[Occupymendocino] [Fwd: letter to the editor-11/24/13]

[agnes at mcn.org]

Letter to the  Editor-11/24/13;

      The press could do a better job of explaining some of the financial
games played in the Wall Street Casino. For instance: What is a
derivative?
Derivatives are financial contracts used for market speculation.
     If you understood you would urge congress to rein in speculation by
passing the tax on speculative transactions on Wall Street called-the
Robin Hood Tax, as did the National Nurses Association.
      The Commodities Futures Modernization Act of 2000 ensured the
deregulation of financial products. Over-the-counter (outside of
regulation) derivatives transactions between parties would not be
regulated as futures under the Commodities Futures Trading
Commission of 1936, or as securities under the federal securities
law.
     The derivatives bubble is due to collapse and (like the Cyprus
banks in June 2013 which instituted a bail-in)the $700 Trillion
exposure in derivatives in major big banks here in the U.S. will
cause the collapse of our economy.  To verify this see the Feb 2012
agreement between the Federal Deposit Insurance Corporation and the
Bank of England. It's called the Super Priority of Derivatives which
gives banks under threat of bankcrupcy first place in seizing the
deposits of individuals and institutions to make those banks
solvent. The world's GDP is only $70 trillion. Our economy would be
collapsed worse than in 1929 or 2008.Urge your Representative and
Senators to pass a tax on derivatives now.

Sincerely,
Agnes Woolsey
707.937-2377
P.O. Box 163, Mendocino,CA 95460
p.s. Their addresses are posted in the newspaper.