Britain is in Brownruptcy

Praise the Lord. This Sunday ZeroHedge brings good tidings for our economy.

The pressure is off! Notional global value of over-the-counter (OTC) derivatives' contracts in 2008 have been revised down to $592,000,000,000,000.00 from $683,700,000,000,000.00

Lots of zeros, eh.

Ok, that's $592 trillion down from $683.7 trillion.

Big numbers, someone should put them in context. In 2008, the entire real economy of the world was around $55 trillion - less than 10% of the banks' dodgy derivatives scam (DDS). So, when all the fraud in those derivatives exploded last year and this $700 trillion market collapsed where did that leave Britain's banks?

Well, let's say London was responsible for 25% of these contracts. In pounds that amounts to £90-100 trillion. The British GDP was £2 trillion (top of my head figure but doesn't matter anyway). So, the financial sector in Britain's financial sector has dodgy derivative contracts worth 50 times Britain's GDP.

Brown's odds against saving these banks are approximately (the zeros above help here) 1000,000,000,000:1. a trillion to one against.

Since Gordon got us into such a fankle, I've decided to refer to Britain's debt, not as enormously 'in the red' but massively 'in the Brown'. Or Britain is Brownrupt.