Before the BIS redefined simple addition arithmetic, outstanding derivatives exceeded $1.26 QUADRILLION. Should any Euro nation, or even moderately sized Western bank for that matter, ever be allowed to literally default (think Bear, Lehman), this $1.26 QUADRILLION house of cards would vaporize the financial system within 10 seconds. This is why QE will Continue TO INFINITY...AND BEYOND!!
Today's Triple Lutz Report discusses Credit Default Swaps, and why they are toast!
