radical Imagination: ].
Tony cited a couple of statistics that I think are worth passing on.
"World GDP: $54,311,608 Million (World Bank),
Credit Swap Default market $60,000,000 Million
= 111%"
The estimate for the Credit Swap Default Market, cited elsewhere
in the handout, was 50-67 Trillion.
-> I would like to hear what you think the *implications* are of this. <-
Tony said that it meant that increasingly there are entities that are
"really too big [for nations, JL] to save". If that is the case, what
*are* the implications for world capitalism???
Anyone want to take a bite?
In solidarity, Jerry

ope mailing list

Received on Sat Oct 25 17:03:52 2008

This archive was generated by hypermail 2.1.8 : Wed Dec 03 2008 - 15:12:03 EST