Monday, July 8, 2013

The Whole System Comes Crashing Down

"When you have a notional (one) quadrillion dollars of derivatives and they change by 1% on one quadrillion, that’s 10 trillion dollars right there. It’s just incredible. It would wipe out the (entire) banking system.

It’s a zero sum game, except the guy who’s losing can’t pay. Then of course they whole system comes crashing down because everyone worries about counter-parties...."

- Eric Sprott via King World News: