credit default swaps

In this first chapter we meet Coraline (Cory) Redmann, a famous journalist who is host of a weekly news magazine broadcast worldwide by the government-controlled "Global Broadcasting Network".  The Year is 2086 and Cory is about to take the stage for yet another installment.  

Ten years earlier, Cory made a name for herself with her controversial expose'  entitled "The Great Collapse of 2028", wherein she detailed the events leading up to the implosion of the American credit-based economy and the subsequent downfall of the West.  It gained her instant notoriety, paving the way for an outstanding career.  Only twenty-three at the time and fresh out of journalism school, she'd managed to put together a shocking five-part documentary on how an entire financial system (not to mention way of life) vaporized  overnight, leading to chaos in the world's major cities, dissolution of the world's banking system, and the death of millions worldwide.  Flashing back to Part One of her 2076 expose', we learn how it all came to pass forty-eight years earlier.  

10 years after dark pools of derivatives contributed to the Great Recession, former Commodity Futures Trading Commissioner Sharon Bowen tells Kate & Luigi how she helped bring transparency to the market and visited a few grain silos along the way.

Arnold Kling of EconLog talks with EconTalk host Russ Roberts about the role of credit default swaps and counterparty risks in the current financial mess. The conversation opens with the logistics of credit default swaps and counterparty risks and moves on to their role in the financial collapse. The conversation closes with a discussion of the political economy of pending financial regulation.