The Gambling Threat to Economies and Financial Systems: Internet Gambling
United States International Gambling Report, Vol. 4
Research Editors Doctoral Directorate (REDD) on Gambling, with J. Kindt, Senior Editor
The Gambling Threat to Economies and Financial Systems: Internet Gambling, the fourth volume in the United States International Gambling Report Series, focuses on the threat gambling places on economic and financial systems in the U.S. and around the world.
Vibrant and stable economic systems are essential to international security. However, in 2000 the Clinton Administration enacted to Commodity Futures Modernization Act (CFMA) which legalized Wall Street gambling activities via credit card default swaps, described as “side bets” by 60 minutes in its 2008 and 2009 investigative reports, “The Bets That Blew Up Wall Street.” Decried as “casino capitalism” by members of Congress and termed “financial weapons of mass destruction” by Warren Buffett, by 2009 there were still $50 trillion of these financial WMDs circulating throughout the U.S. economic and financial systems. The CFMA had naively repealed the 100-year-old ban in credit default swaps and even prohibited all of the 50 states from enforcing any of their relevant “anti-gambling” laws.
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Published: Buffalo; William S. Hein & Co., Inc.; 2010
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