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About. a lot of it is just gambling on other people s houses. and your friend and mine in richard grasso makes the point that we can distinguish between mission critical swaps that are facilitating energy, food, other mission critical things, and things that are not. and he says i believe regulators should require the product being swaps to be registered with a central clearing agency like an exchange or perhaps central bank. and thus able to be monitored globally to prevent contracts being written in excess of the debt obligations they re designed to insure. he goes on to say this is easily accomplished by regulators and treasury issuing a rule adopt pid nonu.s. counter parties. this is the most interesting part. he says any contracts there in that second category, nonmission critical, nonreal basically, any contracts written outside of these requirements would be deemed null and void by ....