“On November 16, [2015] leaders of the G20 Group of Nations — the 20 largest economies — made an important decision. The world’s megabanks now have official permission to pledge depositor accounts as collateral to make leveraged derivative bets. And if they lose a bet, the counterparty to the contract has first dibs on your money. The governments of these 20 countries are now supposed to put these arrangements into law. Most, including the US, have already done so.” Mark Nestman, of Nestman.com, a seasoned journalist and financial and geopolitical analyst discussing recent developments in global finance.
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