This is an awesome post, Wendy. If I could recc this 10 times I would. This is the basis for the whole derivative problem, which goes way past the $62T in CDS. Wash, rinse, repeat, with many other types of derivatives, to a tune of between $650T and $1Q, depending on who you read. The mess is inextricably linked and the only way to fix it is to let all entities go down and reboot with a new set of rules. Recc Wendy's post, this is the best thing she's ever written and it explains the fundamentals of the whole mess, and why we're going down, hard.
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