Jim Willie has attributed the JP Morgan losses to Interest Rate Swaps gone bad, triggering an irreversible chain-reaction in multi-trillion-dollar derivatives.
"But the WSJ revealed something more important, that the loss stemmed from the Delta-Hedging program that involves the Interest Rate Swap contracts in their vast derivative book"
A must read:
US T-BOND TOWER OF BABEL TEETERS
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- fuse lit on jpms $trillion interest rate swaps
fuse lit on jpms $trillion interest rate swaps
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