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Comment Re:is anyone really surprised here (Score 3, Interesting) 201

There's also the problem that CDS's are insurance, but because of deliberate technicalities are not regulated as such. The laws and regulations that have been introduced since the 17th century, which keep insurance from being a complete scam or gamble, didn't apply. You could get a CDS on something you didn't even own; you could even get CDS's for several times the value. That's like letting me take out a $1M insurance policy on your $300k home, and then looking the other way when I go to your place and play with matches. It's a setup that's pretty much guaranteed to explode at some time - it doesn't take much to set it off.

See http://en.wikipedia.org/wiki/C...

Comment Re:GS did not require bailout... (Score 2) 201

Compared to all the other banks that took stupid risks GS was one of the firm that actaully did not require the bailout money due to their better risk management..

They got TARP money, a few billion form the AIG bailout, etc. They also got to declare themselves a "bank" (as in a depository bank, not an investment bank, which is what they are). That gave them access to billions in effectively interest free loans from the Fed. If you don't think that's a bailout, try getting a 0.1% loan from the Fed. I'd love to get that deal for my mortgage.

Comment Re:Hypocrits (Score 2) 199

My "I haven't checked Google to be sure" guess is the waters within 100 miles of the US west coast and a 100 mile circle around Hawaii are the only waters declared as US waters.

The US claims territorial waters only up to 12 nautical miles from the shore, which is the maximum allowed by international law.

Comment Re:Might want to tighten the bolts on those sabers (Score 5, Informative) 199

US warships really shouldn't be anywhere near China

They're not. The Spratly islands (map here) are hundreds of miles from China. They're much closer to the Philippines, Vietnam, Malaysia and Brunei. Should we avoid sailing near any of those countries in case China's next claim is that those countries are all historically part of China?

Comment Re:Might want to tighten the bolts on those sabers (Score 1) 199

Was the water contested before the island was build?

Yes.

After the island ws build it certainly was not ... international laws, regarding sea coasts and sovereignty are pretty clear.

International law on these issues is anything but clear, and are subject to a great deal of argument, which is why there are always contested areas.

As for the UK, it's a natural island that has been inhabited by the same peoples for centuries (at the least - you can argue about 1066). Now that's clear.

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