James Stack of investech claims the global total for derivatives, in general, is as high as $600trillion. Seems absurdly high. Of course, that includes all CDS & less sophisticated interest rate swaps, etc.
Ignoring Stack's estimate, the $30 trillion from Rich76911 sounds reasonable. What is the current value of that $30trillion in swaps, though?
It's disappointing that regulators and Wall St fuched this up so badly. It's beyond criminal.
I don't believe the ratings agencies should take the majority of blame. They were very guilty regarding debt obligations (mortgage debt repackaged), but the crappy defaults swaps (those pedaled by AIG and purchased by investment banks), were,
AFAIK, traded between institutions. The CDS were buy one facet of this newfound 'financial innovation' oft mentioned by Alan Greenspam and Boom-boom Bernanke.
Shame on America.