$Trillions & Caymans Islands

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$Trillions & Caymans Islands

1). In “The American Interest” September/October 2008 issue, Robert Morgenthau, the District Attorney of New York City, wrote:

“[…] Liechtenstein reports having 161 billion in Swiss francs (equal to about $158 billion at current rates) on deposit in 2006. The Bahamas reportedly has about $200 billion in deposits. By contrast, the Cayman Islands boasted that it had over $1.9 trillion on deposit as of September 2007. . . . Total deposits in the Caymans now amount to four times the total deposits in all the banks in New York City. […]”

2). In the November/December 2009 issue of the same review, Kenneth M. Davidson (Senior Fellow at the American Antitrust Institute) revealed that the unregulated securities derivatives market (not Cayman’s deposits!) created by the famous Commodities Futures Modernization Act (CFMA) passed in 2000 is “generally evaluated between $200 trillion and $600 trillion.”

This numbers suggest two comments:

(1) the margin ($200 to $600 trillion) indicates the huge unknown part of the shadow finance which still today put at enormous risk the world financial system;

(2) the comparison between those numbers and the annual GDP of all the world’s (real) economies, i.e. $60 trillion.

Chandernagor

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