Many of these bets are at extreme odds. Payouts in the ( totally fraudulent) $60+ trillion credit default swaps market can (and do) exceed 300:1. There is only one scenario where people engage in gambling with such reckless extravagance: when they are using "play money."
Whether we are talking about a game of Monopoly, or some other pretend "game of chance," the only time people engage in gambling with absolutely no qualms about losing is where they know they are playing with "money" that has no value. Note that such extreme gambling began long before these banks ever proclaimed themselves "too big to fail."
This is a very good time to remind readers that we are talking about "fiat paper currencies," currency that by definition only has value by decree (or "fiat"). Thus the "money" we are forced to use in our societies, thanks to our cabal of bankers and politicians, does/could only acquire any value at all by the decree of our governments.
Meanwhile, with all their acts and deeds we have the creators of all this fiat paper (the bankers) treating these currencies as if they are totally worthless - as they swap their paper for gold at the fastest rate in history.As a matter of logic, I've once again demonstrated that our paper currencies are clearly worthless. However, with people having literally been brainwashed every day of their lives into believing that the bankers' paper is "money" I know this is a hard sell to the sheep. At the very least I have established that our central banks are absolutely unfit custodians for our currencies. The Federal Reserve was created 100 years ago with a mandate of "protecting the U.S. dollar." Since that time the dollar has lost 98% of its value. These people are not guardians of our currencies, they are currency assassins because it is through the process of dilution that the bankers are able to steal all our wealth. Giving these private central banks monopolies over the creation of our money-supply goes well beyond allowing the fox to guard the hen house. It is nothing less than giving the fox ownership of all hen houses. As I and other precious metals commentators continue to remind people, there is only one way to protect yourself as the banksters steal your wealth with their (worthless) paper currencies: by converting that wealth from paper to metal -- and putting it forever beyond the reach of these confessed thieves. So the next time that you hear someone claiming that a paper currency could "rise in value," understand that they are directly implying that the paper currency was worthless to begin with. Or they are just idiots.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.