"Dear Sirs, due to the failure of Lehman will not make its obligations BROTHERSle Lesar promises coupons and repaid the capital. "This statement came in milionidi savers in the world after the announcement of larger than bankruptcy in U.S. history. settembre2008 was 15. Some of us have been" woken up "with a cold shower, some have not understood anything, many do not know what happened and still cosapotrà succedere.Per understand the reasons for the current financial crisis èforse Lets proceed. Until a decade ago, anyone who wanted to get a mortgage was demonstrate possederele guarantees suitable to cover the amount.
In the U.S., however, in an increasingly open-minded, where everything is bought esi throws like dirt, people, families, businesses, Nonso most successful to ensure the coverage of goods materiali.Così debts with banks and financial institutions have had to find unsistema to keep alive the market most of their profit, the loan. Therefore, it was "invented" the split, the risk of mortgage occultamentodel: the bank granted a loan achi could not provide adequate guarantees issued contemporaneamentedei titles that sold on the market in order to cover dalrischio's insolvency. These securities, "filled" in debt, to be purchased were to be mixed with obbligazionistrutturate: the CDO (Collateralized Debt Obligations). Finaleè The result was that, years, pieces of debt, "spoiled" were virtuous abbinatia securities and sold on financial markets dell'interopianeta.
had been created the subprime mortgage. By authority of the supervisors, rating agencies and the banks themselves that avrebberodovuto monitor and assess the degree of risk of these prodottifinanziari have pretended not to see. Perhaps the pesanteconflitto of interest or for the power of money and those who possiede.In any case, these products are not seriously speculative maisto blocked. So much so that until the day before the bankruptcy, laLEHMAN BROTHERS was considered a reliable company! It is at this point comes the scoop: "financial engineering", because of circumvent the risk of these products, make Punta Credit Default Swaps or CDS. Chepermettono other financial products to transfer and credit risk relative to unatransazione between two parties.
Banks and other financial players, via the CDS, have each sold allapossibilità risks that U.S. citizens could not pay the mortgage ratedel. Insurance policies that is applied to the Marquises swap or sell securities. A parallel financial system, unreal, unsupervised, able to produce a new market of debt denarodai altri.Il title was therefore at greater risk rating dall'agenziadi reported that controlled the company that issued it, but heard udite.aveva una polizza assicurativa più costosa! Quindi, chiunquesapesse lavorare in questa assurda "finanza creativa", valutando iCDS dei titoli era in grado di capire il rischio e quindi l'affidabilitàdell'azienda che li emetteva.
Ma non solo, nessuno si è preso labriga di avvisare il consumatore. Perché? Forse perchè il volumedei CDS è passato in soli sette anni, da 2.000 a 45.000 miliardi didollari, una cifra paragonabile al PIL dell'intero pianeta? Certo, maanche perché l'enorme liquidità scaturita ha permesso il reinvestimentoin oro e petrolio o in materie prime alimentari: soldi natidal "nulla" si trasformavano per incanto in soldi sicuri e concreti!Un processo che ha causato, come we all know, the surge deiprezzi, the block of business, the distrust of banchee financial agencies, the failure of many companies selling more than sure this (especially the automobile factories, as laGeneral Motors) and the collapse of 100 million people under the sogliadella povertà.E we were told that it was China's fault! Meditate gente.meditate!
Massimiliano Fanni Canelles
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