I came across an article in the “Daily KOS” today regarding AIG and it’s role in the glbal recession. Here’s a short excerpt:
The size of our [editor's note: the US] national economy this year is roughly $15 trillion. The size of the Credit Default Swaps (CDS) market is $64 trillion. The whole world GDP is about $56 trillion. How could the CDS market be larger than the world GDP combined?
More analysis after the break: