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European Parliament Goes Bonkers Trying To Rid EU Of Speculators Betting On Greece Going Bankrupt | Anorak

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European Parliament Goes Bonkers Trying To Rid EU Of Speculators Betting On Greece Going Bankrupt

IT’S bad enough that we’re being ruled by foreigners but why do they also have to be either ignorant or bonkers?

The European Parliament is attempting to rid the EU of speculators betting on Greece going bankrupt, voting for a ban on the practice of naked short-selling of credit default swaps.

You what? Is it just because it’s all about money in offices that our lawmakers are so horribly ignorant?

A credit default swap is insurance. Just like house insurance: you own a house, it might burn down, so you pay an insurance company money and on the off chance that your house does burn down they will then give you lots of cash.

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Posted: 6th, July 2011 | In: Money | Comment