Evidence Appendix — The Arithmetic of Extraction

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Six Corrections from Prior Version

The following figures appeared in a prior analytical document and have been corrected against primary sources fetched directly from institutional databases.

Confidence labels used throughout:

• FILED — drawn directly from a primary institutional dataset or regulatory filing
• PROJECTED — IMF, OECD or equivalent forward estimate, explicitly labelled
• ESTIMATED — constructed from primary components with methodology shown
• CONSTRUCT — illustrative order-of-magnitude; no single primary dataset exists
• GAP — figure could not be sourced to required standard; reason stated

Agent D — Derivatives

BIS · OCC · ISDA

Table D.1 — Global OTC Derivatives Outstanding (BIS primary source)

Table D.2 — US Bank Derivatives Concentration (OCC primary source)

Gap D.1 — Per-institution notional breakdown for top 4 banks individually: in OCC PDF Tables 20–22 but not in search-accessible summary. Until read directly, individual figures are unverified.

Agent S — Sovereign and Total Debt

IMF · OECD · BIS

Table S.1 — Global Debt, All Sectors (IMF primary source)

Table S.2 — Selected Country Government Debt / GDP

Gap S.1 — The prior document cited $70T global government debt for 2019 and $105T for 2026 as filed fact. Neither is a directly filed figure at those years. The verified 2024 figure is $99.2T (IMF). Any 2026 figure must carry [PROJECTED].

Agent B — Bailout Costs

Treasury · Fed · MIT · SIGTARP

Critical distinction: “cost” means net fiscal cost after recoveries. “Exposure” means peak outstanding commitments, most of which were repaid. These are not the same number.

Table B.1 — 2008 Financial Crisis Interventions

Table B.2 — COVID-19 Fiscal and Monetary Response

Agent R — Rentier Extraction

BIS · IMF · OECD · TJN · Christophers · Hudson

The $24.4 trillion single-line figure with stated precision of “23% of global GDP” has no primary source. It is withdrawn and replaced with a three-tier disaggregation below.

Tier 1 — Sourceable from primary filings

Tier 2 — Estimable with transparent methodology

Tier 3 — Illustrative construct

On the basis of the Tier 1 and Tier 2 components above, and drawing on the analytical framework developed by Brett Christophers (Rentier Capitalism, Verso, 2020) and Michael Hudson (J is for Junk Economics, ISLET, 2017), an illustrative estimate of total annual rentier extraction falls in the range of $10–18 trillion per year.

This figure is not sourced from a single primary dataset. No such dataset exists. It is constructed from the components above and should be read as an order-of-magnitude indicator, not a filed statistic.

The argument it supports — that total annual rentier extraction materially exceeds total annual social wage expenditure — is robust across the full range: at $10T low estimate against $4–5T in global social expenditure the ratio is approximately 2:1; at $18T high estimate approximately 3.6:1. The direction of the argument does not depend on the precision of the aggregate.

Agent W — Wealth and Distribution

UBS · WID · Forbes · Oxfam

Table W.1 — Global Wealth Concentration

Gap W.1 — The prior document claimed “billionaire wealth increased 70% in 18 months” as a filed fact. This originates in Forbes real-time net worth tracking using market capitalisation proxies not audited accounts. The UBS 10-year figure (+121%, 2014–2024) is the more robustly sourced long-run figure.

Primary Source Appendix

1. BIS OTC Derivatives Statistics at end-June 2025. Bank for International Settlements. Published 8 December 2025. bis.org/publ/otc_hy2512.htm
2. OCC Quarterly Report on Bank Trading and Derivatives Activities, Q2 2025. Office of the Comptroller of the Currency. occ.gov
3. Global Debt Remains Above 235% of World GDP. IMF Global Debt Monitor blog. September 2025. imf.org
4. IMF Fiscal Monitor, April 2026. International Monetary Fund. imf.org/en/publications/fm
5. OECD Global Debt Report 2026. OECD. oecd.org
6. Lucas, D.J. (2019). “Measuring the Cost of Bailouts.” Annual Review of Financial Economics, Vol. 11. MIT Sloan.
7. Barofsky, N. (2009). SIGTARP Quarterly Report to Congress, July 2009. Maximum potential gross exposure ceiling $23.7T — Barofsky’s own label: “high-ball number.”
8. ProPublica Bailout Tracker. projects.propublica.org/bailout
9. BIS Debt Service Ratio Database. data.bis.org/topics/DSR
10. Tax Justice Network, State of Tax Justice 2024. taxjustice.net/research
11. UBS Billionaire Ambitions Report 2024. UBS / PwC. December 2024.
12. UBS Global Wealth Report 2025. UBS. June 2025.
13. Bank of England Quarterly Bulletin Q1 2014: “Money Creation in the Modern Economy.” McLeay, M., Radia, A., Thomas, R.
14. Christophers, B. (2020). Rentier Capitalism: Who Owns the Economy, and Who Pays for It. Verso Books.
15. Hudson, M. (2017). J is for Junk Economics. ISLET-Verlag.
16. Ruml, B. (1946). “Taxes for Revenue Are Obsolete.” American Affairs, Vol. VIII, No. 1.
17. Leviticus 25. Hebrew scriptures. The jubilee mechanism.

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